Countrywide’s share price, which just over three years ago was riding high at just above 685p, has hit a new low of 150p.
During rollercoaster trading yesterday it opened at 155p but soon fell to exactly 150p; it rallied slightly in later trading but then fell again, this time to below 148p. It ended the day at 153.01p.
Around four years ago Countrywide, then regarded as being behind around one in 10 residential sales in the country, broke through the 400p share price; within 12 months, on March 14 2014, shares traded at a high of 686.50.
By the time Alison Platt became chief executive of the Countrywide group, on September 1 2014, the share price was already sliding and sat at around 510p. In the early months of her tenure they rallied to very nearly 600p in May 2015 but the fall in the past two years has been striking.
A trading statement for the group’s 2016 activities last month confirmed it had lost 200 branches in its high-profile reorganisation - that's around 20 per cent of its branch network. Its pre-tax profit has plummeted from £47.7m in 2015 to £19.5m last year.
The group also revealed that in 2016 it spent over £8.1m on redundancies, some £7.4m on contract costs relating to closed premises, and over £2m on redesigning marketing and associated costs linked to launching its online offering to sellers and landlords.
Swiss bank UBS also warned last month that “while digital roll out is clearly the focus of the growth strategy for Countrywide, we remain unclear as to the ability of this proposition to generate organic growth given the fixed fee of £995 versus average retail fee of £2,520.”
A separate UBS report, also released last month, reported that Countrywide many brands had between them a 4.5 per cent share of all UK properties marked ‘sold subject to contract’ - but that Purplebricks was rising fast, on 3.3 per cent.
Countrywide says the roll out of its online sales and lettings...
Purplebricks’ share price has now recovered all of the value it...
A London investment broker says Purplebricks’ share price - currently around...
Zoopla has been reported as saying hybrid estate agencies will not...
It’s tempting to think that Michael Gove’s proposed clampdown on Airbnb-style...
Councils across England could make an additional £540m a year in...
The vast majority of negligence claims against conveyancers are for relatively...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
Let's be honest – landlords are the lifeblood of any letting...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
A client account is essential to your lettings business, but the...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
It’s no secret – 2023 is a difficult year for the...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
Interesting report this week in Estate Agent Today on an analysis...
An anti-money laundering (AML) expert has queried why there is a...
%20A%20property%20tale%20for%20our%20times.png)
If you want to hear of a tale for our industry’s...
MPs have launched an inquiry on improving the home buying and...
The Law Society is facing backlash from conveyancers after issuing new...
Further estate agency regulation won’t be too expensive for the industry,...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you and what does it say on your...
Join the conversation
Jump to latest comment and add your reply
The retail adventure is now replaced by the digital adventure. Fact is that it was never a business that should have been considered retail and nor is a 800 branch one able to be digital. The overheads of CWD make competing with PB on a level playing field, nonsense.
Senior Director (Paul Creffield) sells 14000 shares at a little over £1.50 on Monday, it is reported. What can be assumed from this???
Its fixed cost base is now it's worst enemy... Shops,Bum's on seats, Buisness rates... Rolling out an online offering may help some clients save on their sale cost's but it's not going to help CW's profit / loss accounts
Please login to comment