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Trading statements

Countrywide maintains FY outlook

27 April 2017 08:28

Countrywide's total income fell to £162m in the first quarter to the end of March from £187m a year ago but in line with group's expectations.

Countrywide said the first quarter of 2016 was boosted by the acceleration in transactions on buy to let properties and second homes in response to the impending changes to stamp duty which became effective 1 April 2016.

It said: "As expected, underlying performance in Q1 2017 was impacted by a continuation of the declining market trends seen in Q4 2016, resulting in a 29% reduction in house sales exchanges across the Group on a like for like basis."

It said these trends were in line with the group's plans for the year at the time of the full year results.

It added: "Notwithstanding the external market challenges, both our Financial Services and B2B businesses performed strongly in Q1 2017 with both delivering year on year profit growth."

Chief executive Alison Platt said: "I am pleased that we have maintained the pace of our transformation agenda during the first quarter.

"As promised at our full year results, our cost transformation has kept up its momentum and the progress on our digital rollout remains firmly on track.

"Having recently launched our digital sales proposition in Bairstow Eves, we now have coverage in key areas of Liverpool, Manchester and Greater London."

"In the first quarter of the year market trends were as anticipated.

"The snap general election called for 8 June 2017 is not expected to significantly alter the overall level of market transactions for 2017 and we still expect the market to be around 5% below 2016 levels.

"Our financial performance has been consistent with our plans and on this basis, we maintain our current financial outlook for the full year."

At 8:28am: (LON:CWD) Countrywide Plc share price was -1.25p at 169p

Story provided by StockMarketWire.com

Related Company: CWD

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