Countrywide’s share price dipped to its lowest ever level yesterday, below 8p before recovering a little ground later in the day.
The price fell to 7.85p around midday, although analysts have not suggested this slump could be put down to any one particular factor.
The troubled agency group’s share price did not show the bounce that the company hoped for after its March 7 statement on its 2018 performance, which included a progress report on its Back To Basics turnaround programme.
Last week the company released its annual report which outlined a goal of growing income from complementary services like mortgages and conveyancing by 25 per cent in the next three years, slashing IT costs by 35 per cent in the same period, and a broad commitment to keeping an average of 600 branches - rather fewer than the 857 which the report said it had at the end of 2018.
Countrywide closed down 2.44 per cent at the end of yesterday’s trading at 7.99p.
Purplebricks, by contrast, closed 3.36 per cent up at 129.2p, moving upwards gently after its own longer term dip.
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Sadly, I think Countrywide will soon run out of money, people forget that in the last 12 months they had a 120M cash fillet from new shareholders just to keep the company going, and in 5-months they will be through this, and the company will then need to asset strip, close offices and pray that the market improves. Instead of a 3 year back to basics plan, the COO needs a 6 week call to arms, as that is the timeframe for the 'best market' of 2019, before we hit June and holiday season. I used to work within this company, what went wrong?, when was the strategy and vision lost, five years ago the company had the finance to push forward into the future head on, instead it is defeated, deflated, and undercapitalised, cutting back on IT and Proptech at the critical point winning companies are utilising these tools to takeover huge swathes of the day to day business, freeing up salespeople to engage in what they do best sell. Madness, and I don't mean the band with Suggs as the lead singer.
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