Countrywide Income & Losses Down – Blames Brexit

In its interim results for the six months ended 30 June 2019 Countrywide Plc said that total income fell to £290.6m compared to £302.9m for the same period in the previous year.

The company also reported that statutory losses had fallen to £37.7m for H1 2019 compared to £206.4m in H1 2018.

The report said that Countrywide’s turnround strategy was beginning to show results, but that that market conditions were against it. Executive Chairman Peter Long said: “The fundamental changes we have made to our business in the last 18 months are beginning to bear fruit.  Our register and pipeline of agreed sales is healthy and we continue to rebuild market share, re-establishing our market-leading position across both sales and lettings.

“The market, however, remains weak, affected by political and Brexit uncertainty.” He added: “The actions we have taken give us confidence that the Group will deliver full year results in line with the Board’s expectations.” 

Brexit is a popular excuse for company performance these days, but many will suspect there is more to it than that at Countrywide – a once-mighty agency group that seems to be in a spiral of perpetual decline. If Brexit is indeed the problem and solution to Countrywide’s fortunes then the company will be hoping that is sorted out, and soon.

Source London Stock Exchange
You might also like