Despite a slight easing of the property market, Brentwood headquartered national developers Countryside Properties was on target for both turnover and profit in the first six months of the current financial year.
Reporting interim results to the London Stock Exchange, chairman, Alan Cherry, said first half profits before tax increased to £12.6m compared with £12.5m in the same period in 2002.
But turnover was slightly lower at £165.9m, compared with £186m.
With a number of new schemes due for release in the next six months the Countryside boss reckons profits and turnover could be even better in the second half.
Turnover from private housebuilding totalled £99.8m (£121.2m in 2002).
The group sold 355 new homes compared with 435 a year earlier, at an average selling price of £298,000 (£232,000).
Land sales realised £19.4m (£16.7m), and operating profits from development activities increased to £15.4m (£15.2m).
"Longer term we believe the market outlook remains positive," said Mr Cherry.
As much of Countryside's land is located in the "hot spot" M11 corridor and Thames Gateway, overall prospects look good for the Brentwood founded group.
Earnings per share increased to 11.9p compared with 11.6p a year earlier.
Published Tuesday, June 3, 2003
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