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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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3 Sep 2018 12:13

Investec Ups Countrywide Holding Stake To 12.50% From 5.75% (ALLISS)

LONDON (Alliance News) - Countrywide PLC said Monday that Investec Asset Management Ltd upped its stake in the company to 12.50%.Prior to the deal, Investec held a 5.75% interest in the at

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30 Aug 2018 16:27

Hosking Partners Builds 5.5% Interest In Countrywide (ALLISS)

LONDON (Alliance News) - Countrywide PLC said Thursday Hosking Partners LLP now holds a 5.5% stake in the estate agent.Hosking Partners' holding in Countrywide prior to the transaction

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30 Aug 2018 10:35

Countrywide Admits 1.40 Billion Shares After Placing And Open Offer (ALLISS)

LONDON (Alliance News) - Countrywide PLC said Thursday it issued a total of 1.40 billion shares after a placing and open offer.Earlier this month, the estate agent announced a placing to of

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28 Aug 2018 14:10

Countrywide shareholders approve £140m cash call

(Sharecast News) - Countrywide shareholders approved a £140m emergency fundraising at the estate agency owner's annual general meeting on Tuesday.

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21 Aug 2018 16:02

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 22 AugustCollagen SolutionsJames LathamParagon 23 AugustFulham 24

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21 Aug 2018 08:25

Countrywide Receives Acceptances For 72% Of Open Offer Shares (ALLISS)

LONDON (Alliance News) - Countrywide PLC said Tuesday it received acceptances for 72% of shares under an open offer launched at the beginning of August.Earlier this month, the estate agent

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20 Aug 2018 08:57

Countrywide Withdraws Proposal To Change Remuneration Policy (ALLISS)

LONDON (Alliance News) - Estate agent Countrywide PLC said on Monday it has withdrawn its proposals to adopt a new remuneration policy.This followed a meeting with Countrywide's major a

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8 Aug 2018 12:36

Wednesday broker round-up

(Sharecast News) - Spire Healthcare Group: Berenberg downgrades to sell with a target price of 120p.

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8 Aug 2018 10:56

Credit Suisse slashes Countrywide target after heavily discounted placing

(Sharecast News) - Analysts at Credit Suisse upgraded Countrywide to 'neutral' on Wednesday, but slashed its target price on the London-listed firm from 77p all the way down to 17.2p.

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5 Aug 2018 14:44

Sunday share tips: Countrywide, Hollywood Bowl, BP

(Sharecast News) - A round-up of share tips from the Sunday newspapers, including Countrywide in the Sunday Times, Hollywood Bowl in the Sunday Telegraph and BP in the Mail on Sunday.

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2 Aug 2018 16:10

UPDATE: Countrywide Continues To Sink Upon Completion Of Fundraising (ALLISS)

LONDON (Alliance News) - Countrywide PLC on Thursday it completed a GBP140 million fundraising to support its reorganisation plans after swinging to loss in the first half of 2018.The agent

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2 Aug 2018 11:42

Countrywide Sinks As It Swings To Loss And Announces Fundraising (ALLISS)

LONDON (Alliance News) - Countrywide PLC on Thursday announced a restructuring plan and GBP140 million fundraising after it swung to loss in the first half of 2018 driven by the opening pipeline a

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2 Aug 2018 08:47

Countrywide seeks £140m to shore up finances

(Sharecast News) - Countrywide announced plans to raise £140m from investors to strengthen its finances after the estate agent lost more than £200m in the first half.

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24 Jul 2018 12:44

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

(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.

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24 Jul 2018 10:27

WINNERS & LOSERS SUMMARY: Investors Toast Fevertree 40% Dividend Hike

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - WINNERS----------Royal up HSBC

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