Countrywide, the UK’s biggest estate agency chain, cast more gloom over the UK’s housing market today when it reported a near 50% fall in full-year profits.
Unveiling its results two days after Chesterton went into receivership, the group said the outlook for the property market remained uncertain, with sales well down on the previous year.
The firm, which issued three profit warnings within 100 days during the second half of last year, said that pretax profit fell to £42.7m in 2004 from £74.2m in 2003.
The group has recently closed 35 offices and a mortgage processing centre in a bid to cut costs.
Countrywide separately announced plans to place £8.46m new shares at a price of 358.5p. The placing will raise around £30m.
References: EGi News 10/03/05
