Countrywide to float following record profits in Lettings

PropCo | February 20, 2013 | Reading Time: < 1 minute

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Wednesday 20th February 2013

Countrywide has confirmed its place as the UK’s number one estate agency by transforming over the last six years from a collection of estate agency brands into a ‘cohesive property services group’.

Having left the stock market in 2007 just before the crash, under private ownership it has overcome mixed results in its core estate agency business to expand significantly in the lettings sector, acquiring 13 lettings businesses last year and opening 176 new lettings outlets.

In their 2012 report, which forms the basis for their return to stock market with a £200m share offering, lettings showed a record performance, growing 12% to £86.5m. EBITDA profits across the company were also up, with lettings up 41%, reporting £24.4m, £9m more than other Countrywide divisions.

This profitability led to a 6% rise in revenue to £529.8m last year for the group, up from £509.1m the year before.

According to Estate Agent Today, Grenville Turner, group chief executive, said:
“In a broadly flat housing market, albeit with some encouraging signs, we are delighted that our focus and drive in the lettings division – a key driver of our business – has continued to deliver strong momentum resulting in record financial performance in 2012.

“Buy-to-let landlords remain a rising force in the sector, as they seek to capitalise on the growing rental market as young adults and families struggle to get on the housing ladder.”

For our connection with Countrywide, see this article from the Property Drum.

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