Countrywide transactions increase following easing of lockdowns
Residential property services provider Countrywide said on Friday that it had lost around 30% of its income due to the Government's lockdown measures, but added that it has seen increased transactions in the housing market following the easing of social distancing rules.
Countrywide
394.80p
16:35 05/03/21
Real Estate Investment & Services
2,270.46
15:55 28/03/24
Countryside said income had fallen to £142.5m for the five months ended 31 May, down from the £200m brought in during the same period a year earlier, with the decline principally reflecting the closure of its branches on 23 March, in accordance with Downing Street's lockdown guidance.
Adjust underlying earnings came dropped around a quarter to £7.4m, while adjusted EBITDA margins remained stable at 5%.
However, the London-listed group has already been trading in England since lockdown restrictions were eased, with sales returning to growth over the last four weeks and its closing pipeline down just 12% year-on-year at £47m.
Demand for let properties continued, with applicants per week up 3% on the pre-lockdown average to hit 88% of 2019 levels.
Countrywide, which also stated it was now preparing to re-open branches in Scotland and Wales, said it would continue to actively monitor the effect of the Covid-19 pandemic but said early indicators from trading in England were "encouraging".
As of 0845 BST, Countrywide shares were up 5.80% at 106.86p.