Countrywide delays cash call and interims, says H1 earnings 'slightly' better than guidance

Estate agent Countrywide said on Tuesday that its adjusted earnings for the six months to 30 June were a little better than it had previously guided and that it was pushing back the cash call it announced last month and the issue of its interim results.

The rights issue had been expected this week, but the company said this has now been pushed back to 2 August, alongside its interim results, as it continues to engage in "constructive dialogue" with its lending banks and shareholders.

The company, which has issued four profit warnings in eight months, said that adjusted earnings before interest, taxes, depreciation and amortisation for the six months to the end of June were "slightly" better than the guidance previously provided. Previous guidance was around £20m below the first half of 2017, when EBITDA came in at £28m.

"The group has made significant progress in building back industry expertise and staffing levels in Sales and Lettings and has seen an increase in the register of properties available for sale and the pipeline of agreed sales.

"The group expects to make continued progress in the second half of the year which, combined with the traditionally stronger second half in our B2B and financial services operating segments, means the group continues to expect the full year to be in line with the board's expectations."

At 1310 BST, the shares were up 1.3% to 49.51p.