This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/money/2018/jan/18/uks-largest-estate-agent-countrywide-issues-profit-warning
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| UK's largest estate agent Countrywide issues profit warning | UK's largest estate agent Countrywide issues profit warning |
| (about 7 hours later) | |
| Shares plunge at owner of Bairstow Eves and Hamptons brands as number of UK property sales fall | Shares plunge at owner of Bairstow Eves and Hamptons brands as number of UK property sales fall |
| Reuters | Reuters |
| Thu 18 Jan 2018 09.29 GMT | Thu 18 Jan 2018 09.29 GMT |
| Last modified on Thu 18 Jan 2018 16.00 GMT | |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| View more sharing options | View more sharing options |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on Google+ | Share on Google+ |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Close | Close |
| Shares in the UK’s largest estate agent, Countrywide, tumbled 18% as the group warned that profits would fall short of forecasts after a “disappointing” fourth quarter. | Shares in the UK’s largest estate agent, Countrywide, tumbled 18% as the group warned that profits would fall short of forecasts after a “disappointing” fourth quarter. |
| The company, whose brands include Hamptons, Bairstow Eves and Taylors and Gascoigne-Pees, warned in November that the house sales market was challenging and would be down from 2016. It now expects full-year income to fall by 8.8%. | The company, whose brands include Hamptons, Bairstow Eves and Taylors and Gascoigne-Pees, warned in November that the house sales market was challenging and would be down from 2016. It now expects full-year income to fall by 8.8%. |
| Shares of Countrywide lost about 32% of their value in 2017. The shares on Thursday were on track for their worst single day since Britain’s vote to leave the European Union in June 2016. | Shares of Countrywide lost about 32% of their value in 2017. The shares on Thursday were on track for their worst single day since Britain’s vote to leave the European Union in June 2016. |
| Countrywide expects full-year profits to be around £65m, about 10% below some analysts forecasts and down from £83.5m. | Countrywide expects full-year profits to be around £65m, about 10% below some analysts forecasts and down from £83.5m. |
| Income in the UK 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. Total income in the sales and lettings business is expected to decline 14%. | Income in the UK 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. Total income in the sales and lettings business is expected to decline 14%. |
| In August, the company said its chief executive, Alison Platt, would take on more responsibilities as the company undergoes restructuring. | In August, the company said its chief executive, Alison Platt, would take on more responsibilities as the company undergoes restructuring. |
| Analysts at Jefferies said residential property markets were more challenging in 2017 than Countrywide anticipated. | Analysts at Jefferies said residential property markets were more challenging in 2017 than Countrywide anticipated. |
| • Follow Guardian Business on Twitter at @BusinessDesk, or sign up to the daily Business Today email here. | • Follow Guardian Business on Twitter at @BusinessDesk, or sign up to the daily Business Today email here. |
| Property | Property |
| Housing market | Housing market |
| House prices | House prices |
| Real estate | Real estate |
| Economics | Economics |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on Google+ | Share on Google+ |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |