Countrywide on course

Countrywide, the UK's largest integrated property services group, expects EBITDA for 2016 to be in line with the current range of market forecasts.

Total group income for the year was circa £737m (2015: £734m) with income for Q4 of £179m (2015: £196m).

Countrywide says that as anticipated, the underlying level of market transactions in Q4 continued to run below 2015 and it continues to expect full year 2016 market volumes to reflect a drop of circa 6% on 2015 levels.

Chief executive Alison Platt said: "It is pleasing to report modest full year revenue growth against the backdrop of a challenging residential sales market. Our Retail and London divisions were impacted by the lower market volumes which were partially offset by a strong performance from our Lettings business. It is encouraging to note that both Financial Services and Surveying reported profit growth notwithstanding the external environment. "We continue to focus on delivering cost and productivity efficiencies across our business which will mitigate the impact of a 2017 sales market which is expected to show a reduction on 2016 volumes. The roll-out of our digital proposition remains on track and we continue to see performance in line with our expectations. As set out on 15 December 2016, we are currently underway with a strategic review of our Lambert Smith Hampton business and further announcements will be made as appropriate."