Countrywide third quarter trading update.

Countrywide PLC the UK’s largest integrated property services group, issues its trading update for the quarter ended 30 September 2015.

Countrywide continues to perform well across its diversified portfolio, not withstanding the impact on their estate agency business of lower levels of housing transactions than in 2014.

Commenting on the Group’s performance, Alison Platt, CEO said:

“While we are undoubtedly experiencing a period of short-term pressure on market volumes, we continue to invest in our underlying business to ensure we have the foundation for future growth. The benefits of this strategy are evident in the current performance from both our Surveying and Financial Services businesses where previous investments in resource capacity have produced results which are currently well ahead of their respective markets.  We are also seeing good progress in our commercial property business, Lambert Smith Hampton.

“Further investment to strengthen the foundations of our lettings business continues in anticipation of significant growth in future years. We have had another good year so far in growing and strengthening our business through acquisitions and in progressing the implementation of our plan for the next five years, Building our Future, is gaining momentum.

“Against the current backdrop of less than expected residential volumes, Group EBITDA for the nine months to 30 September was 11% below last year. While we anticipate modest year-on-year recovery in Q4, overall we anticipate our EBITDA for the full year will be less than the £121.1 million achieved in 2014, which was the most profitable year in the Group’s history.

“The economic backdrop in the UK coupled with improving consumer confidence point to modest transaction growth in 2016. With a strong residential lettings sector now forming a permanent part of the housing market, and with more customers than ever choosing to arrange mortgages through intermediaries, the outlook for 2016 is a positive one for Countrywide. Our intent, as laid out in our Building our Future strategy, is to increase our resilience to the sales cycle volatility and broaden the Group’s business to deliver a strong future and sustainable long term value for our shareholders. Whilst there is much to do to drive that both organically and through acquisition, I’m confident that the start we have made will yield positive results in the near future.”

The trading update can be seen in full on their website: 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

Estate Agent Talk

Demand for project properties soars versus general market

New research from The Property DriveBuy reveals that demand for fixer-upper properties is easily eclipsing overall market demand as homebuyers demonstrate a strong appetite for renovation projects amidst ongoing affordability restrictions due to stubbornly higher mortgage rates and slow but steady house price growth. Across England, there are currently an estimated 601,525 homes listed for…
Read More
Estate Agent Talk

5,600 sellers slash asking price within first 30 days

5,600 home sellers slash asking price within first 30 days of hitting the market, as market stagnates ahead of Autumn Budget The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that as many as 5,559 home sellers have slashed their asking prices within 30 days of entering the…
Read More
Estate Agent Talk

How to Protect Your Property Investment Before You Buy or Sell

Buying or selling property can be one of the biggest financial moves you’ll ever make, which is why protecting that investment should come before anything else. Taking the time to do the right checks and work with the right experts saves you from expensive surprises in the future. Preparation gives you power when it comes…
Read More
Rightmove logo
Breaking News

Market remains resilient, but not strong enough to drive usual Autumn bounce

The average price of property coming to the market for sale rises by 0.3% (+£1,165) this month to £371,422. This is below the ten-year average October bounce of +1.1%, as the decade-high level of property for sale limits seller pricing power The month of September saw a softening of activity year-on-year compared with a strong…
Read More
Breaking News

House prices post second consecutive quarter of growth this year

The latest Property Market Index Review by London lettings and estate agent, Benham and Reeves, has revealed that the property market has continued to demonstrate resilience in 2025, with house prices increasing for a second consecutive quarter in Q2, following four consecutive quarterly increases seen in 2024. The Benham and Reeves Property Market Index Review*…
Read More
Commercial Agent Talk

Reliable Commercial Roofers in Middlesbrough for Quality Roofing Solutions

Any commercial building can only be very safe and last long when it has a very strong roof. With time, the roofing system may be weakened by nature due to weather, similarity in age and structural wear, thereby resulting in expensive repair if not corrected early. This is the reason why you need to employ…
Read More