General Election uncertainty spooks service firm Countrywide
PROPERTY service provider Countrywide saw profits soar in 2014, but warned impending uncertainty due to May’s General Election will take its toll this year.
The company continued to diversify last year, with the acquisition of 38 new businesses at the cost of £48.8m with 40 per cent of last year’s profit being derived from these firms and further expansion tipped for 2015.
Revenue grew 20 per cent on the year to £702m, while profit before tax increased 63 per cent to £102m.
Investors celebrated as shares powered up 5.97 per cent at the close.
Chairman Grenville Turner said: “We anticipate some sluggishness in market trends over the first half of 2015 in the lead up to the election. However, the resilience we derive from our broad-based business positions us well to take advantage of sustainable growth in our lettings and commercial businesses.”