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Countrywide delays cash call and interims, says H1 earnings 'slightly' better than guidance

Tue, 24th Jul 2018 12:44

(Sharecast News) - Estate agent Countrywide said on Tuesday that its adjusted earnings for the six months to 30 June were a little better than it had previously guided and that it was pushing back the cash call it announced last month and the issue of its interim results. The rights issue had been expected this week, but the company said this has now been pushed back to 2 August, alongside its interim results, as it continues to engage in "constructive dialogue" with its lending banks and shareholders.The company, which has issued four profit warnings in eight months, said that adjusted earnings before interest, taxes, depreciation and amortisation for the six months to the end of June were "slightly" better than the guidance previously provided. Previous guidance was around £20m below the first half of 2017, when EBITDA came in at £28m."The group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and has seen an increase in the register of properties available for sale and the pipeline of agreed sales."The group expects to make continued progress in the second half of the year which, combined with the traditionally stronger second half in our B2B and financial services operating segments, means the group continues to expect the full year to be in line with the board's expectations."At 1310 BST, the shares were up 1.3% to 49.51p.
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25 Oct 2016 08:52

Countrywide slumps on Jefferies downgrade

(ShareCast News) - Countrywide was under the cosh on Tuesday as Jefferies downgraded the stock to 'hold' from 'buy' and slashed the price target to 180p from 300p. The bank cut its calendar year 2016 earnings per share estimate by 24% and its estimate for 2017 by 31% on the back of weak housing t

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22 Sep 2016 14:14

Countrywide shares drop on Zoopla stake sale

(ShareCast News) - Shares in Countrywide fell on Thursday after the FTSE 250 estate agency group said it has sold its remaining stake in property website Zoopla. It sold just over 9.2m shares at an average price of £3.17 between 9 August and 21 September, giving gross proceeds of £29.2m. Countrywid

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22 Sep 2016 13:35

Thursday broker round-up

(ShareCast News) - Dunelm: HSBC starts coverage at buy with a target price of 1000p. Brown N Group: UBS keeps at neutral, 190p target. Tesco: Barclays keeps at neutral with a 215p target. Associated British Foods: Credit Suisse reiterates outperform with a 3550p target. BBA Aviation: Barclays kee

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6 Sep 2016 10:07

Tuesday broker round-up

(ShareCast News) - Marks & Spencer: Goldman Sachs reiterates sell with a target price of 315p. Bunzl: RBC maintains underperf orm with a 1950p target. Mediclinic: UBS keeps at buy with a 1170p target. Ultra Electronic: Berenberg reiterat es buy with a 2000p target. Associated British Foods: Goldm

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23 Aug 2016 14:32

FTSE 250 movers: JRP Group, housing stocks rally

(ShareCast News) - The FTSE 250 gained 0.78% to 18,010.36 points on Tuesday afternoon. JRP Group was the biggest riser on London's second tier index after the financial services group said trading to the end of July since its update on 11 May continued in line with expectations. The company said it

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28 Jul 2016 13:34

Broker tips: Cairn Energy, Lancashire, Countrywide

(ShareCast News) - Cairn Energy shares rose on Thursday as RBC Capital Markets raised its rating on the stock to 'outperform' from 'sector perform' and reiterated a target price of 260p. "We view the recent share price weakness as an opportunity to take a position in Cairn ahead of the first half re

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28 Jul 2016 10:48

Numis upgrades Countrywide to 'add' from 'hold'

(ShareCast News) - Countrywide's shares jumped on Thursday as Numis upgraded its rating to 'add' from 'hold' despite a profit warning from the real estate agent. The company warned that 2016 earnings will be lower this year, as commercial and London residential transactions have stalled since Britai

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28 Jul 2016 10:08

Countrywide rebounds despite interim profit squeeze post-Brexit

(ShareCast News) - Countrywide said the slowdown in the housing market has worsened since June's Brexit vote, sending half-year profits in the estate agent shooting down but lifting its shares as investors had feared it would be even worse. Directors warned that full year earnings before interest, t

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21 Jul 2016 15:03

UK Earnings, Trading Statements Calendar - Next 7 Days

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13 Jul 2016 09:21

UBS launches coverage of UK estate agents

(ShareCast News) - UBS initiated coverage of the UK estate agent sector on Wednesday, with Foxtons and Savills at 'buy', Countrywide at 'neutral' and Purplebricks at 'sell'. The Swiss bank, which expects UK wide housing transactions to fall 6% this year and 5% the next - with a 10 drop in London in

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13 Jul 2016 08:33

BROKER RATINGS SUMMARY: UBS Says Buy Foxtons And Sell Purplebricks

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13 Jul 2016 07:25

LONDON BRIEFING: Pound And Poundland Gain As May Set To Enter No 10

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29 Jun 2016 14:39

UPDATE: BROKER RATINGS SUMMARY: Buy Wolseley, Sell Berkeley - Goldman

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28 Jun 2016 16:16

Tuesday broker round-up:

(ShareCast News) - Just Eat: Goldman Sachs reiterates buy with a target price of 670p. G4S: Credit Suisse keeps at outperform with a 210p target. Bellway: Goldman Sachs keeps at neutral with a target price of 1715p. Northgate: Numis reiterates to buy with a target of 500p. Babcock: Credit Suisse

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28 Jun 2016 09:24

Goldman adjusts ratings on UK housebuilders after Brexit

(ShareCast News) - Following the UK's decision to leave the European Union, Goldman Sachs expects new build volumes in UK housing to drop 10% next year, versus a previous forecast of 7% growth and house prices to fall by 2%/5% in 2016/17. As far as the UK economy is concerned, the bank has cut its 2

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