CWD.L Share News (CWD)

(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 year was about £737m, up a touch from £734m in 2015, with income for the fourth quarter of £179m versus £196m in the same period a year ago.Countrywide said that as expected, the underlying level of market transactions in the final quarter of the year continued to run below 2015 and it expects full-year 2016 market volumes to reflect a drop of around 6% on the previous year. Chief executive officer Alison Platt said: "It is pleasing to report modest full year revenue growth against the backdrop of a challenging residential sales market. Our Retail and London divisions were impacted by the lower market volumes which were partially offset by a strong performance from our Lettings business. It is encouraging to note that both Financial Services and Surveying reported profit growth notwithstanding the external environment."We continue to focus on delivering cost and productivity efficiencies across our business which will mitigate the impact of a 2017 sales market which is expected to show a reduction on 2016 volumes. The roll-out of our digital proposition remains on track and we continue to see performance in line with our expectations. As set out on 15 December 2016, we are currently underway with a strategic review of our Lambert Smith Hampton business and further announcements will be made as appropriate."