The housing market may have slumped for Countrywide Assured in the first half of this year, but a st...
The housing market may have slumped for Countrywide Assured in the first half of this year, but a statement this morning that July and August sales were "excellent" has helped send the company's shares up nearly 10% and inject new optimism into the housing market.
Reporting first-half profits down 40% to £21.9m from £35.8m in the same period last year, Countrywide said the war on Iraq and associated threats to economic growth had stymied both sales volume and completion rates.
However, looking ahead to the rest of the year, the owner of the Rightmove.com property website and the Bairstow Eves chain said volumes were increasing well through the summer, and it expected to beat analysts' forecasts for its full year 2003.
The news drove shares in the £439m company up 13p to 134.5p.
Smashed initial target
Since November 2008
Share issue oversubscribed
PARTNER INSIGHT: For many advisers, outsourcing to a multi-manager or discretionary fund manager makes sense, allowing them to focus on the adviser-client relationship
Events, information and other services