CWD.L Regulatory News (CWD)

24 July 2018

Countrywide plc

Update

On 25 June 2018, Countrywide plc ("Countrywide", the "Company", or the "Group") announced that it was looking to put in place a long-term capital structure to reduce its indebtedness and to support its turnaround plan and growth through additional equity finance, and updated the market on the likely financial outcome for the six months to 30 June 2018.

The Adjusted EBITDA for the Group for the six months ended 30 June 2018 was slightly better than the guidance previously provided.

The Group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and has seen an increase in the register of properties available for sale and the pipeline of agreed sales. The Group expects to make continued progress in the second half of the year which, combined with the traditionally stronger second half in our B2B and Financial Services operating segments, means the Group continues to expect the full year to be in line with the Board's expectations.

The Company is continuing to engage in constructive dialogue with its lending banks and its shareholders and will now be announcing its interim results and details of its proposed long-term capital structure by 2 August 2018. 

Forward Looking Statements

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its directors accept no liability to third parties in respect of this document save as would arise under English law.