Countrywide shares hit yet another new low on Friday, sinking to 133.5p.
The low was reached almost exactly a year to the day that the shares hit a 52-week high of 272p on September 5 last year.
The share price when Countrywide returned to the stock market in 2013 was 350p.
Countrywide’s current market capitalisation is £296.65m.
Meanwhile Purplebricks shares edged down very slightly on Friday to finish at 476p, after hitting 482.5 during the day.
Its market capitalisation is just short of £1.2bn.
Purplebricks shares hit an all-time high of 513p early last month.
Comments (8)
Ex employee here. Enjoyed my time for the most part until our bonuses were withdrawn in two consequetive quarters while the company invested 600k in propoly . Family silver is sold off bar lambert Smith Hampton, and no one is interested in buying. Platt is corporate double speak personified, the best and most industry experienced personnel have gone and been replaced by outsiders with experience of business rationalisation first and agency second. The new online offering undermines traditional fare and will result in smaller fees and we have all recently seen the massive drop in profits year on year. More branches will be closed, that’s in the pipeline, and a final financial assault comes in April. When countrywide pushed the additional share offering last year ( to finance the online offering rollout) the proviso and agreement with investors was no dividend for this year, but a 33% dividend in 2018. Expect share price to bomb on another massive profits warning early next year. Such a shame, but business is about evolution and adaption, and the senior team have reacted by copying rivals (poorly) and failed to understand a changing and technologically disrupted market and more savvy customers. In most industries, losing 75% of a company’s value generally results in someone at the top stepping down or getting fired.
Neither the Board or exec team have any relevant experience of the business and young Samantha created a structure of mediocrity (at best) during her tenure and the ‘restructures’ too numerous to mention. If they had I suspect the company wouldn’t be in the absolute mess it is now. In less than 24 months since the experiments started the organisation lies in ruins. It is suggested that Mrs Platt is taking greater responsibility? Everyone can see the result of the the management to date; it’s a disaster. You might expect that someone might do something positive to arrest the demise? it’s still not too late to change direction and stabilise the group. It really isn’t that difficult either, as long as those that lead do just that. Lead with experience and know what and how to do. Is there anyone there to do that???
I have heard further big changes are ahead at CW
Rumours abound about what is happening. It’s almost as if they have to do something to demonstrate that they are not paralysed by their lack of understanding and what they have done to date.
What CW needs is a new management team, made up partly of highly experienced independent agents ‘from the coalface’, with new innovative ideas based around customer service not retail service.
Its only going to get worse !.If that’s possible ! Peter North the chairman has been very quiet . He or his office certainly doesn’t answer any emails sent by indignant investors to chairman@countrywide.co.uk
Been deathly silent about the performance of Platt All going to unravel with the profitable surveying and financial services side parcelled up and sold off to reduce debt mountain.
Another disastrous foray into listed estate agents. Savills being the notable exception to the rule but there again their BODS are brimming with property professionals
Hill, you appear to have spent a bit too much time on websites other than PIE and have confused Countrywide chairman Peter Long with an ‘actor’ who shares his first name.
Freudian slip it should have been South as that’s the way the shares or going or maybe Short on the shares rather than Long
No wonder my emails haven’t been answered