Countrywide has made a brief announcement to shareholders about amending its credit facility with lenders to help it turn the business around.
Few details were given in the announcement towards the end of last week but it helped boost the share price by around 5.5 per cent by Friday’s close.
The statement in full reads: “Countrywide plc, the UK's largest integrated property services group announces that on 2 February 2018 the Company agreed an amendment letter relating to its term and revolving credit facility with its lender partners which provides the Company with the financial flexibility to invest in the business as it takes action to restore the sales and lettings business back to profitable growth.”
Following last month’s profit warning and trading statement, Countrywide’s full-year income for 2017 is expected to be £360m, down 14% on 2016.
Countrywide will issue its full year results on March 8.