The next key date to measure the progress of Countrywide’s controversial Back To Basics programme is at the end of this month.
July 31 has been earmarked for troubled estate agency group’s interim announcement to shareholders - when it will reveal its performance over the first half of 2019.
In the past month the share price has risen from around 3.7p to 4.7p - a substantial rise, although from such a low base that it arguably looks more impressive than it actually is.
Over the past month the share price has shown a slow but broadly consistent rise, but only three months ago the price was around 7p so the improvement has been extremely short-term only.
The prospects for Countrywide’s performance over the first half of the year are not promising; in May, reporting on the first quarter of the year, Countrywide said its three months’ income was £140.3m compared with £144.6m for the same period in 2018. And it warned: “We anticipate that H1 adjusted EBITDA will now be around £5m lower year on year.”
That announcement did not include details of what is believed to be a substantial branch closure programme by the company - despite its Back To Basics programme supposedly emphasising branches.
Estate Agent Today has covered these closures in a series of stories; Countrywide has generally declined to comment on specific closures but a spokeswoman earlier this year admitted: “There will be times when we make the difficult decision to close a branch and wherever possible, will seek to redeploy the teams.”
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4.7p per share. How can the business carryon when it was worth over £6 per share.
Watch the wires.
Asset stripping, it will all be done by September. Question is, will other large agencies follow suit. Those who wait too long may wish they had acted sooner.
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