Economy

Countrywide puts out profit warning after tough Q4

Countrywide puts out profit warning after tough Q4”

Income in the United Kingdom business is expected to fall 17 percent to about 205 million pounds ($283.0 million) for the year ended December 31, with profit from London expected to drop 10 percent, the company said.

The company said that the earnings decline was largely driven by a "disappointing fourth-quarter performance", which is expected to drive down full-year income in the sales and lettings business by 14 per cent to £360 million. Visit MarketWatch.com for more information on this news.

Income in the United Kingdom business is expected to fall 17% to about £205m for the year up to 31 December, with profit from London sales set to drop 10%, the firm said.

The financial services business grew income by double digits, but is expected to deliver lower profits of £20m, compared to £22.6m a year ago.

Income in the United Kingdom business is expected to be around £205m, down 17 per cent year on year.

Countrywide said: "We have begun to take a range of actions over the last quarter that we believe can restore the business back to profitable growth".

However, the firm's financial services arm was strong in 2017.

Shares in the company fell 15.73% to 114.4p in mid-morning trade on the London Stock Exchange after the company announced the profit warning in an unscheduled trading update.

This was dragged down by Countrywide's estate agency activities, meaning overall financial services EBITDA is set to be £20m (£2016: £22.6m).



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