2016 Countrywide results reveal £15.8m spent on branch closures, and profits down by 59%

Countrywide PLC has this morning revealed its results for 2016 following what Chairman Peter Long describes as a “difficult year” for the company. Highlights of the Countrywide results include revenue that edged up half a percent to £737m, profit before taxation that nosedived by 59% to £19.5%, a £32.8 million windfall from the sale of ZPG shares and a strong performance by its mortgages, surveying and lettings businesses. Chief Executive Alison Platt (pictured, below) reveals that the company focussed on cost cutting last year to the tune of £10m, although its restructuring costs included spending £8.1 million on redundancies and £15.8 million on branch closures. This has included a ‘management delayering’ that has saved £5 million and headcount ‘rationalisation’ in marketing, finance and new homes that has saved £1.5 million. Countrywide also says it saved £3.5 million by consolidating branches in 180 locations and involving 214 branches. Alison Platt blames the poor performances of Countrywide’s sales businesses on uncertainty caused by the EU Referendum result as well as the recent Stamp Duty changes, which she says have both led to falling volumes of properties for sale. The number of homes sold via its brands dropped by 1% outside London to…