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Countrywide puts out profit warning after tough Q4

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Countrywide has put out a profit warning for the 2017 year after “disappointing” sales in the final quarter.

Total group income for the full year is expected to be around £672m, down from £737m in 2016.

The lender’s Q4 2017 income is set to be £164m, compared to £179m in the last quarter of 2016.

EBITDA for 2017 is expected to be around £65m (2016: £83.5m).

The firm says its sales and lettings income for 2017 will be £360m, down 14 per cent on 2016.

Countrywide says this reflects “disappointing fourth quarter performance”.

Income in the UK business is expected to be around £205m, down 17 per cent year on year.

However, the firm’s financial services arm was strong in 2017. 

Countrywide says there was double-digit growth in its buy-to-let, Mortgage Bureau and Mortgage Intelligence businesses.

This was dragged down by Countrywide’s estate agency activities, meaning overall financial services EBITDA is set to be £20m (£2016: £22.6m).

The Company will announce its preliminary results on 8 March.

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