Has the general election impacted Countrywide | AVRillo

Has the general election impacted Countrywide

Friday 31 July 2015  / Ruth Montia

The former Countrywide chief executive Harry Hill, has described his old company as “going backwards” following the publication of its figures.
Hill commented on Twitter saying “Once upon a time Countrywide had about 10% of the UK home sales market. Now it appears to have less than half that and still going backwards.”
Hill was a founder of Rightmove and has had involvement with the easyProperty online agency, but resigned from its board last year. His brief is to prepare the company for expansion to 500 offices nationwide, after its successful launch on the AIM market this summer.
The current senior management of Countrywide, has apparently not been phased by the latest figures from the company, nor by the company’s share price slide of around 6% yesterday.
New chief executive, Alison Platt, says “The first half of the year saw depressed activity in the UK residential sales market as UK consumers held back from making decisions pending the outcome of the most uncertain General Election in a generation. However, the benefits of our strategy to diversify the Group’s revenue streams were underlined by Countrywide’s ability to ride those challenges with 50% of our profits derived from sources independent of the UK housing transaction market”.
She goes on to say that “Particularly pleasing has been our ability to show resilience through a tough market and at the same time to make strong headway in implementing our Building our Future strategy. Our focus for the strategy is on growth and building a business which is bigger, because it is better”.
The financial analytical consultancy Jeffreys, has given the Countrywide figures a thumbs up, describing it as short term pain for long term gain.