Economy

Countrywide shares slide after profit warning

Countrywide shares slide after profit warning

The announcement resulted in a drop of almost 17% in Countrywide's share price in early trading.

Countrywide has put out a profit warning for the 2017 year after "disappointing" sales in the final quarter.

The company issued a trading update this morning ahead of its preliminary results on March 8.

The company said total income from sales and lettings was expected to be £360m, dropping 14% from the previous year, with income from lettings down 4% to £169m.

Shares of Countrywide PLC tanked 17% on Thursday after the real estate agent said 2017 profit is expected to have fallen by 9%.

More news: Umbrella mistaken for gun prompts lockdown at Washington hospital

Countrywide's shares plunged 18pc after it revealed disappointing expectations for its full-year profits.

Total group income for the full year is expected to be around £672m, down from £737m in 2016.

Lettings income in the United Kingdom was down eight per cent, partly due to a flat London rental market. Ebitda was expected to be down 45pc, at £26m, largely due to changes in the group's sales and lettings structure, which it has made in the last two years.

The group was more positive about its business-to-business arm, which includes Lambert Smith Hampton. Countrywide said the division delivered "resilient performance" with EBITDA expected to be £20m (2016: £22.6m).


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