Countrywide warns on earnings as Brexit uncertainty dents consumer confidence

Writer, Stock Market Wire
Tuesday, April 30, 2019 - 09:59

Property services croup Countrywide downgraded its outlook on earnings after income fell in the first quarter as Brexit uncertainty continued to weigh 'heavily' on consumer confidence and hurt home-buying demand.

'We anticipate that first-half adjusted earnings (EBITDA) would now be around £5m lower year on year,' the company said. The Group had previously reported that first-half adjusted EBITDA would be down by some £3 - £5m.

In the three months to 31 March, total group income fell to £140.3m from £144.6m seen in the same period in 2018.

The company said it expected adjusted EBITDA to be broadly in line with the Board's expectations as the series of self-help measures were put in place to re-align the cost base to the lower level of market activity continued to be implemented, with the benefits expected to be realised during the second half.

At 9:59am: (LON:CWD) Countrywide Plc share price was -0.17p at 6.87p

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