Countrywide announces results
The firm has declared its financial results for the quarter ended 30th June 2012. Despite a challenging quarter Countrywide Holdings Ltd describes its conveyancing offering as “industry leading”.
They saw a 4% increase in income from their conveyancing division but a 13% reduction in EBITDA compared with the corresponding period in 2011.
The Q1 first time buyer stamp duty holiday caused strong Q1 results which the firm found hard to follow due to market conditions.
Despite the markert challenges they described their Conveyancing Division as the market experts in Panel Management both of Transactional and Separate Legal Representation services.
Across their entire portfolio revenue was up by five percent in Q2 and ten percent YTD to £257 million. EBITDA £15 million in Q2 and increased by 17 percent to £20 million YTD.
Grenville Turner, Chief Executive of Countrywide said: “Overall expectations remain for a relatively flat market in terms of volumes as conditions tighten and lending for the year is predicted to be lower than 2011 figures.
“In terms of house price trends, a marginal drop in house prices is expected in 2012 but with significant regional variations.
“It must be acknowledged that euro-zone issues remain a negative influence on consumer sentiment.”
Mr Turner expressed confidence in future growth, with the group having gained several high profile contracts for the Co-operative Bank, Britannia and Platform.