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Homebuilder Countryside swung to an annual profit, led by a strong recovery in home completions following a pandemic-related slowdown.
For the year ended 30 September 2021, pre-tax profit was £85.4 million compared with a loss of £1.9 million year-on-year as revenue jumped 54% to £1.37 billion.
Total completions rose by 33% to 5,385 homes, driven by a strong increase in private delivery, where completions were 65% higher than last year as the company completed on homes deferred as a result of Covid from the prior year.
Looking ahead, the company said forward sales for 2022 was 48%, with a private net reservation rate in the nine weeks to 28 November 2021 at 0.94.
'As the growth plans set out last year progress and our attractive market conditions are expected to continue, we expect to deliver adjusted operating profit in the range of £200m to £210m in the year to 30 September 2022,' the company added.