Countrywide reports strong 2013

Adjusted earnings before interest, tax, depreciation and amortisation increased by 37% to £86.6m and operating profits hit £56m. Adjusted earnings per share rose by 65% to 24.4p.

David Watson, interim chairman, said: "The group has delivered an excellent set of results for 2013, its first since IPO, which show strong growth in both revenue and profits.

“Significant financial progress was achieved through the year as recovery within the housing market broadened and performance across all our divisions and regions improved.

"Strengthening activity levels are evident in our January 2014 results and pipelines plus external indicators would also show that significant growth in profitability should be sustained through the year ahead."

Countrywide also announced today that CEO Grenville Turner intends to step down. Turner will replace Watson as chairman once the Group has found a replacement.