Countrywide shares fall 20% on profit warning
Countrywide shares fall 20% on profit warning
25 June 2018
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Shares in Countrywide, the UK's largest estate agent group, have fallen more than 20% after it issued its second profit warning this year.Countrywide, which has brands including Bairstow Eves and Gascoigne Pees, said it expected first-half earnings to be about £20m lower than last year."We do not expect this shortfall to be recovered in the second half," it said.It said conditions in the housing market continued to be "subdued" and deals were taking longer to complete.The firm has been hit by a slowdown in the housing market, as well as the rise of online agents such as Purplebricks.
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Countrywide added that it was looking to raise "additional equity finance" with the aim of cutting debt by 50%.Chief executive Alison Platt left in January after the…
25 June 2018
Image copyright
Getty Images
Shares in Countrywide, the UK's largest estate agent group, have fallen more than 20% after it issued its second profit warning this year.Countrywide, which has brands including Bairstow Eves and Gascoigne Pees, said it expected first-half earnings to be about £20m lower than last year."We do not expect this shortfall to be recovered in the second half," it said.It said conditions in the housing market continued to be "subdued" and deals were taking longer to complete.The firm has been hit by a slowdown in the housing market, as well as the rise of online agents such as Purplebricks.
Your biggest financial decision - in charts
Number of middle-age renters doubles
Tenants' rights: Can a landlord kick me out
Countrywide added that it was looking to raise "additional equity finance" with the aim of cutting debt by 50%.Chief executive Alison Platt left in January after the…