Countrywide Is Resilient But Cautious

Countrywide Plc says that it returned a resilient performance in a challenging market in 2018 and warns that it is cautious about prospects for 2019.

In its latest trading statement the company said that total group income fell to £627m in 2018 from £672m in 2017 and that sales and letting income fell to £329m from £361m. It added that strong performance in lettings offset a decline in sales, although it did not quote detailed figures to support this.

Countrywide said that significant progress had been made on implementation of its ‘Back to Basics’ turnround strategy.

The statement said: “We are encouraged by the progress we have made in our Strategy and Turnaround plan and in the growth in the register and the pipeline in the UK. Nevertheless, we remain cautious about the market outlook for 2019 and continue to closely monitor market conditions for any potential impact arising from the wider political and economic environment.”

Most estate and letting agency groups are reporting ‘resilient but cautious’ type results at the moment of course. However, there is an extra dimension here: Countrywide Plc has experienced many more challenges than just a challenging market in recent years.

Source Countrywide Plc
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