Countrywide shares shot up 10.5% yesterday after a trading statement which showed both widening losses – but also optimism about its turnaround.
The shares finished the day at 10.8p, the first time this year they have topped 10p.
Despite the 10% rise, the share price has been so low that yesterday’s gain was only about 1p – and is almost 75% down on a year ago.
Countrywide, due to issue its results for last year early next month, said in the update that it expects to report total group income of £627m, down 6.7% from the £672m of revenues in 2017.
Adjusted profits (EBITDA) are set to almost halve from £65m to £33m.
However, the business said it had made “significant progress” in its turnaround plan.
LSL shares also rose yesterday, by just over 2% to 245p.
The City has shown no objection to LSL’s plans to cut Your Move and Reeds Rain branches from 404 to 208, in a restructuring which will cost £15m but is set to improve the two chains’ operating profits.