You are here: Home - News -

Countrywide shares sink more than 20% after another profit warning

  • 25/06/2018
  • 0
Countrywide shares sink more than 20% after another profit warning
Britain’s largest estate agent Countrywide has issued its second profit warning this year, sending its share price spiralling down by as much as 26%.


Countrywide said it expected its first half earnings to be around £20m lower in 2018 compared to the same period last year.

The market in the first half of 2018 “has continued to be subdued” and the company has experienced longer transaction cycles, the property giant said.

Countrywide’s focus is now on building up its sales pipeline by the end of 2018.

The firm is looking to investors to raise fresh funds to reduce the company’s debts by around half.

The share price fell to around 59p following the news, and has now more than halved over the past year from 167p.

Former chief executive Alison Platt resigned from Countrywide in January, as the firm was forced to offer another profit warning.

She has been replaced by Peter Long, previously a non-executive chairman, who is acting as executive chairman.

Competitor Foxtons announced a 65% drop in profits earlier this year, blaming a slowing London market.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Accord launches ERC-free range of SVR mortgages

Accord Mortgages, intermediary lending subsidiary of Yorkshire Building Society, has launched a range of discounted standard variable rate (SVR) mortgages.