In a trading update today, Countrywide revealed that revenues for the first quarter of this year had plunged to £145m, down from £162m for the same period last year.
In its very brief, five-paragraph update, Countrywide said: “This reflects the significantly lower entry pipeline in UK and London sales coming into 2018.”
Countrywide had some reassuring words for the City this morning, in the wake of previous CEO Alison Platt’s departure earlier this year.
It said: “The Group has moved swiftly to restore expertise in sales and lettings following the appointment of Paul Creffield as group operations director in January 2018. Experienced sector professionals now fill all roles at area and regional director level.
“We are encouraged by the early progress that is being made in sales and lettings.
“In sales, we have seen an improvement in both the register of properties available for sale and in our market share of listings compared with Q4 2017. In lettings, our share of listings is also ahead of Q4 2017.”
Countrywide, which has recalled its retired veteran John Hards to head up lettings a year after he left, is holding its AGM today. It has yet to announce a replacement CEO for Platt, and is currently being led by executive chairman Peter Long with Creffield, who will be 64 in June, holding a key position in its planned recovery.
Comments (10)
Well as someone who knows John Hard’s well I can tell you they are already turning the corner. What out all you doubters! Yes the retail mob killed it but with Mr Creffield, Hard’s, Phillip’s, Knight, and Simpson the results will come through over the next 12 months. Just watch.
Slowest car crash in history, around me the motivated staff have long since gone. The only staff remaining seem quite happy to get a basic salary and do the bare minimum to get by. Anybody with any get up and go has got up and gone.
Yet more rubbish being spun by the powers that be and I quote ‘ experienced sector professionals now fill all levels at area and regional levels ‘ WHAT? You mean they didn’t before? There were/are plenty in place after the 1 from 2 job cull soon after Ms P arrived which meant EA Regionals running a lettings business they knew nothing about and Lettings Regionals running combined an EA business they new nothing about either. The sooner someone gets on board who knows what to do to stop the rot the better. Oh increased market share? That’s a good one. No wonder as fees are now 0.5% in some locations rather than lose the business and not a word said as to what the hell are you doing?? Anyone who lists at over 1% gets a day off! Lol.
The market is taking its toll on most Estate Agency offices. Four estate agents have closed near us in the last six months. (West London).
Three have closed by us in the West Midlands in last few months.
Whitegates/Martin & Co/Taylors closed its office in Loughborough & Mountsorrel , literally overnight , last Monday and moved all staff 10 miles away to Syston.
http://www.propertyindustryeye.com/franchisee-27-acquires-five-branch-independent-and-takes-on-35-new-staff/
The type of brands more likely to suffer at the hands of the online, pay up front lot, than the local independent agents.
This is the line that makes me roll about laughing uncontrollably…
“The Group has moved swiftly to restore expertise”
Absolute utter nonsense. Ms Platt’s strategy was clearly not suited or working yet Senior Management sat there month, after month, quarter after quarter and did nothing to prevent the slow-motion business crash that was unfolding before them.
I would haven’t any of them in charge of a single glass of water, never mind a company!
Platt’s legacy.
Trying to put a positive ‘spin’ on a desperate situation. I doubt that top line performance is much different to that during Ali Pali’s reign. Save for Mr Hards, who else has joined that wasn’t there before and has the ability to drive performance? The existing management are weak, as they were doing the bidding of AP and Ms Tyrer. Many of which positively embraced the carnage being wreaked on a ‘once’ good company. Not good enough if success is to be restored.