Results, reports and presentations

FY2020 Trading Update

Countryside released its FY2020 pre close trading update covering the 12 months to 30 September 2020 on Thursday 15 October 2020. A copy of the statement can be downloaded below.


Iain McPherson, Group CEO

"As we move into the second half of the year, we have cautiously restarted construction on around 80% of our sites albeit with significantly reduced build rates as we adjust to new ways of working. We welcome the revised guidance from Government allowing anyone looking to move home to be able to do so. Whilst the market outlook remains highly uncertain, our resilient mixed-tenure business model and strong forward order book benefit us both operationally and financially as we work alongside our partners to restart our operations as efficiently as possible.”

Key financials


HY 2020

HY 2019






Adjusted revenue1




Adjusted operating profit2




Adjusted operating margin3




Adjusted basic earnings per share4




Dividend per share




Return on capital employed5




Group total forward order book








Reported revenue




Reported operating profit




Net debt6




Basic earnings per share




1 Adjusted revenue includes the Group’s share of revenue from joint ventures and associate of £49.7m (HY 2019: £56.7m).
2 Adjusted operating profit includes the Group’s share of operating profit from joint ventures and associate of £9.0m (HY 2019: £17.7m) and excludes non-underlying items of £5.3m (HY 2019: £11.5m). Refer to Note 6.
3 Adjusted operating margin is defined as adjusted operating profit divided by adjusted revenue.
4 Adjusted basic earnings per share is defined as adjusted profit attributable to ordinary shareholders, net of attributable taxation, divided by the weighted average number of shares in issue for the period.
5 Return on capital employed (“ROCE”) is defined as adjusted operating profit for the last 12 months divided by the average of opening and closing tangible net operating asset value (“TNOAV”) for the 12-month period. TNOAV is calculated as net assets excluding net cash or debt less intangible assets net of deferred tax. 
6 Net debt is defined as bank borrowings less unrestricted cash. Unamortised debt arrangement fees and lease obligations are not included in net debt.


  • 139 active sites7 (HY 2019: 140) at 31 March. 61 average open sales outlets (HY 2019: 57 sales outlets) 
  • Net reservation rate of 0.93 (HY 2019: 0.86)
  • Private Average Selling Price (“ASP”) of £368k (HY 2019: £377k) 
  • 217 gross reservations, 146 net reservations in the six-week period to 10 May 2020 via remote viewings despite sales offices remaining closed, 38 private completions
  • Total forward order book of £1,506m up 45% (HY 2019: £1,037m), providing significant visibility
  • 6,695 additional plots secured during the first half, 4,965 in Partnerships, 1,730 in Housebuilding
  • Achieved HBF five-star rating for customer satisfaction for the first time
  • Solid trading performance from October to February with net reservation rate 31% ahead of the prior year
  • Closure of sites, factories and sales offices announced on 25 March with the safety of our employees, customers and the general public our highest priority
  • Lost completions and land sales in March impacted profit by c. £29m and increased net debt by c. £83m 
  • Phased resumption of site activity commenced on 11 May with new operating procedures
  • Liquidity underpinned by £300m RCF and access to CCFF if required
  • Communities Fund of £1m established to support the most vulnerable members of our communities 
  • Operationally and financially well positioned due to Partnerships model with greater proportion of Private Rental Sector (“PRS”) and affordable homes

Countryside began a phased return to construction activity on 11 May 2020 following a decision to close sites on 25 March 2020. While private reservations have been at significantly lower levels in March and April, we have been encouraged by virtual interest from potential customers and our mixed-tenure business model positions us well with continued strong demand from partners for affordable and PRS homes. 

We have worked through a comprehensive mobilisation strategy and each site will comply with the requirements of Public Health England advice, with a strict set of site operating guidelines in place. We have good engagement with our supply chain and continue to pay suppliers and service providers on normal terms. We have sufficient liquidity for the foreseeable future with our existing £300m revolving credit facility (“RCF”) and a further £300m through our commercial paper programme to facilitate access to the COVID Corporate Financing Facility (“CCFF”). 

Latest sustainability report

Reports and presentations

Date 15th October
Title FY2020 Pre Close Trading Update
Report 0.2MB
Webcast visit
Date 22nd July
Title Q3 Trading Update
Report 0.2MB
Webcast visit
Date 14th May
Title HY 2020 Results
Report 0.7MB
Presentation 7.5MBMB
Webcast visit
Date 23rd January
Title Q1 2020 Trading Update
Report 0.1MB
Date 13th December
Title 2019 Annual Report
Report 4.8MB
Date 21st November
Title FY19 Results
Report 1.1MB
Presentation 2.2MBMB
Webcast visit
Date 25th July
Title Q3 2019 Trading Update
Report 0.1MB
Date 26th June
Title Capital Markets Event
Presentation 6.3MBMB
Date 16th May
Title HY 2019 Results
Report 0.7MB
Presentation 10.3MBMB
Webcast visit
Date 17th April
Title HY 2019 trading statement
Report 0.1MB
Date 24th January
Title Q1 2019 Trading Statement
Report 0.1MB
Webcast visit
Date 7th December
Title 2018 Annual Report
Report 10.3MB
Date 21st November
Title FY18 Results
Report 1.1MB
Presentation 5.0MBMB
Webcast visit
Date 11th October
Title FY18 Pre-close Trading Statement
Report 0.3MB
Webcast visit
Date 26th July
Title Q3 18 Trading Statement
Report 0.2MB
Date 27th June
Title Capital Markets Event
Presentation 5.2MBMB
Date 17th May
Title H1 2018 Results
Report 0.7MB
Presentation 3.1MBMB
Webcast visit
Date 18th April
Title HY 2018 Trading Statement
Report 0.3MB
Date 12th April
Title Acquisition of Westleigh Group Ltd
Report 0.1MB
Presentation 1.6MBMB
Date 25th January
Title Q1 2018 Trading Statement
Report 0.2MB
Date 15th December
Title 2017 Annual Report
Report 7.3MB
Date 22nd November
Title FY 2017 Results
Report 0.2MB
Presentation 3.1MBMB
Webcast visit
Date 11th October
Title FY 2017 Trading Statement
Report 0.2MB
Date 27th July
Title Q3 2017 Trading Statement
Report 0.2MB
Date 17th May
Title HY 2017 Results
Report 0.6MB
Presentation 2.5MBMB
Webcast visit
Date 12th April
Title HY 2017 Trading Statement
Report 0.2MB
Date 26th January
Title Q1 2017 Trading Statement
Report 0.2MB
Date 16th December
Title 2016 Annual Report
Report 4.8MB
Date 29th November
Title FY 2016 Results
Report 1.3MB
Presentation 2.8MBMB
Webcast visit
Date 12th October
Title FY 2016 Trading Statement
Report 0.2MB
Date 23rd September
Title FRS102 Disclosure Exemption
Report 0.1MB
Date 28th July
Title Q3 2016 Trading Statement
Report 0.2MB
Date 10th June
Title Presentation to Analysts
Presentation 2.7MBMB
Date 18th May
Title HY 2016 Results
Report 0.7MB
Presentation 1.6MBMB
Webcast visit
Date 13th April
Title HY 2016 Trading Statement
Report 0.1MB
Date 1st February
Title Prospectus
Report 5.1MB
Date 19th November
Title FY 2015 Results
Report 0.6MB

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