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Countrywide sees first-half earnings below prior year, targets fresh fundraise

By BFN News | 08:26 AM | Monday 25 June, 2018

Estate agency group Countrywide warned Monday first-half adjusted earnings would be lower than in the same period last year and confirmed its intention to raise fresh funds in a bid to slash its debt burden and support its turnaround plan. Countrywide said it had experienced longer transaction cycles amid subdued market, which held back earnings. Adjusted earnings (EBITDA) is expected to be around £20m lower in the first half compared with the same period last year, Countrywide said. The company also said that it does not expect this shortfall to be recovered in the second half. The company also said its plan to raise equity finance to reduce its debt levels by at least 50% was at an early stage, with an update slated for 26 July 2018, when interim results are expected to be released. 'Our focus remains on building back the sales pipeline and we expect to substantially close the pipeline gap by the end of the year. We will provide full year guidance and a detailed recovery plan at the interim results on 26 July 2018,' the company said. At 8:26am: (LON:CWD) Countrywide Plc share price was -18.35p at 60.15p Story provided by

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