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Countrywide's H1 earnings to take ?5m hit from Brexit uncertainty

Tue, 30th Apr 2019 09:43

(Sharecast News) - Integrated property services group Countrywide warned on Tuesday that first-half adjusted earnings will be down around £5m on the year as markets take a hit from Brexit uncertainty, but adjusted earnings for the year should be in line with the board's expectations.In an update for the quarter to the end of March 2019, the company said "the ongoing uncertainties surrounding Brexit continue to weigh heavily on consumer confidence as a whole". In particular, it said uncertainty was impacting the residential and commercial property markets, namely in London and the South. As a result, total group income in the first quarter fell to £140.3m from £144.6m in Q1 2018.Countrywide had previously said it expected first-half adjusted earnings before interest, tax, depreciation and amortisation to decline by around £3m to £5m. However, it now expects EBITDA to drop by £5m on the year."The series of self-help measures that we have put in place to re-align the cost base to the lower level of market activity continue to be implemented and we expect the benefits of these actions to come through during the second half," it said."As a result, for the full year, the group expects adjusted EBITDA to be broadly in line with the board's expectations."Jefferies said this was a "reassuring outlook in a difficult context"."While Countrywide's EBITDA in 2019 is supported by its financial services and B2B operations, we see the currently loss-making estate agency business as the fulcrum for share price performance."The 'back to basics' efforts announced at the share placing last August are now largely in place, and we believe the business is better poised to leverage to any housing market recovery. However, until investors gain confidence in an improvement in the housing market, the increasing leverage on the balance sheet may restrain share price momentum."At 0940 BST, the shares were down 1.7% at 6.92p.

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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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Countrywide's H1 earnings to take ?5m hit from Brexit uncertainty

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