23rd Sep 2005 13:57
23rd September 2005 Countrywide plc Conveyancing System Update In a trading update released on 15 September 2005, the Board commented that theCompany's Conveyancing Division "continues to be affected by capacity issuesassociated with an ongoing I.T. systems upgrade. Management continues to focuson resolving these problems which are a cause of immense frustration."The Board is now pleased to advise that it has resolved to implement a strategywhich it believes will restore Countrywide Property Lawyers ("CPL"), to itshistorical profitable growth track which was stalled by systems implementationdelays.The Board has approved the abandonment of the existing I.T. systems upgradewhich will incur a ‚£3.7m write-off of capitalised development expenditure. Asstated in our interim results we will be seeking to recover losses from thesupplier of the software.In addition, the Board has authorised an investment of ‚£1.7m in a new systemsdevelopment that will optimise CPL's ability to satisfactorily service thesignificant conveyancing opportunities provided by our group Estate Agencynetwork. This new system will be based upon a proven 'off the shelf' packagewhich will be installed in the coming months and in a series of phaseddevelopments should become fully operational by the summer of 2006.DirectorCountrywide plc _________________________________________________________________________ Contact details:T. Marris - tel: 0161 200 8262ENDCOUNTRYWIDE PLCRelated Shares:
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