Foxtons Warns Of Tough Trading Conditions After Profit Plunge

This is source I found from another site, main source you can find in last paragraph

Countrywide’s shares plunged 18pc after it issued a second profit warning in three months amid low transactions, slow sales and a company-wide restructuring.

The London-listed estate agent said that it expected total turnover for the group to be £672m for 2017, down from £737m the previous year. Earnings before interest, taxes, depreciation and amortisation are forecast to come in at £65m, more than 22pc down from the previous year’s £83.5m figure.

Countrywide, which is the biggest estate agency in the country and runs more than 55 high street brands including Bairstow Eves and John D Wood, also issued a profit warning in November due to what chief executive Alison Platt described as "tough market conditions". This included low levels of transactions as a result of Brexit uncertainty and changes to the stamp duty system.

Jon Bell, an analyst at Barclays, said: "Countrywide continues to face very challenging market conditions", which he said included Brexit, digital competition, and sluggish conditions in the wider second hand housing market, at a time when the company is attempting to restructure itself.

 

Countrywide has trimmed its number of branches from 1,000 to 800 as it had an unwieldy number of brands covering the same locations.

This is source I found from another site, main source you can find in last paragraph

Source : http://www.telegraph.co.uk/business/2018/01/18/countrywide-shares-plunge-profit-warning/

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