Countrywide’s interim trading results for 2018 are out and reveal a ‘resilient’ performance, the company says as it continues to roll out its ‘Back to Basics’ strategy.
The group achieved profits of £33 million on a turnover of £627 million, which its board says is in line with expectations, and saw its sales stock rise by 9%.
But the figures reveal the company’s ongoing problems. Profits are almost half that of the £65 million achieved during 2017 and revenues from sales dropped by £32 million to £329 million for the year.
But Countrywide says its latest results have been achieved despite an extraordinary one-off £2 million charge, a challenging market and starting 2018 with a 19% sales pipeline deficit.
Countrywide says it is making good progress implementing its Back to Basic strategy in both sales and lettings.
This includes reinstating sales and lettings expertise both at regional and branch management level, increasing its stock by 9% and the pipeline of agreed sales awaiting exchange of contract by 5%.
It has also increased the amount of money the company earns from ancillary services such as mortgages and surveying, up from 38p for every £1 of estate agency revenues to 44p.
“We are encouraged by the progress we have made in our Strategy and Turnaround plan and in the growth in the register and the pipeline in the UK,” the company says.
“Nevertheless, we remain cautious about the market outlook for 2019 and continue to closely monitor market conditions for any potential impact arising from the wider political and economic environment.”