Countrywide blames Brexit uncertainty for £4.3m income dip
Property firm Countrywide have announced that total group income in the first quarter of 2019 was down on the previous year due to Brexit uncertainties.
The company’s results show a total income for the first quarter of £140.3m, 3 per cent less than £144.6m for the same period in 2018.
Countrywide had previously reported that 2019 H1 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would be down by over £3m.
Following the announcement of Q1 results, the firm now anticipates that H1 adjusted EBITDA will be around £5m lower year on year.
Countrywide commented: “The ongoing uncertainties surrounding Brexit continue to weigh heavily on consumer confidence as a whole. For Countrywide, this uncertainty is affecting the residential and commercial property markets, particularly in London and the South.”
“The series of self-help measures that we have put in place to re-align the cost base to the lower level of market activity continue to be implemented and we expect the benefits of these actions to come through during the second half [of 2019].”
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