Housebuilder joins the London stock exchange
Countryside has listed on the London stock exchange valued at 拢1bn.
The housebuilder, which announced its intention to float last month, raised around 拢114m, half of which will be used to accelerate development of existing sites, with the other half used to reduce debt.
Ian Sutcliffe, chief executive of Countryside, said: 鈥淲e have been extremely pleased with the investor response to our offer, in what has been a challenging period for the wider markets.
鈥淥ur differentiated business model, and the future growth opportunity it represents, has been well understood by investors.鈥�
Sutcliffe has said the firm will seek to capitalise on a 鈥渟urge of opportunities鈥� in estate regeneration work, which already makes up 46% of its revenue.
The group鈥檚 directors believe it can grow output by more than 50% from the 2,364 units built this year, to over 3,600 units per year. It is targeting operating margins of over 17% and return on capital employed of over 28%.
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