Countryside shares tumbled by 21% today, after performance plunged and the chief executive stepped down.
The FTSE 250 housebuilder said chief executive Iain McPherson would step down with immediate effect, as completions, revenue and profits plunged below last year’s levels.
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 by 37% to 809, adjusted revenue down by 31% to £249.8m and profit more than halved at £16.5m.
Countryside shares ended the day at 326.8p, the lowest level in more than a year.
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