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Countrywide earnings halve amid 'challenging' market

Wed, 13th Feb 2019 09:34

(Sharecast News) - Estate agency Countrywide said on Wednesday that its full-year earnings halved in a "challenging" market.In a trading statement for the year to 31 December 2018, the company said group adjusted earnings before interest, taxes, depreciation and amortisation fell to £33m from £65m the year before. This included £2m of net charges resulting from a review of the carrying value of certain assets and liabilities.Excluding the £2m charge, the group's underlying earnings were in line with the board's expectations at £35m.Total income for the year slipped to £627m from £672m, which the company said was a "resilient" performance amid a challenging market. Meanwhile, net debt for the year came in at £70m, with a net debt to adjusted EBITDA ratio of 2.2x.Income in the sales and lettings business came in at £329m from £361m the year before, with a particularly strong performance in lettings, which was flat year-on-year, offset by a 16% drop in sales due to the lower pipeline of sales agreed as it ended 2017.Income in the B2B business edged down to £213m from £221m as a good performance in surveying and valuations was offset by a slower market for new homes and slower commercial transactional property market. In the financial services segment, income declined to £84m from £87m in 2017. Countrywide saw another year of strong double digit income growth across the combined buy to let business, mortgage bureau and mortgage intelligence channels, which was offset by lower transactional volumes from estate agency sales."We are encouraged by the progress we have made in our strategy and turnaround plan and in the growth in the register and the pipeline in the UK. Nevertheless, we remain cautious about the market outlook for 2019 and continue to closely monitor market conditions for any potential impact arising from the wider political and economic environment. "We will be in a position to provide further guidance for 2019 with the release of our preliminary results on 7 March 2019."At 0925 GMT, the shares were up 2.2% to 10p.

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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

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

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

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

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

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

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

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

21 Jul 2016 15:03

UK Earnings, Trading Statements Calendar - Next 7 Days

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

13 Jul 2016 08:33

BROKER RATINGS SUMMARY: UBS Says Buy Foxtons And Sell Purplebricks

13 Jul 2016 07:25

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

29 Jun 2016 14:39

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

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

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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