Countrywide’s share price has taken a massive hit this morning - down well over 20 per cent - following a surprise trading statement in which it revealed it was cutting its expected income forecast this year.
The share price opened at 78.5p at 8am but within 10 minutes dropped to just 59.85p - a drop of 24 per cent. By mid-morning it went further down to 59.38p as investors appeared unconvinced about the company's Back To Basics recovery plan, outlined some months ago and still being implemented. Then by late afternoon, the drop approached an extraordinary 30 per cent.
In January this year Countrywide's share price dropped around 19 per cent following an unscheduled profits warning from the then-chief executive Alison Platt, who quit the company a few days later.