Countrywide delays releasing its results but says it has made ‘significant’ progress

Countrywide this morning announced that it will not be releasing  its interim results for the first half of this year on Thursday, as it had been due to.

It will delay the announcement for around a week, until August 2. It gives no reason for the delay.

This morning, it said:On 25 June 2018, Countrywide plc announced that it was looking to put in place a long-term capital structure to reduce its indebtedness and to support its turnaround plan and growth through additional equity finance, and updated the market on the likely financial outcome for the six months to 30 June 2018.

“The Adjusted EBITDA for the Group for the six months ended 30 June 2018 was slightly better than the guidance previously provided.

“The Group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and has seen an increase in the register of properties available for sale and the pipeline of agreed sales.

“The Group expects to make continued progress in the second half of the year which, combined with the traditionally stronger second half in our B2B and Financial Services operating segments, means the Group continues to expect the full year to be in line with the Board’s expectations.

 “The Company is continuing to engage in constructive dialogue with its lending banks and its shareholders and will now be announcing its interim results and details of its proposed long-term capital structure by 2 August 2018.”

Meanwhile Hunters has had an “encouraging” start to the year, in line with the board’s expectations.

Sales in the first half of this year were slightly ahead of the same period in 2017, “leading to a satisfactory increase in EBITDA”.

In a brief trading update to the stock market yesterday, Hunters – chaired by its founder, MP Kevin Hollinrake – said its results were achieved against the well-publicised challenging conditions in the housing market.

In the six months to June, Hunters opened eight new branches, while its franchisees have completed four acquisitions since last September.

Hunters said it was confident that the full-year outcome will meet market expectations.

The shares closed slightly down yesterday, despite the positive statement, and closed at 55p, down 1.8% over the day.

Separately Foxtons share prices yesterday fell to yet another new low. The 3% decrease took the price down to about 45p.

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2 Comments

  1. J1

    Hunters doing well off the back of franchise.

    Foxtons and Countrywide strugglung against a back drop of high fixed overheads, little or no marketing spend and falling fees due to the impact of the Bruce Brothers re-invention of a loss making industry.

    Ridiculous really.

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  2. Notallestateagentswearcapes52

    Sounds like a stalling tactic to me, they’re still waiting for the £100m cash injection from the share holders. In the meantime they’re worried about releasing this information and see shares drop even lower affecting the value of the shares they sell.

     

    If this hail mary doesn’t work the employees are rightly going to be concerned – CWD have lost a lot of good mortgage advisors, lettings managers and sales managers/area managers. If another restructure is on the cards i don’t see how they could manage the business effectively. It wasn’t that long ago when a saturday viewer vacancy had to go to the board to authorise!!

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