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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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8 Mar 2018 10:36

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

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - WINNERS----------Associated a

8 Mar 2018 10:26

LIVE MARKETS-Late on your ECB homework? Here's ING's 'Angry Birds' cheat sheet

* European edge up * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux LONDON, March 8 (Reuters) - Welcome to the home for real time coverage of European

8 Mar 2018 09:59

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

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.15 pct, helped by defensive stocks * Miners fall as trade war worries hit metal Upgrade AB 8

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

* European edge up at the open * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

8 Mar 2018 07:58

LIVE MARKETS-What's on the radar ahead of the open

* European shares seen rising * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

8 Mar 2018 07:44

UPDATE 1-UK Stocks-Factors to watch on March 8

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

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

18 Jan 2017 09:48

Wednesday broker round-up

(ShareCast News) - Hochschild Mining: RBC Capital Markets reiterates Outperform with a target price of 290p. Pearson: Liberum reiterates Sell with a target price of 470p. IG Group: Barclays reiterates Overweight with a target price of 612p. British American Tobacco: Citi reiterates Buy with a targ

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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