26th Feb 2015 08:08
LONDON (Alliance News) - Countrywide PLC on Thursday reported a jump in pretax profit for 2014 on the back of higher revenue and hiked its dividend substantially on the back of the results.
The FTSE 250-listed estate agency said its pretax profit for the year to the end of December was GBP102.4 million against GBP62.9 million last year, a 63% increase.
Revenue in the year rose to GBP702.2 million, up from GBP584.8 million, boosted by strong performances in its lettings and estate agency businesses over the year.
The strong profit growth prompted the company to hiked its final dividend for the year to 10 pence per share, up from 6 pence last year. Along with the interim dividend and the 9 pence special dividend the group paid earlier in the year related to the sale of its interest in Zoopla Property Group PLC, the total dividend for the year rises to 24 pence per share, from 8 pence a year ago.
"The group has delivered a record set of results for 2014, its first full year of trading since IPO, which show strong growth in both income and profits, underpinned by robust recurring revenues. We anticipate some sluggishness in market trends over the first half of 2015 in the lead up to the election," said Countrywide Chairman Grenville Turner.
"However, the resilience we derive from our broad-based business, our low leverage and our proven ability to deliver growth in a challenging market positions us well to take advantage of sustainable growth in our Lettings and Commercial businesses and capitalise quickly on the upturn as the residential sales market recovers in the medium to long term," Turner added.
Shares in Countrywide were up 0.2% to 512.00 pence at the open on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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