Countrywide PLC Trading Statement (0777U)
January 13 2017 - 2:00AM
UK Regulatory
TIDMCWD
RNS Number : 0777U
Countrywide PLC
13 January 2017
13 January 2017
Countrywide plc Trading Update
Countrywide plc ("Countrywide" or the "Group") (LSE:CWD), the
UK's largest integrated property services group, issues its trading
update for the year ended 31 December 2016 ahead of its results
announcement on 9 March 2017.
Total group income for the year was circa GBP737m (2015:
GBP734m) with income for Q4 of GBP179m (2015: GBP196m).
EBITDA for 2016 is expected to be in line with the current range
of market expectations.
As anticipated, the underlying level of market transactions in
Q4 continued to run below 2015 and we continue to expect full year
2016 market volumes to reflect a drop of circa 6% on 2015
levels.
Commenting on the Group's performance, Alison Platt, CEO
said:
"It is pleasing to report modest full year revenue growth
against the backdrop of a challenging residential sales market. Our
Retail and London divisions were impacted by the lower market
volumes which were partially offset by a strong performance from
our Lettings business. It is encouraging to note that both
Financial Services and Surveying reported profit growth
notwithstanding the external environment.
"We continue to focus on delivering cost and productivity
efficiencies across our business which will mitigate the impact of
a 2017 sales market which is expected to show a reduction on 2016
volumes. The roll-out of our digital proposition remains on track
and we continue to see performance in line with our expectations.
As set out on 15 December 2016, we are currently underway with a
strategic review of our Lambert Smith Hampton business and further
announcements will be made as appropriate."
-Ends-
Contacts:
Media Investors
Press Office Jim Clarke, Group Chief
+44(0)7721 439043 Financial Officer
+44(0)7970 477299
About Countrywide plc
Countrywide is the UK's largest integrated property services
Group, including the largest estate agency and lettings network.
Countrywide's network of expertise combining national scale and
local reach helps more people move than any other business in the
UK and is structured around four key business units: Retail,
London, B2B and Financial Services. We are proud of our strong
position:
-- GBP19 billion worth of property sold in 2015 - More homes in the UK than anyone else
-- GBP12.1 billion of mortgages completed - Largest single mortgage broker in the UK
-- 74,500 properties under management - Largest player in a fragmented market
Countrywide plc's award-winning service has earned the business
over 231 high-profile industry awards since 2008 with customers
voting Countrywide Best National Agency Group at the 2015 ESTAS
awards.
1. Forward Looking Statements
This announcement has been prepared solely to provide additional
information to the shareholders of Countrywide plc in order to meet
the requirements of the FCA's Disclosure and Transparency Rules. It
should not be relied on by any other party, or for other purposes.
Forward-looking statements have been made by the directors in good
faith, using information available up until the date on which they
approved this statement. Forward-looking statements should be
regarded with caution, because of the inherent uncertainties in
economic trends and business risks.
2. Next Results Announcement
The next trading update is expected to be the 2016 full year
results, to be issued on 9 March 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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