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Interim Results

Countrywide operating profits fall

27 July 2017 08:12

Countrywide's operating profits fell to £6.5m in the six months to the end of June - down from £28.3m.

Total income fell to £333.0m from £370.3m and adjusted EBITDA of £28.1m was down from £37.9m last time.

Chief executive Alison Platt said: "We are building a stronger business for our future and remain on track with our goals to broaden our digital capability, reduce our operating cost base and strengthen our balance sheet.

"Based on our current performance and the outlook for housing transactions in the UK, we expect our results and our leverage for the full year to be within the range of market expectations.

"As anticipated, the first half of 2017 was tough for the Group compared to the same period last year given the high levels of housing transactions brought forward in time as a result of the stamp duty changes and the EU referendum.

"Our income versus the first six months of 2016 is down 10% and our adjusted EBITDA down 26%.

"We continue to serve our customers better, and this manifests strongly in our ability to win repeat business in lettings.

"Our digital proposition in sales is also proving to be an important element in bringing choice and attracting more applicants and vendors to our brands.

"At the same time our investment in a telephony sales channel in Financial Services is helping to grow our share of the mortgage market.

"Our Surveying business has grown its profitability and increased the amount of mortgage valuations it has undertaken for its lender clients this year.

"We are continuing to reshape our cost base, with total costs down £27 million from the six month period to 30 June 2016; we will continue to drive down cost and improve our productivity across the Group.

"Delivering for our customers and 'self-help' remains our mantra as we continue to build a stronger and more resilient business for the future."

At 8:12am: (LON:CWD) Countrywide Plc share price was -6p at 158.25p

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