Countrywide’s share price has taken a massive hit this morning - down well over 20 per cent - following a surprise trading statement in which it revealed it was cutting its expected income forecast this year.
The share price opened at 78.5p at 8am but within 10 minutes dropped to just 59.85p - a drop of 24 per cent. By mid-morning it went further down to 59.38p as investors appeared unconvinced about the company's Back To Basics recovery plan, outlined some months ago and still being implemented. Then by late afternoon, the drop approached an extraordinary 30 per cent.
In January this year Countrywide's share price dropped around 19 per cent following an unscheduled profits warning from the then-chief executive Alison Platt, who quit the company a few days later.
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It is a desperate time for Countrywide Im afraid. The board have done nothing dramatic to shake things up for the better with those that presided over Platts destruction of the company still holding the reigns.
Why not go out and recruit some high quality management who can provide some genuine inspiration and direction ? And fast !
Implosion!! The 'Yes Men' who survived the cull have no ability to turn this round. They do not have the ability to coach, train, develop and inspire which is needed, but was extinguished by the accountants from 2008. Sad, but agency today is all about great people and great IT, Countywide used to have one of the too, now it has neither!
Looks like its time to sell off some of their more valuable brands and downsize. Half the successful independent agents I know at one time worked for CW, they were hopeless at keeping good staff. All those layers of management area, regional etc and all the form filling and other services you were obliged to sell, sort of text book how to trash a good company really
Such a shame. Its the decent staff on the office floor that i worry about.
I remember a time when the share price was £6.50. It does show what happens if you put people in charge of a business who have no clue about the industry!
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