Countrywide PLC (LON:CWD) has seen its first quarter income take a hit as a significantly lower entry pipeline in UK and London sales marred the start of 2018.
The UK’s largest estate agency group said in its trading update that its income for the first quarter was £145mln, down from £162mln in the same period last year, caused primarily by a lower sales pipeline for London and the rest of the UK at the start of the year.
READ: Countrywide shares sink as it swings to 2017 loss and issues another profit warning
However, Countrywide added that it was seeing early progress in its Sales and Lettings divisions compared to the fourth quarter of 2017, with market share in both ahead compared to the previous period.
The fall in income followed the company’s 2017 results on 8 March, in which it scrapped its dividend amid a £212.1mln loss for the year.
In early morning trading, Countrywide shares were down 0.59% at 101.4p.