profits
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Purplebricks brand is ‘better recognised than Rightmove’
Company makes claim within latest Annual Report as it reveals 56% increase in instructions but substantial losses in US and Oz.
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Latest property news
Countrywide shares drop 20% in a day to all-time low
Countrywide shares dropped by 20.3% yesterday following its trading update revealing what it described as “disappointing” results and warning of lower-than-expected profits. The share price tumbled by 16% from £1.38p a share to £1.14p a share in the first hours of trading but rather than rallying, continued its downward trend to finish at £1.10p, its lowest price ever. Countrywide’s shares have dipped to near this in recent months – £1.07p in September and £1.08p in November both last year. The current price is an 83% reduction from its peak of £6.94p in November 2014. City concern over the company’s performance and its inevitable drift downwards have been driven largely by a deteriorating sales market, its cumbersome size following years of energetic market share grabbing, an expensive branch and staff reduction programme, and the encroaching threat of hybrid agents such as Purplebricks within it score middle market. Despite attempts to fight back with its own hybrid offering, yesterday’s results suggested Countrywide has a while to go before its on an even keel. Its results revealed a “disappointing fourth quarter performance” in sales and letting, where income dropped by 14% last year. Countrywide shares But it wasn’t all grim news yesterday. Countrywide’s…
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Latest property news
Profits, profits, profits!
Belvoir Lettings PLC announced its Preliminary Results for the year ended 31 December 2015. Group revenue was up 19% to £6.9m (2014: £5.9m); Growth in Management Service Fees (MSF) was 25% to £4.0m (2014: £3.2m), consisting of 12.5% (2014: 11%) from the organic growth of the Belvoir network and 12.5% from the mid-year network acquisitions and revenue from property sales up 60% to £1.4m (2014: £0.8m) Mike Goddard (left), CEO, said, “2015 was a pivotal year for Belvoir. The Company commenced its strategic vision of a multi-brand operation with the acquisitions of Newton Fallowell and Goodchilds. As a result of these new networks and seven new Belvoir territories, our UK coverage has increased by 31% to 212 outlets and adjusted profit before tax is up 36% to £2.4m. The Board appreciated the support of our shareholders in funding the mid-year acquisitions and I am confident that the coming year will see the full impact of our successful multi-brand strategy as the new brands become further incorporated into the Group.” Winkworth revenues rose 6.7% to £5.87 million on franchisee turnover of £49.0 million; Profit before taxation down 1% to £1.91 million; Ordinary dividends payable up 10.2% to 6.5p per ordinary share;…
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Latest property news
Rightmove shareholders ‘find their happy’ as profits soar
Rightmove’s shares soared by 28p to 3057 pence when its financial results for 2014 were announced. Revenues were up by 19 per cent to £167million (2013: £139.9m). Profit after tax was £96.8million, compared to 2013’s result of £97.02 million. The company reported that it made an average of £684 per month from each estate agent branch that uses the service, up 13 per cent year-on-year. In excess of 100 million people visited the Rightmove site in January, a record month for the property portal, acting as yet another indication that a growing number of house hunters are now starting their property search online. Nick McKittrick (left), Chief Executive of Rightmove, said: “The outlook for the UK online property advertising market remains positive as consumers and customers become ever more digital and the market continues to shift from traditional advertising channels.” Meanwhile, OnTheMarket (OTM) has accused Zoopla of becoming desperate as it loses ground in the online property portals war, after it issued a press release last week stating that it had received legal advice that the OTM portal and its member agents could face fines and claims for damages should some of its activities be declared to be infringing competition…
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