Find out here
Britain’s largest estate agent Countrywide has lowered its half-year adjusted core earnings forecast amid a “subdued” property market.
Following the announcement, shares in Countrywide — which has brands inclusing Bairstow Eves and Gascoigne Pees— fell 26.8 per cent to a record low of 57.5 pence in morning trade.
The group further said that it was focussed on rebuilding its sales pipeline, which was significantly below 2017 levels, and expects to substantially close the pipeline gap by the end of the year.
Countrywide, whose largest shareholder is the private equity house Oaktree, said it would seek to cut its debt levels by at least half by raising extra capital.