Countryside posts half year pre-tax loss

May 20, 2022
<p>Countryside has suffered a pre-tax loss of £181.5 million during its half year, with the business impacted by fire safety and impairment costs.</p> <p>For the six months to March 31 2022, the partnerships housebuilder posted the loss against a pre-tax profit of £38.8 million during the same period last year. </p> <p>It also recorded a reported operating loss of £184.5m compared to a £24.7m operating profit in H1 2021. Revenue fell to £602.2 million from last year’s £661 million.</p> <p>The reported operating loss includes a fire safety provision of £109 million, as a result of the business committing to the government’s <a href="https://www.house-builder.co.uk/news/hbf-calls-fairness-after-goves-misleading-levy-call">building safety pledge</a>. This is in addition to the £41 million Countryside provided for in 2021. Its total cost for remediation stands at £150 million.</p> <p>With the extent of the remediation works, the firm said it had set up a standalone division to manage and deliver them over the next ten years. It has included <span class="rn">£19 million in the provision to reflect the division’s costs.</span></p> <p><span class="rn">Countryside’s operating loss also comprises a £77 million goodwill impairment relating to Westleigh, </span>the Leicester-based partnerships housebuilder it purchased in 2018. A recent <a href="https://www.house-builder.co.uk/news/countryside-makes-changes-raise-game">review of Countryside’s site operations</a> revealed that …

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