Countrywide profits jump
BRITAIN’S largest estate agency Countrywide yesterday hailed its strongest first-half results since just before the crisis in 2007, buoyed by growth in the UK’s housing market.
Pre-tax profits rose by 200 per cent to £37m in the six months to 30 June compared with the same time last year after selling its stake in online property portal Zoopla when it floated in June.
The company said it planned to return the proceeds to shareholders by paying a special dividend of £20m (9p per share) alongside its interim dividend of 5p in September.
Interim chairman David Watson said it was on track to meet full-year forecasts and deliver its “best ever” performance.
“The UK housing market continues to grow at a measured pace, with recovery in both transaction volumes and house prices underpinning the strong momentum we are experiencing across all our divisions,” he said.
Countrywide has been on a buying spree since floating last year and made 23 acquisitions totalling £36m in the first half, including 16 lettings agencies.
The group said these businesses had already contributed £5.1m of additional revenue and £1.7m of profit in the period.