Countrywide has issued a pre-close trading update for the year to 31 December 2015 which states their financial services arm continue to outperform the market, with profits in 2015 ahead of 2014.
The firm’s pre-close trading update published today (21 January) also stated strong performances from commercial and surveyors operations will deliver profit growth in 2015 for its business to business unit.
The trading update stated that notwithstanding the proposed changes to buy-to-let stamp duty and mortgage interest relief, it will see the private rented sector performing a key role in the overall residential property market.
The statement added the firm continues to invest in this part of its business to provide the foundations for the next stage of growth.
The group now expects that underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2015 will show a modest improvement on our previous expectations.
The statement added: “It is too early to predict what the trend in residential transactions will show in 2016, although approved mortgage volumes including owner occupier in recent months have been ahead of the previous year, which is a positive indicator
“Both our retail and London business units enter 2016 with transaction pipe-lines ahead of the previous year. At this early stage, we maintain our previous expectations for 2016.”
ruth.gillbe@ft.com
