Countrywide’s preliminary results for the year ended December 31, released on Friday, showed a widening loss.
Group income for the 12 months was £627.1m, down 7%, the estate agent said.
Meanwhile, group adjusted profit before depreciation, interest, tax and amortization halved to £32.7m.
This includes a £2.2m charge from a review of assets and liabilities.
Overall, Countrywide announced that its profit after tax totaled £218.2 million, compared to the £207.3 million reported in 2017.
The company said this was due to £245.4m of “predominantly non-cash special charges for the impairment of goodwill, intangible assets and other assets”.
Additionally, net debt at the end of December was £70.7m, an improvement from £196.4m in the same period last year.
Commenting on the figures, Executive Chairman Peter Long said:
“We are encouraged by the progress we have made in resetting our business in 2018 as part of our return to growth strategy. Our ‘back to basics’ principles for sales and lettings have enabled us to register and sell in the UK. Our pipeline has grown and so has our market share of properties.
Mr Long added that the market weakness in the final quarter of the year was primarily a result of uncertainty related to Brexit, with headwinds continuing into the new year.
“As a result, we are seeing a further slowdown in residential and commercial property transactions, particularly in London and the South, which will impact our first half EBITDA by approximately £3m to £5m.”
Countrywide is headquartered in Chelmsford, Essex. The company operates more than 850 real estate agent and rental offices nationwide. Listed on the London Stock Exchange.
Countrywide stock is -9.11% as of 13:39 PM (GMT).
