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Countrywide rebounds despite interim profit squeeze post-Brexit

Thu, 28th Jul 2016 10:08

(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, tax, depreciation and amortisation (EBITDA) will be lower than the level last year.In the six month to 30 June, revenue rose 9% to £370.1m but EBITDA fell 8% to £38m and pre-tax profits dropped 25% to £21.8m.This reflected investment in staff and technology to underpin future growth, said chief executive Alison Platt, though this helped grow the top line and market share.A flat interim dividend of 5p was declared, following the £17m spent on a share buy-back during the period.By the period end net debt, including finance lease liabilities, stood at £258.3m, up from £184.9m at the end of December, with a net debt/equity ratio of 51% up from 34%.The board took a cautious view in the months leading up to the EU referendum and in the event, Platt said the company had seen "a slowdown in our retail and London residential businesses and, since the EU referendum result this has become more marked in London, the South East and expensive prime markets".Oh the upside, the rest of the country has fared rather better and the lettings business and mortgage trends have been largely unaffected."This period of uncertainty will inevitably impact the level of transactional activity in the second half of the year and, although it is too early to quantify accurately, we will not meet last year's result at the EBITDA level," Platt said."Notwithstanding this, and following the significant investment we made in the business in the second half of 2015, we continue to make real progress in executing our strategy."Broker Numis said the increased level of debt is also likely to be in focus and was also prompted to downgrade its 2016 by around 30% to £59.9m PBT and adjusted EPS of 25.6p, with a similar cut for 2017."Whilst today's downgrade does not come as a surprise, it has led us to downgrade our target price from 416p to 286p," analysts said.Shares in Countrywide were up 13% to 279.67p just before 1100 BST on Thursday.

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11 Jan 2017 14:31

Almost 1,000 estate agents 'unlikely to still be trading' in three years

(ShareCast News) - As Foxtons revealed details of its troubled 2016 and warned of continued harder times in the year ahead, new analysis of the housing sector confirmed increasing levels of financial distress among UK estate agents. Nearly 1,000 estate agencies could be wiped out over the next three

16 Dec 2016 09:29

BROKER RATINGS SUMMARY: Shore Upgrades Downtrodden IG And CMC Markets

15 Dec 2016 16:42

Countrywide considering sale of commercial property business

(ShareCast News) - FTSE 250 estate agency group Countrywide confirmed on Thursday that it is undergoing a strategic review in relation to its commercial property arm, Lambert Smith Hampton. In a brief statement in response to earlier press speculation, Countrywide said it is considering a potential

25 Nov 2016 20:13

FTSE 250 movers: Paragon Group jumps, AMEC sinks

(ShareCast News) - Paragon Group led to the upside on the back of a positive endorsement from broker Jefferies. Analyst Phil Dobbin said: "Paragon is evolving from a securitized non-bank lender to a more diversified retail funded banking group. We believe that the company has the ability to gain mar

25 Nov 2016 10:37

WINNERS & LOSERS SUMMARY: AstraZeneca Up As Liberum Says Undervalued

24 Nov 2016 17:00

LONDON MARKET CLOSE: Stocks Drift To Mixed Finish With US On Holiday

24 Nov 2016 16:41

London close: UK stocks subdued on US Thanksgiving as resources in focus

(ShareCast News) - UK stocks were in cautious form all day Thursday, with global markets generally subdued as traders in the US put their feet up for a Thanksgiving break. The FTSE 100 closed up 0.17% to 6,829.20. The FTSE 250 ended the session down 0.18% to 17,590.62. On the blue-chip upside, seve

24 Nov 2016 12:00

LONDON MARKET MIDDAY: Countrywide Shares Sold Amid Quiet Market

24 Nov 2016 07:34

Countrywide tumbles to new low on Brexit profit warning

(ShareCast News) - Estate agent Countrywide warned that operating profits will be lower than expected for the full year, due to a "tough" residential market as a result of a change in stamp duty and the EU referendum. The FTSE 250 company said due to reduced transactions in the second half of the ye

23 Nov 2016 14:54

2nd UPDATE: Government Letting Fee Ban Will Drive Up Rents - Savills

23 Nov 2016 11:56

LONDON MARKET MIDDAY: Estate Agents Sold Ahead Of UK Autumn Statement

23 Nov 2016 09:24

Estate agents stung by Chancellor's ban on letting fees

(ShareCast News) - In his Autumn Statement, Chancellor Philip Hammond announced he planned to clamp down on letting agent fees, sending estate agents shares lower on Wednesday. Shares of companies in the sector were sharply lower in early trade, with Foxtons were down 9%, Countrywide losing 5% and L

11 Nov 2016 12:19

LONDON MARKET MIDDAY: Trump Rally Cools Ahead Of Risk-Off Weekend

25 Oct 2016 10:11

Broker tips: Howden Joinery Group, Segro, Countrywide

(ShareCast News) - Howden Joinery Group shares dropped on Tuesday as Berenberg lowered its recommendation on the stock to 'hold' from 'buy' and cut the target price to 450p from 550p. Berenberg said the supplier of kitchens and joinery products is seemingly one of the most exposed companies in its U

25 Oct 2016 10:10

Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

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