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Countrywide begins phased re-opening, early to provide guidance

The property group said social distancing measures are "resonating well with our colleagues and customers”

Countrywide - Countrywide begins phased re-opening, early to provide guidance

Countrywide PLC (LON:CWD) has begun a phased re-opening of its offices after the government announced the restart of the housing market in England last week.

The estate agent said social distancing measures are "resonating well with our colleagues and customers”, but added it is too early to provide guidance.

READ: LSL Property Services drops bid for Countrywide

In the four months to 30 April, adjusted underlying earnings (EBITDA) were “significantly” ahead of last year thanks to a £50mln pipeline established before the lockdown.

The agent had £60mln in the bank as of Wednesday.

In the year ended 31 December, total income dipped 3% to £498mln after absorbing a £12mln impact of the tenant fee ban.

Loss from continuing operations decreased to £37mln from £224mln posted in 2018.

Shares jumped 5% to 65.05p on Thursday morning.

Quick facts: Countrywide

Price: 62.3355 GBX

LSE:CWD
Market: LSE
Market Cap: £20.42 m
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