Countrywide Plc Q3 revenue falls 7% year on year.

November 10, 2017

Countrywide plc the UK’s largest integrated property services group, issued its trading update yesterday 9th November 2017 for the quarter ended 30 September 2017.

Total Group revenue for Q3 was £175.1m, an increase of 2% compared with Q2 and down 7% year on year, within estate agency, Q3 revenue was £47.8m (2016: £57.0m).

Third quarter lettings revenue was £47.3m (2016: £49.0m), with London flat year on year and a small decline in the rest of the UK. 

Alison Platt, Group CEO said:

“We have a clear strategy founded on being the provider of choice for property services in the UK and to give customers the ability to use Countrywide across multiple channels.  During the quarter, we continued to extend multi-channel offerings to our customers, which shows through in the resilience of the overall revenue performance.  Our focus on cost reduction remains equally unabated and we are mobilising the next phase of our cost transformation programme. 

The market for housing transactions remains challenging and is likely to be down overall compared with 2016. As in previous years, the final quarter remains important and we currently expect our results for the full year to be towards the lower end of the range of market expectations.“   

Read the Countrywide plc 3rd qtr trading update announcement 9th November 2017 in full click here.

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.

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