Countrywide

Countrywide reported its preliminary results for the year ending December 31 on Friday, with losses widening.

The real estate agent said that group income  for the 12-month period was £627.1 million, falling 7%.

Meanwhile, group adjusted earnings before depreciation interest, tax and amortisation halved to £32.7 million.

This was inclusive £2.2 million of charges from a review of assets and liabilities.

Overall, Countrywide said profit after tax totalled £218.2 million, compared to £207.3 million reported back in 2017.

The firm said that this stemmed from £245.4 million of ‘principally non-cash exceptional charges for goodwill, intangible and other asset impairments.’

In addition, net debt at the end of December came in at £70.7 million, an improvement from £196.4 million a year ago.

Executive Chairman, Peter Long commented on the figures:

“We have been encouraged by the progress made in 2018 in resetting the business as part of our return to growth strategy. The principles within “back to basics” in Sales and Lettings resulted in growth in the register and the sales pipeline in the UK, coupled with an increase in market share of listings.

Mr Long added that market weakness in the final quarter of the year was largely as a result of uncertainties relating to Brexit, with headwinds continuing into the new year.

He said: “As a result, we are experiencing further slow-down in residential and commercial property transactions particularly in London and the South, which will affect our H1 EBITDA by some £3 – £5 million.”

Countrywide is headquartered in Chelmsford, Essex. It operates over 850 estate agents and letting offices across the country. It is listed on the London Stock Exchange.

Shares in Countrywide are currently -9.11% as of 13:39PM (GMT).