LONDON (Alliance News) - Countrywide PLC on Wednesday guided for its annual results to show a significant fall on the prior year amid a difficult UK market and a deficit in its sales pipeline at the start of 2018.
For 2018, the real estate agent expects total group income of GBP627 million, down 6.7% from GBP672 million in 2017.
The company described this as a "resilient performance" against both a challenging market and the previously reported 19% opening pipeline deficit in sales at the beginning of 2018.
Adjusted earnings before interest, taxes, depreciation and amortisation are expected fall significantly to GBP33 million from GBP65 million, including GBP2 million of net charges in the recent year resulting from a review of the carrying value of some assets and liabilities.
Excluding the exceptional charges, the group traded in line with expectations, Countrywide said.
Looking ahead, the firm said it made "significant progress" against it turnaround plan.
"We are encouraged by the progress we have made in our strategy and turnaround plan and in the growth in the register and the pipeline in the UK," the firm said. "Nevertheless, we remain cautious about the market outlook for 2019 and continue to closely monitor market conditions for any potential impact arising from the wider political and economic environment."
Countrywide shares were trading up 0.1% on Wednesday at 9.61 pence each. The stock is down almost 75% from a year ago.
The company will publish its annual results on March 7.