Countrywide shares endured a miserable day on the market yesterday after the country’s largest agent reported half-year profits down by 98% compared with the same period a year ago.
At one stage yesterday the shares slipped to a new low at 145.50p.
They picked up slightly to finish the day at 148, down – a drop of 9.9% – valuing Countrywide at £321m.
Investors were also yesterday told that Countrywide had cancelled its interim dividend.
One person commenting on the results on an investor website said: “In my opinion, having previously worked for the Co. for over 25 years, there is a lack of direction unfortunately. Even the titles of key people are daft and I can see the sp [share price] heading slowly down to £1. MCap would then be £220m wiping off nearly 50% of its re-flotation price. Feel sorry for the employees who are stuck in this mess. Glad I bailed out much higher. They need a senior property person to come in and turn this round. Maybe just a matter time before the shareholders act.”
Foxtons, which yesterday reported half-year profits down by 64%, also saw its share price slip, down 4.17% to finish the day at 92p, valuing the company at just over £253m.
By contrast Purplebricks shares nudged up gently to finish at 495p. The company, which has reported a full-year profit in Britain of £200,000 but a loss overall as it expands into Australia, is now worth £1.34bn.
Platt is long on corpoblarney and short on delivery ,Since taking the helm over £400m has been wiped off the value of the company of Countrywide She has taken a hatchet to CWD removed all the time served property professionals from the BODS and populated it with hipsters
Its difficult to imagine the branch manger of Savills in Salisbury walking around the office wearing a Tufty Club badge with -“Branch Manager of the Month”
She continued the acquistion of revenue by gobbling up other buinesses with borrowed monies until last summer when she slammed the brakes on the juggernaut firmly into reverse effectively jettisoning all that expensively bought revenue
Forced to go to the City for some placing monies to reduce debt exposure and failed to sell LSH this year . CWD is going to unravel-sad !
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Not sure I agree. David Cross at Savills would love it!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Acquisitions going well then.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
No doubt at some point the people that have achieved this monumental success of heading a company towards oblivion will be politely asked to move on with a huge golden handshake…..and then go and head up something else, as if nothing has happened other than a job that didn’t quite work out!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Does nobody look at history these days? Late 80’s? Remember Nationwide/Anglia/Prudential/ and many more. All run by experts who knew nothing about running an estate agency/surveying company.All the former partners left when they were able( and many set up again) because the bean counters did not like being constantly told that what they were proposing and doing would not work, many senior experienced staff were made redundant and then what happened……………….. Branches were streamlined ( closed) Regions were amalgamated, layers of admin were created and then got rid of. Who said history doesn’t repeat itself.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Study history, study history. In history lies all the secrets to statecraft. Winston Churchill
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I could turn this company around inside twelve months…..no problem.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I think Platt has done a decent job herself of turning it around! She just forgot to stick the brakes on when she approached the wall at the end of the cul-de-sac.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
As someone currently stuck in the middle of this constantly unfolding mess and after many years continued service i am maybe better qualified than most to add a comment. Even i am now slowly starting to drown with such a total lack of direction at ‘mere’ Branch level and am crying out for support from someone who may actually know what they are doing and that appears to include our glorious leader(s) downwards. Back in the day i and those of my collegues who remain ( not many ) were happy to work for a business where we actually felt valued and genuinely enjoyed working to build something we were all proud to be part of. But now experienced and loyal collegues are leaving on an almost daily basis some after many years service without even a thank you note which says it all really. Back in the day anyone leaving with over a years service would get a personal letter/visit from the MD to wish them well but now 20 years plus loyal service gets you a P60 from HR ( or whatever they are called currently ) and not even a thank you. What a disgrace.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
If the leadership doesn’t value the true nature of agency customer service, they won’t value the people that are needed to deliver it, just the monetary figures being saved. I would suggest you start up your own agency and make a big success of it to prove what you do know works. Which area in the country are you?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
They have forgotten that agency is a people business.
Not only the client but the people who work there.
Many corporate management teams, and larger independent companies see their staff as an aside to the business, not an integral part of the success of the business.
Put the staff first and they will put their customers first.
Empower your staff, encourage and reward them, always support them, and you will see a difference.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
whatdoiknow58 – I can’t imagine the frustration. Throughout the 1990’s and as a branch manager for my latter years there, vendors used to ask if they were allowed to use us, the local name was so strong. But they just gradually insisted any personal touch you had which made your office worked, was replaced with Pie Charts and Stats nobody cared for.
Sad in so many ways.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Well done to all the comments following my earlier one. They all reiterate the importance of the ‘people’ side of the business and , repeating myself, it happened in the late 80’s and is happening again. Get rid of staff say the bean counters ’cause they are expensive!
I believe one of the new driving forces now compared to the 1980’s is the presence of the portals and the mistaken belief by the bean counters that they sell properties so you do not need staff. They are a fantastic aid to selling and help but absolutely nothing beats the pesonal touch, the personal call to buyers and sellers alike from the person in the agency office, and that person, multiplied however many times over is the value in and of your company.
Have a drink and enjoy the weekend even if we are working!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Countrywide are a company that acquire companies that they think they understand ,but gave no clue what they are doing. They then meddle and cripple the successful company that they have acquired ????? Recipe for disaster.
GT and NS ( a complete idiot) drove the share price up with multiple acquisitions then sold out . Platt does not understand property and clearly is the wrong appointment ,but like Andy ***** will no doubt turn up at the helm of another conglomerate.
What company buys a “Buy to Let” specialist mortgage company in a market where has gone south since the recent Government tax legislation????
As an ex employee I feel sad for the people left behind.RIP Countrywide
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
What this and similar stories proves is that big is not necessarily beautiful nor permanent.
Too often there are stories of growth and expansion at a very fast rate without any analysis of the risk to the existence of that business.
Too often there are stories of how the internet is the future without consideration of what potential customers actually want.
There is nothing wrong with growth so long as the inevitable reliance on capital reserves is appreciated and fundable. There is nothing wrong with the internet so long as people recognise that “local”, “personal” and “approachable” are probably the most important selection criteria for customers.
There are always people who are price sensitive. So you ignore them and promote your expertise, client satisfaction record and level of service. There are always people who as a paying customer believe they deserve a tot of attention and do not care about nor appreciate that your level of service applies to all your customers equally. Get rid of these people. They will drain your resources and potentially you will continue to attract such people or you will get used to facilitating such behaviour and tolerate them.
Establishing great teamwork and a “can do” philosophy will make the difference along with developing ostensible expertise.
It is all about personal service and expertise and not listening to “industry experts” or “futurists” and building something with a long term view as opposed to short term.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Worry not ..rumour has it ….Ms Platt is about to be replaced by Mary Portas Queen of retail ….CWD is saved !!!!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register