Countrywide reports strongest first half financial performance since 2007

Countrywide Group

Thursday, August 1, 2013

Countrywide plc
Condensed Consolidated Interim Financial Report
For the six months ended 30 June 2013

Countrywide plc, the UK’s largest integrated property services group, announces its results for the six months ended 30 June 2013.

HIGHLIGHTS

• Considerable financial progress across entire Group despite the slower start to the UK housing market in 2013:

• Total income £258.8m (+4%)
• EBITDA* £26.4m (+35%)
• Operating profit** £22.0m (+47%)
• Adjusted EPS** 5.3p (2012: 0.3p)

• Double‐digit EBITDA growth across all divisions within the Group;
• Good progress in Q2 with Group income growing by 9% compared to Q2 2012;
• Lettings division continues to progress with properties under management up 24% year on year with EBITDA up 28% on H1 2012;
• Positive momentum going into the second half of the year driven by market trends as well as increased pipelines and front end activity which increases confidence in both transaction volumes and pricing during H2 2013;
• Interim dividend proposed of 2.0p per share payable on 6 September 2013;
• Appropriate capital structure in place following the IPO in March to maximise future growth opportunities;
• Net debt £22.1m (2012: £203.2m) and access to additional funding if required (undrawn £25m revolving credit facility).

Bob Davies, Chairman at Countrywide plc, commented:
”We are pleased to announce encouraging results for the first half of the year, representing a positive start to our return as a listed company. Continuing improvements in the availability of mortgage finance, developing customer sentiment and the impact of Government initiatives should help to stimulate further the level of activity in the UK housing market. In this more encouraging environment, the Board remain confident in the outturn for the year.”

For further information please contact:
• Investors
Grenville Turner            Chief Executive Officer
Jim Clarke                     Chief Financial Officer         +44(0)7970 477299
• Media
Caroline Somers           Head of Communications     +44(0)7515 919588
                                      Press office                          +44(0)7721 439043

* Earnings before interest, tax, depreciation, amortisation, exceptional items, management fee, profit from joint venture and share‐based payments, referred to hereafter as “EBITDA” (see note 7 for reconciliation)

** before exceptional items, amortisation of acquired intangibles and share‐based payments (see note 7 for reconciliation)

To view the Condensed Consolidated Interim Financial Report for the six months ended 30 June 2013 click here

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