Countrywide PLC Statement re Response to announcement by LSL (2428G)
16 Marzo 2020 - 9:08AM
UK Regulatory
TIDMCWD
RNS Number : 2428G
Countrywide PLC
16 March 2020
16 March 2020
Countrywide plc (LSE: CWD)
Countrywide plc
("Countrywide", "Company," "Group")
Response to announcement by LSL Property Services plc
("LSL")
Countrywide notes the announcement by LSL that it now no longer
intends to make an offer for Countrywide.
As announced by Countrywide on the 11th March, the Company has
been seeing the benefits from its 'Back to basics' turnaround plan,
with continuing operations(1) having returned to growth in
profitability(2) . The Board of Countrywide remains confident in
the strength of the underlying business as an independent
Company.
The Company has seen a positive mood swing in public sentiment
through the early part of 2020 which we have seen reflected in a
strong start in agreed sales which are ahead of the Board's
expectations through February 2020. Whilst we have seen some
softening in recent days as a result of Covid-19, it is too early
to assess that impact.
The Group expects to announce full year results later this
month.
Enquiries:
Analysts and investors
Himanshu Raja, Chief Financial Investor@countrywide.co.uk
Officer
Media
Natalie Gunson press.office@countrywide.co.uk
Tel: +44 (0)7721 439043
Michael Sandler/Dan de Belder, Tel: +44 (0)207 796 4133
Hudson Sandler
Notes to Editors:
About Countrywide plc
Countrywide is the UK's largest integrated property services
group, including the largest estate agency and lettings network.
Countrywide's network of expertise combining national scale and
local reach helps more people move than any other business in the
UK and is structured around three key business units: Sales and
Lettings; B2B and Financial Services.
Forward Looking Statements
This announcement has been prepared solely to provide additional
information to the shareholders of Countrywide plc in order to meet
the requirements of the FCA's Disclosure and Transparency Rules. It
should not be relied on by any other party, or for other purposes.
Forward-looking statements have been made by the directors in good
faith, using information available up until the date on which they
approved this statement. Forward-looking statements should be
regarded with caution, because of the inherent uncertainties in
economic trends and business risks.
Notes
(1) The Group's continuing operations represent the residential
sales and lettings, financial services and the B2B businesses
of surveying, conveyancing and asset management. Lambert Smith
Hampton will be classified as an asset held for sale and reported
as a discontinued operation in our 2019 Preliminary Statement.
(2) Pre-IFRS 16 earnings before interest, tax, depreciation, amortisation,
exceptional items, employment-linked contingent consideration,
share-based payments and share of profits from joint venture.
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END
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March 16, 2020 04:08 ET (08:08 GMT)
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