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TheCountOfNowhere

Countrywide Profits

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Did someone else report this:

http://investing.thisismoney.co.uk/news/article/id/4859570/

"

Countrywide pre-tax profits up 202%"

Share price shot up.

Slide seems to be continuing today though....

"Total income rose by 29% to £334.5m with adjusted earnings before interest, tax, depreciation and amortisation up 70% at £45.0m and pre-tax profits up 202% at £37.1m.

Interim chairman David Watson said: "The UK housing market continues to grow at a measured pace, with recovery in both transaction volumes and house prices underpinning the strong momentum we are experiencing across all our divisions. As a result, we are confident that Countrywide will deliver its best ever Group performance this year. "

Lovely.

Can my industry get massive amounts of state aid a free media ramping please ?

Edited by TheCountOfNowhere

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Profit reporting are meaningless to credit institutions. Its an industry where you can change the value of your assets and subsidise all your liabilities. Its the same as a shop that can tell the inland revenue it sold everything in its shop even if it didn't and then it paid its suppliers from a subsided free loan from the government.

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