(Alliance News) - Countrywide PLC on Friday said its performance has been "resilient" in the first few months of the year, although income suffered when the firm was forced to shut all branches in March under lockdown guidance.
Shares in Countrywide were up 6.6% at 107.65 pence in morning trading.
For the five months to May, the residential property services, financial services and surveying and valuation provider's income totalled GBP142.5 million, a 29% drop from GBP200 million resulting from the closure of all branches on March 23.
This figure includes a 28% drop in total Sales & Lettings income to GBP94.8 million from GBP131.0 million.
Lockdown measures were eased and Countrywide started to re-open branches in England starting May 18. Housing market restrictions were eased in Wales on Monday and are to be eased in Scotland from the start of next week.
Adjusted earnings before interest, tax, depreciation, and amortisation for the same five-month period amounted to GBP7.4 million, having been GBP10.0 million the prior year - this after absorbing a GBP8.1 million gross hit from the tenant fee ban which went into effect in June 2019.
Adjusted Ebitda margins held at 5%, the same as the previous year.
The company said it had "delivered a resilient financial performance" for the five month period.
As at May 31, Countrywide's net bank debt totalled GBP55 million and it had a liquidity headroom of GBP64 million. It has a GBP125 million revolving credit facility committed until September 2022 plus a further GBP10 million facility from May 2020 and further GBP10 million from April 2021, the latter two being committed until October 2021.
Countrywide said it is still exploring availability of funding under the UK government's Coronavirus Large Business Interruption Loan Scheme.
"We continue to actively monitor the effect of the Covid-19 pandemic. The board's priority remains the safety of our colleagues and customers; to provide essential services to our customers; to preserve and protect the future of the business; and to conserve cash and to manage the group through the coronavirus pandemic and beyond," said Countrywide.
Nonetheless, in light of the uncertain long-term damage from the pandemic for housing transactions, Countrywide remains unable to give any guidance for 2020.
"The group remains focused on its core strategy to continue to build a sustainable and profitable business as it navigates Covid-19," Countrywide said.
By Anna Farley; annafarley@alliancenews.com
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