Countrywide shares endured a miserable day on the market yesterday after the country’s largest agent reported half-year profits down by 98% compared with the same period a year ago.
At one stage yesterday the shares slipped to a new low at 145.50p.
They picked up slightly to finish the day at 148, down – a drop of 9.9% – valuing Countrywide at £321m.
Investors were also yesterday told that Countrywide had cancelled its interim dividend.
One person commenting on the results on an investor website said: “In my opinion, having previously worked for the Co. for over 25 years, there is a lack of direction unfortunately. Even the titles of key people are daft and I can see the sp [share price] heading slowly down to £1. MCap would then be £220m wiping off nearly 50% of its re-flotation price. Feel sorry for the employees who are stuck in this mess. Glad I bailed out much higher. They need a senior property person to come in and turn this round. Maybe just a matter time before the shareholders act.”
Foxtons, which yesterday reported half-year profits down by 64%, also saw its share price slip, down 4.17% to finish the day at 92p, valuing the company at just over £253m.
By contrast Purplebricks shares nudged up gently to finish at 495p. The company, which has reported a full-year profit in Britain of £200,000 but a loss overall as it expands into Australia, is now worth £1.34bn.
Mortgages – Find cheapest rates from 0.98%
|Mortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now|
|Sell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad|
|Make Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>|
|How To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now|