The Countryside Properties Plc Board recommends a final dividend of 10.3 pence per share. This reflects the Board's decision to change the dividend policy to a 40% pay-out ratio of adjusted earnings (from 30% previously) as announced at their half-year results in May. Subject to approval at the Annual General Meeting ("AGM") on 23 January 2020, the dividend will be paid on 7 February 2020 to shareholders registered at 20 December 2019. Together with the interim dividend of 6.0 pence per share, this will give a total dividend of 16.3 pence per share.
Other financial highlights include:
Sector-leading growth with 33% increase in completions and 11% growth in adjusted operating profit
Net private reservation rate of 0.84 (2018: 0.80)
Average of 56 open sales outlets (2018: 53) with year-end active sites up 19% to 137 (2018: 115)
Forward order book up 30% to £1,166m (2018: £900m) of which £241m private for sale (2018: £215m)
Modular build factory delivered 376 homes in its first six months, on track for 1,400 homes in 2020
Trending at 5-star HBF status with 92.5% customer satisfaction
As announced separately, Ian Sutcliffe, Group Chief Executive, to retire on 31 March 2020
