BRITISH housebuilder Countryside Properties reported a jump in profit yesterday as it announced chief executive Ian Sutcliffe is set to step down next year.

Sutcliffe announced he will retire from the board on 1 January next year to be succeeded by Iain McPherson, the current head of the group's partnership's south business.

The developer said profit for the year ended 30 September was £168.4m, up from £148.6m the previous year. Basic earnings per share rose 14 per cent to 37.7p, as it announced a dividend per share of 16.3p, a 51 per cent increase on last year's 10.8p.

Revenue increased 21 per cent to £1.2bn, up from £1.1bn in 2018. The company reported a 33 per cent jump in completions from 4,395 to 5,733.

The developer said its partnerships division was strengthened by its expansion of its regional businesses outside of the south-east, which helped to boost growth.

It also cited the full-year impact of its acquisition of midlands housebuilder Westleigh, which it bought for £135m in April last year.

Meanwhile, the firm's housebuilding unit came under pressure from challenging trading conditions, sending revenue down two per cent to £585.7m. The company has acquired 6,975 plots across 18 sites during the year, strengthening its land bank to 24,303 plots.

Sutcliffe said: "With strong demand from first-time buyers and ongoing political support, the board looks forward to delivering continued growth from both of our operating divisions."

Shares rose one per cent to 371.8p.

(c) 2019 City A.M., source Newspaper