Half Year Results 2019
We have released our half year results for the six months ended 30 June 2019.
Download Countrywide Interim Report 2019
Download Half Year Results Presentation 2019
View Half Year Results 2019 Webcast
Replay will be available for 7 days on the following numbers:
- UK & International Dial-in: +44 (0) 20 8196 1998
- UK Toll Free: 0800 633 8453
- Encore Replay Access Pin: 6708099#
Commenting on the results and outlook for the Group, Executive Chairman, Peter Long said:
"The fundamental changes we have made to our business in the last 18 months are beginning to bear fruit. Our register and pipeline of agreed sales is healthy and we continue to rebuild market share, re-establishing our market-leading position across both Sales and Lettings. The market, however, remains weak, affected by political and Brexit uncertainty. In view of this environment, during the first half, we took a series of further self-help actions to accelerate and reset our cost structure in order to reflect current activity levels with significant benefits starting to flow through in the second half. The actions we have taken give us confidence that the Group will deliver full year results in line with the Board’s expectations."
- The first half performance of £3.9 million adjusted EBTIDA was in line with the Board’s expectations and delivered against a backdrop of a weak sales market and in spite of our Commercial business’ adjusted EBITDA being down £5 million year on year.
- Continued to rebuild market share – re-established market leader position in Sales with 8.4% share of listings and retained leading position in Lettings with a 7.3% share of listings.
- Self-help actions to increase sales of complementary services in Conveyancing and Financial Services, and further actions to accelerate and re-set our cost structure to reflect the current market have underpinned delivery to date with a significant adjusted EBITDA benefit flowing through into the second half.
- A new covenant package with lenders provides the financial flexibility to continue to execute the turnaround plan.
- The Group continues to make operational and financial progress, and whilst there remains more to do, it is well-positioned to benefit from any upturn in levels of activity.
- Second half adjusted EBITDA will benefit strongly from the increased momentum in sales of complementary services and cost actions taken in the first half.
- Confident that the full year results will be in line with the Board’s expectations.
- Political and Brexit uncertainty remains.
Download the Countrywide Interim Report 2019