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Countrywide Ea Profit Warning

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On BBC live business... Countrywide warns on profits
Speaking of the property market, Countrywide - the UK’s biggest lettings and estate agents - has issued a profit warning after commercial and London residential transactions stalled in the wake of the Brexit vote.

“This period of uncertainty will inevitably impact the level of transactional activity in the second half of the year and, although it is too early to quantify accurately, we will not meet last year’s result," said cheif executive Alison Platt.

Pre-tax profit for the the six months to June was £21.7m, down from £28.9m in the same period last year.

“In the run up to the [EU referendum vote] we saw a slowdown in our retail and London residential businesses and, since the EU referendum result this has become more marked in London, the South East and expensive prime markets,” Countrywide said.

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On a personal note,may I be allowed to greet these these results with a large Muhahahahahahahahahahahaha..................................

Couldn't happen to a bigger bunch of parasites.I say that having had the misfortune to have rented through them. Awful.........

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Just to add an example of how p1ss poor Countrywide were.

They sent us a letter saying they were doing us a favour by only raising the rent by £50 and the contract fee would be only £150......the way they worded it,it seemed like you had to re-sign.

Obviously,after years on here I told Mrs P to ask the LL if he knew about it.

The LL to be fair exploded because he had specifically told them he didn't want to raise the rent and was happy for us to go onto a periodic.

My experiences with other,smaller LA's have been better.

Mrs P dealt with it all.

Apparently,all in the fees were £500 incl inventory/contract/referencing fees

edit to add-deposit was 6 weeks rent as well.

edit edit to add- we were in a rush beggars can't be choosers.Having said that,just had a look at the area and their market share locally has been hammered

http://www.frankinnes.co.uk/rent/letting-agents/

They only have 15 properties for Let and of those 11 are stated as 'Let Agreed'

On the website they state their fees are £425 plus VAT

http://www.frankinnes.co.uk/content/_shared/assets/pdf/OnlineTenantsGuide.pdf

admin fee-£50 per tenant

referncing fee £75 per tenant

check in fee-minimum £72

tenancy agreement-£300

other charges

sharer-£300

extension agreements -£125

outgoing referencing fee-£24

Optional extras

express move in within 3 days-£100

Express 5 days-£50

Saturday move in-£60

Pet licence-£75

So a joint application could be northwards of £625.

We recently moved and the LL told us he'd never use them again.Aside from the stunts they pulled,he said their fees were limiting his tenant pool.

Like I said,c**** and you can guess how I'm spelling it.

And they charge that whether you're only applying for a one bed flat or a 4 bed detached................

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On a personal note,may I be allowed to greet these these results with a large Muhahahahahahahahahahahaha..................................

Couldn't happen to a bigger bunch of parasites.I say that having had the misfortune to have rented through them. Awful.........

Share price not taking it well...Just up the 10%

(9.75%)

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Share price not taking it well...Just up the 10%

(9.75%)

Clearly the markets were expecting worse hence the bounce.

Long term,Countrywide are Fubar.The simple reason is outlined in my post above.They need to levy fees on a level commensurate with the size and scale of their head office head count and CRE footprint.Local EA's around me provide a much better service on the whole for a lot less money.Some do a one bed flat application for less than £150.

As I point out,their fees basically exclude them from the 1 bed flat market which is the bread and butter of renting.

Me and Mrs P are hardly short of a bob or two but we both made a point of refusing to rent through them again-not just because of the cost but also the service ( a lot of young kids with no manners on trainee salaries who talk to you like you're dirt).The reason they have to employ cheap labour is because of the need for branch profits to subsidise head office costs.

The Branch I rented off was set up through the £300,000(or so) buy out of a local EA.They've milked it as much as they could but after 2/3 years they've pretty much lost all that repeat business at the moment they have 4 houses for let.If they've recovered the cost of the buy out,I'd be stunned.

As a comparison a branch of a local EA up the road has 35 or so properties to rent and charges £250 for two tenants all in.

Like I said,long term,Countrywide are f***** and rightly so.

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Only up 8.6% now.

This is extraordinary.

It seems the one of the house builders announced profit.

WTF are the tax payers funded these people ?

https://www.google.co.uk/finance?q=LON%3ACWD&ei=AQeaV8rDNcK5U8aIgvAP

Down from £6.86 in March 2014.I can accept that as compensation for their treatment of me and the wonderful Mrs P.

They'll be picking up the 1% interest on their save as you earn scheme.

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http://www.google.co.uk/finance?q=LON:CWD

Down 5% today back at 250.........

Price peaked at 1000hrs yesterday at 286!!!!!

Down 36 in 24 hrs.I can only imagine the rays of hope that shone on the board yesterday.Long enough for them to get their hopes up.................................that their share options might be worth something.

And then back to reality this morning.

Happy days.

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Countrywide did the survey I had done on my prospective purchase, they were incredibly quick, had contacted the seller's agent within a few hours of me notifying the mortgage company of having an offer accepted. I guess the work ain't exactly piling up at present...

I heard them advertising on the radio earlier,telling the listeners how great they were.

Obviously word of mouth aint working.Mofo's.

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Just checked my old branch and the situation has improved,they have 5 properties for rent up from four in July.

 

They must be eyeing the price of hair gel keenly.

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On 28/09/2016 at 2:41 PM, Sancho Panza said:

https://www.google.co.uk/finance?q=LON%3ACWD&ei=JMjrV-H3IYfAULrNncAC

 

£2-19 1.57% bounce of an all time low.

 

£1.83 today.On course for a rights issue pre money shot sometime in the New Year-Feb/March?

 

They may hit the wall sooner of course

Edited by Sancho Panza
Date

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http://baseballnewssource.com/markets/countrywide-plc-loncwd-receives-gbx-320-69-average-target-price-from-brokerages/126149.html

2/10/16

'Shares of Countrywide PLC (LON:CWD) have been given an average rating of “Hold” by the eight brokerages that are covering the firm. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is GBX 320.69 ($4.19)'.

 

 

Muhahahahahaa!

Edited by Sancho Panza
to add article date

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On 04/08/2016 at 5:51 PM, Sancho Panza said:

https://www.google.co.uk/finance?q=LON%3ACWD&ei=Akg_WOn0L8roUsn1sKAL

£1.67

They were nearly £6 in June 2015.

Death cross passed many moons ago.Happy days.

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On 16/12/2016 at 11:36 PM, hi5lo5 said:

Countrywide has dropped out of FTSE 250 index earlier this month. 

good

 

£1-70......the pain continues.............

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