Countrywide shares slip to new low after firm reports 98% plunge in profits

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.

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