In its latest Trading Update, issued just ahead of its AGM, Countrywide plc said that total Group income had fallen to £140.3m in 1Q 2019 compared to £144.6m for the same period in 2018.
The Group said it had
previously forecast H1 adjusted EBITDA would be down by some £3-5m, and
now anticipates it will be around £5m lower year on year.
said: “The series of self help measures that we have put in place to re-align
the cost base to the lower level of market activity continue to be implemented
and we expect the benefits of these actions to come through during the second
half. As a result, for the full year, the Group expects adjusted EBITDA to be
broadly in line with the Board’s expectations.
“Following the investments
made in 2018, the Group remains well positioned in its markets to benefit from
any upturn in levels of activity.”
In the scheme of things, Countrywide’s fall in income is quite small and perhaps not that worrying, particularly as measures seem to have been taken to counteract it. What many will see as more of a concern is that the company appears to link any upturn in its prospects to an upturn in the market – something which could be some time off – if at all.