Shares in Countrywide fell yesterday after the group announced increased losses and a sharp reduction in revenue.

The shares ended the day 12% down – having fallen 1.3p.

The shares started the day at 10.5p and at one stage fell to 9p. They ended at 9.2p.

Yesterday Countrywide announced a loss of £218.2m on revenues of £627.1m.

The group also warned that it expected a further slowdown which will affect its earnings for the first half of this year by £3m to £5m.