Countrywide reports strong FY results and remains confident of the future
Online property sales agent, Countrywide has announced a large jump in pre-tax profit and a tripling of EPS in its FY figures, accompanied by a healthy start to the current year.
The Essex-based firm, which recently recommended a takeover £1bn offer from Apollo, said that profit before tax had grown to £113.8m, up from £31.7m last year, that house exchanges were up to 103k from 85k, and that earnings per share had rocketed to 41.62p, up from 14.78p last year.
Chairman, Christopher Sporborg said that record pipelines had ensured a “healthy start” to 2007, with January and February of this year being in line with expectations. He added that while the firm expects the current increase in house prices to slow, it doesn't feel that transactions will slow below expected levels, leading to a “very satisfactory year.”