Countrywide half yearly results

Countrywide PLC interim results posted today: Group income grew to £338.6 million, however, a difficult UK housing market led to £41.0 million of EBITDA versus £45.0 million in the same period last year.

Grenville Turner, Chairman at Countrywide plc, commented: “While we remain cautious, we are also optimistic as our broad-based business with diversified revenue streams provides a safeguard against the housing market cycle and the predicted continued growth in our lettings and commercial businesses are encouraging for the delivery of our strategic ambitions. Our acquisition programme is well positioned to take advantage of these positive trends, while prior acquisitions continue to deliver growth.

“We are keen to look beyond 2015 to ensure we have the building blocks for real growth and value added activity in place so we can deliver a significant level of shareholder returns in coming years with significant incremental returns from 2017 onwards.”

Alison Platt, Chief Executive, added: “As anticipated, the first half of the year saw depressed activity in the UK residential sales market as UK consumers held back from making decisions pending the outcome of the most uncertain General Election in a generation. However, the benefits of our strategy to diversify the Group’s revenue streams were underlined by Countrywide’s ability to ride those challenges with 50% of our profits derived from sources independent of the UK housing transaction market.

“Particularly pleasing has been our ability to show resilience through a tough market and at the same time to make strong headway in implementing our Building our Future strategy. Our focus for the strategy is on growth and building a business which is bigger, because it is better.

“I firmly believe that our success is attributable to the continued support and commitment of everyone at Countrywide. We have the experience and passion to create the best environment and structure for our people to deliver outstanding customer experience while ensuring we capitalise upon all the opportunities offered by the UK property sector, both residential and commercial.”

For details in full see http://www.countrywide.co.uk/investor-relations/results-and-presentations/

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Breaking Property News – 29/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Geovation Spring showcase – why it is important that you come and support the founders The event takes place on the evening of Wednesday the 17th of April, at Sutton Yard, London EC1V 7EN, please get it booked into your diary today. As ever the…
Read More
Breaking News

Breaking Property News – 28/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   tlyfe the tenant App gets huge marketing boost from national team tour from the Openbrix team As many will know tlyfe, powered by OpenBrix, is the UK’s most innovative tenant lifecycle app, taking the stress out of the move in process and helping to…
Read More
Breaking News

Over Four Out Of Five Tenants Unaware Of The Renters Reform Bill

OVER four out of five tenants remain unaware of the Renters (Reform) Bill and its contents, according to new research. The data comes from a representative survey of over 2,000 private renters conducted by the TDS Charitable Foundation, which works to advance education about housing rights and obligations in the private rented sector. The Bill…
Read More
Estate Agent Talk

What is Property Damage in a Personal Injury Case?

Property damage refers to any damage that affects things instead of a person. This might include damage to your car, house, etc. As such, it is not regarded as a personal injury case. However, when an individual is injured when the accident occurs, the affected person can file a personal injury claim. A typical example…
Read More
Love or Hate Rightmove
Breaking News

Rightmove comment on new 99% first-time buyer mortgage product

Matt Smith, Rightmove’s mortgage expert said: “It’s encouraging to see lenders continuing to try to innovate in the mortgage market, even after the government abandoned its own plans to encourage lower deposit mortgages in the Spring Budget. This new product has the potential to help some first-time buyers who fit the affordability criteria, but are struggling…
Read More
Breaking News

Breaking Property News – 27/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Coadjute ahead of the game as they are already licensed to provide digital TA6 Forms to property stakeholders This week, the Law Society announced its TA6 Form will now include Material Information as per the the National Trading Standards Estate and Letting Agency Team…
Read More