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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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8 Mar 2018 10:36

WINNERS & LOSERS SUMMARY: Countrywide Shares Sink On Large Annual Loss

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8 Mar 2018 10:26

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8 Mar 2018 09:59

Britain's FTSE inches up in choppy trade; miners fall

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8 Mar 2018 09:51

UPDATE 1-Easing tariff fears buoy European shares; M&A, earnings in focus

* STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares down 3.8 pct * Countrywide sinks 20 pct (Updates prices, adds Helen March

8 Mar 2018 09:42

TOP NEWS: Countrywide Shares Fall On Axed Dividend, Annual Loss

LONDON (Alliance News) - Shares in Countrywide PLC fell sharply early Thursday after the company swung to a pretax loss, axed its dividend payout, and warned of further pain a

8 Mar 2018 08:41

Fading trade fears support European shares; M&A, earnings in focus

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares 8

8 Mar 2018 08:40

UPDATE 2-UK's Countrywide going 'back to basics' after profit plunges

* Core earnings fall 22.5 pct * Scraps 2017 dividend * Reducing HQ headcount * 2018 pipeline "significantly lower" * Shares fall 24 pct (Adds conference call,

8 Mar 2018 08:20

LIVE MARKETS-Opening snapshot: STOXX inches up

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8 Mar 2018 07:58

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8 Mar 2018 07:44

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March 8 (Reuters) - Britain's FTSE futures were up 0.08 percent ahead of the cash market open on Thursday. * G4S: The world's largest security group G4S said by

8 Mar 2018 07:36

British estate agent Countrywide posts 22.5 pct drop in FY core earnings

March 8 (Reuters) - Countrywide Plc, Britain's largest estate agency, on Thursday reported a 22.5 percent drop in full-year core earnings, hurt by poor performance in its

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

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20 Jan 2017 09:36

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18 Jan 2017 09:48

Wednesday broker round-up

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13 Jan 2017 07:41

Revenue up but volumes down at Countrywide

(ShareCast News) - Estate agent Countrywide reported a small increase total group income for the year to the end of December as it said earnings are expected to be in line with the current range of market expectations amid a challenging market and a slowdown in London. Total group income for the yea

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