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TODAY'S OTHER NEWS

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Confirmed - Countrywide dropped from FTSE 250 from December 19

Countrywide estate agency group is to drop out of the FTSE 250 from the start of trading on December 19.

The news was announced yesterday by FTSE Russell - the independent company presiding over indices and their component companies; Countrywide’s share price fell slightly yesterday to close at 168.9.

The FTSE 250 consists of the 101st to 350th largest companies - the 100 largest are listed in the FTSE 100.

Unlike the 100, the 250 tends to be concentrated more on UK-focussed companies rather than ones earning their income partly or wholly in foreign trade; the 250’s constituent companies therefore reflect the domestic economy’s performance more closely, as well as those of the individual firms themselves.

Every three months FTSE Russell assesses which firms should be in or out of indices based on company valuations. Tracker funds invest billions of pounds in FTSE indices, so promotion or demotion is important for companies. 

A statement to Estate Agent Today from the agency group says: "Countrywide is focused on delivering its strategy and growing the business through this challenging market.'

The estate agency group’s well-document share price collapse starts when it was performing strongly in March 2014 at 686. 

By November 2015, by which time there had been new management led by chief executive Alison Platt - promising an ongoing modernisation programme including reducing brands and a hybrid sales option for customers - Countrywide’s share price was 414: it had lost a third of its value in 18 months. 

Shortly before this year’s EU referendum the share price was down again, this time to 352; a few weeks ago it fell through the psychologically-important 200 mark and is now substantially further down again.

  • Terence Dicks

    Maybe Alison and her crew will end up working in a shop and be truly retail.

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    Another and significant milestone albeit not a positive one. The 'building our future' vision is not working. Had those that have experience of the industry been asked they would have said 'don't do it'! It's a disaster of the first order!!!!!

  • Rob  Davies

    Uh-oh spaghetti-o! Can we now count 2016 as Countrywide's annus horribilis?

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    Absolutely not! Worse to come I suspect!

     
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    alot worse i'm sure,
    certainly going to be a 'not' so good Christmas and new year for many countrywide employees,

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    I am a Countrywide employee and have been for the past 4 years. I am seeing the company crumble around me, with senior members of staff leaving from all aspects of the business. This does not convey the best message to the agency staff such as my self. Very concerned for the honest people who work here who are not at the forefront of the companys mind. All Countrywide are concerned about is making more money for their stakeholders and if that means closing down 100's of branches and making cutbacks so we cannot even tout our local area with good marketing materials, then thats what they are prepared to do. Alison Platt and all of her other leaders are simply ex Retail personnel with very limited property background and this is really begining to show. RIP COUNTRYWIDE

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    Very sad times. We are not retail, we are property people not shop trolley dollies!!

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