Profit warning from Countrywide estate agency

Britain’s largest estate agency has issued an unexpected profits warning, sending its shares slumping.

  • Total income in the sales and lettings business for the full year is expected to be circa £360m, down 14% on 2016, reflecting a disappointing fourth quarter performance.
  • Income in the UK business is expected to be circa £205m, down 17% year on year, and in London is expected to be circa £155m, down 10% year on year.
  • Lettings income is expected to be down 4% at circa £169m, driven by an 8% decline in the UK, with London lettings revenue flat year on year.

Source: The Guardian Online