Countrywide warns on earnings as Brexit uncertainty dents consumer confidence
Source - SMW
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