22nd Jan 2015 08:09
LONDON (Alliance News) - Countrywide PLC Thursday said it expects to deliver record results for the year, though it reported a deterioration in market conditions over the course of 2014.
Countrywide said it expects its revenue for the year to the end of December to be up 20%, with revenue rising 5% to GBP179.3 million in the fourth quarter.
For the year, the FTSE 250-listed estate agent expects total house exchanges to rise 11% and residential lettings properties under management to rise 25%. But the slowdown seen in the fourth quarter was evident in its exchanges for its London & Premier arm, which rose only 1% for the year after falling 14% in the fourth quarter, while fourth quarter total exchanges fell 2%.
"These results once again underline the resilience we derive from our broadly based business and our ability to deliver strong growth in a challenging market. We are well placed to both take advantage of the sustainable growth in our Lettings and Commercial business whilst being positioned to lead as the housing sales market recovers," said Countrywide Chief Executive Alison Platt.
Countrywide shares were down 3.5% to 416.00 pence at the open on Thursday, one of the worst performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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