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Housebuilder Countryside to raise £114m from flotation

Housebuilder Countryside has announced its intention to float on the London Stock Exchange.

The Essex-based company is hoping to raise £114m from the flotation, which it will use to pay down debts and accelerate development on some of its sites.

Chief executive Ian Sutcliffe will remain in his role following the flotation.

“Over the last two years our focus has been on strengthening the group’s core businesses of housebuilding and partnerships and enhancing volumes and returns,” he said.

“In housebuilding, we are bringing strategically sourced land through the planning process in the South-east.

“In partnerships, now almost 50 per cent of group revenue, we have 30 years’ experience and benefit from a low-risk model with excellent returns.”

In its full year results for the period to 30 September 2015, the housebuilder said it had delivered 2,364 units.

It brought in revenue of £615.8m, 31 per cent up on 2013/14, while underlying operating profit for the year grew 93 per cent to £91m.

Net debt was £59.5m for the period, down from £85.7m the previous year.

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