Countrywide announces its results for the six months ended 30 June 2018 and an update on its Strategy and Turnaround plan.
* Restated from prior year following the adoption of IFRS 15 and the correction of a prior year error.
Today, the Group is separately publishing an update on its Strategy and Turnaround plan which includes the announcement of the launch of a placing and open offer to raise gross proceeds of £140 million (the Capital Refinancing Plan) which is fully underwritten. The Capital Refinancing Plan also includes an amended four year Revolving Credit Facility (the Amended Credit Facility) maturing September 2022 which provides the Group with the financial flexibility to execute its strategy and turnaround plan. Paul Creffield today is appointed to the Board as Group Managing Director, and Paul Chapman becomes the Chief Operating Officer, providing the management expertise we need to execute the turnaround.
The Group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and in building back the register of properties and pipeline of agreed sales. The Group expects to make continued operational progress in the second half of the year, which, combined with the traditionally stronger second half in our B2B and Financial Services operating segments, means the Group expects the full year to be in line with the Board’s expectations.