LONDON (Alliance News) - Estate agent Countrywide PLC on Thursday said its now expects its underlying earnings for 2015 will be slightly ahead of its expectations and maintained its guidance for 2016, even as it continued to feel pressures from the slowdown in the London property market.
The FTSE 250-listed company said it saw an encouraging performance in the fourth quarter of 2015, even as it continued to face pressures from a slowdown of housing transactions, particularly in the capital.
Countrywide added that, despite recent UK legislative changes that affect buy-to-let landlords, it continues to view the private rented sector as a key growth area for the future.
Beyond the estate agency business, Countrywide said its financial services business has outperformed the market and said its commercial and surveyors arm is trading well.
As a result, the company said its underlying earnings before interest, taxation, depreciation and amortisation will be slightly ahead of its previous expectations and said it had seen encouraging signs in the first weeks of 2016, meaning its guidance for the current year is unchanged.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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