Bosses at Countryside hail best quarter of the year amid C-suite turmoil
Bosses Countryside Partnerships have hailed its latest trading quarter, after a turbulent start saw its CEO, and later its chairman, swiftly exit the company.
The FTSE housebuilder’s adjusted revenue has grown 20 per cent to £219m in the three months to 30 June, up from £183m in the same period last year.
However, in January, Countryside saw its share price collapse more than 20 per cent after the company reported a revenue slide of £114m in comparison with last year, missing out on booster earnings other housebuilders saw amid a hot property market in the UK.
Countryside has left its adjusted operating profit guidance for this year unchanged at around £150m, despite turmoil in its C-suite.
Just last week, chairman John Martin – who had been acting chief executive following Ian McPherson’s departure in January – stepped down from the company with “immediate effect”.
The abrupt changes come as bosses scout for a new buyer, after rejecting a $1.9bn (£1.5bn) proposal from US firm Inclusive Capital last month.
“A meaningful number of shareholders believe that the Company would be in a better position to capitalise on the opportunities ahead as a privately-owned company or as part of a larger business and have asked the Board to actively seek offers for the Company,” it said in a statement at the time.
Replacing him as non-executive chairman is Douglas Hurt, who has been promoted from senior independent director.
Countryside has been struggling to rope in a permanent chief executive seven months after McPherson’s resignation, and the search for a new boss and buyer looks set to continue.