Countryside Properties chief executive Iain McPherson is to step down with immediate effect, as completions, revenue and profits plunge below last year’s levels.
In a trading update released today, the firm said the decision was made by mutual agreement and that the chair, John Martin, would act as interim CEO while a replacement was found.
Countryside said: “Trading in the first quarter of our new financial year has been below the board’s expectations.” But it gave no further details as to why McPherson had left so abruptly.
Unaudited figures for the three months to 31 December, the company’s Q1 for the 2022 financial year, showed completions for the group falling to 809, from 1,280 over the same period in the previous year.
Adjusted revenue was down from £363.8m to £249.8m, while profit more than halved from £36.6m to £16.5m.
Martin said: “Iain McPherson has led Countryside through a challenging period, including the Covid pandemic, and has clarified the group’s strategy, which is to focus all of our resources on our market-leading partnerships business. I would like to thank Iain for his unwavering commitment and dedication to Countryside as leader of our business in the South and subsequently as group CEO and to wish him every success in the future.”
McPherson said: “It has been an honour to serve this great company. I have worked with many talented colleagues, and I expect them to drive the company from strength to strength.”
Martin will also conduct a review of each of the company’s developments across every region to ensure that each site is being developed in accordance with the plans set out during the investment process.
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