Countrywide reports record business levels

In its latest trading update Countrywide revealed that pre-tax earnings were up 38% to £40m as turnover and profits hit record levels.

Countrywide said revenue in the three months to the end of September rose 22% to £188m and pre-tax earnings before debt interest and other items increased 38% to £40m.

One of the highlights of the group’s results was Lambert Smith Hampton which is on target to deliver a 20% pre-tax return in the first full financial year following acquisition.

Alison Platt, chief executive at Countrywide, said: “The Group is in line to deliver a record set of financial results for 2014 notwithstanding the reduced level of recent market growth.

“This again, underlines the scale and balance of our broad based business, with improvements in our operating margins, strong growth in lettings, the success of Lambert Smith Hampton and the launch of the residential property investment fund.

“2015 will bring further challenges, but I am confident in our opportunity to continue to deliver significant growth across our business as well as investing in value creating acquisitions whilst, at the same time, delivering increasing returns to our shareholders.”

Countrywide plc, which floated in March last year, has more than 40 brands including LSH and London focussed estate agency Foxtons.