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Countrywide reports 37% drop in 2015 profits

Thu, 25th Feb 2016 09:50

(ShareCast News) - Countrywide, the UK's largest estate agency group, reported a 37% drop in 2015 profits blaming a "significantly" tougher year for the market.The group's operating profit fell to £53.8m in the 12 months to 31 December 2015 from £84.9m a year earlier as the levels of home buying remained low across the country.Earnings before interest, tax, depreciation and amortisation fell 7% to £113m."A tougher sales market coupled with our significant change agenda challenged us in maintaining our share of sales outside of London," said chief executive Alison Platt.Pre-tax profits plunged 40% to £46.7m as the group handled 8% fewer sales transactions during the year. The company also had to contend with competition from digital rivals including Purplebricks, eMoov and HouseSimple. As a result Countrywide's average sales fee fell 3%.The number of house sales exchanged fell 8% to 67,402. Yet total income rose 4% to £733.7m.The company said a strengthening economy, low interest rates and new government schemes continued to support demand in the core London market in 2015. However, the supply in the housing sector was restricted with a 6% fall in the number of homes coming onto the market.Chairman Genville Turner also said that 2015 was an "uncertain year" which hurt confidence in the housing sector."The May general election was the most uncertain election in a generation and the anticipated post-election boost never materialised," Turner said.The dividend will be held at 10p a share, without paying a special dividend as was in 2014.The financial outlook for 2016 was left unchanged. CEO Platt said the group continues to be prudent in its assumptions for growth in the residential housing market, noting the potential impact of an extra 3% stamp duty for buy-to-let and second home owners from April."Our focus will be driving our own growth through regaining share and attracting new customers through better propositions," Platt said.

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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

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

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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

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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

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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