25th Feb 2016 07:59
LONDON (Alliance News) - Estate agent Countrywide PLC on Thursday posted a lower pretax profit for 2015 following a tough year for the company due to a slowdown in transactions in the London market.
Countrywide said its pretax profit for the year was down to GBP47.7 million from GBP79.6 million a year earlier, though revenue increased to GBP733.7 million from GBP702.2 million. The reduced profit was driven by weaker profitability in its estate agency and lettings businesses in the year, which resulted in earnings before interest, taxation, depreciation and amortisation falling 7.0%.
Financial services and surveying both performed well over the year, however, and the group said it has seen encouraging trading in its commercial property unit.
It said it would pay a flat final dividend of 10.0 pence, leaving its total dividend also flat at 15.0p, but said it would not pay a special dividend, having paid out 9.0p in 2014.
"2015 was a challenging year but we also made strong progress in creating solid foundations for the business to grow as planned in the coming few years," said Alison Platt, Countrywide's chief executive.
"A tougher sales market coupled with our significant change agenda challenged us in maintaining our share of sales outside of London. However, the importance of the breadth of our portfolio through such a diversified business as ours was underlined by the market beating performance delivered in financial services, commercial and surveying," Platt added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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