March 8, 2018 / 7:38 AM / 3 months ago

British estate agent Countrywide posts 22.5 pct drop in FY core earnings

March 8 (Reuters) - Countrywide Plc, Britain’s largest estate agency, on Thursday reported a 22.5 percent drop in full-year core earnings, hurt by poor performance in its main sales and lettings business.

Total group income fell to 671.9 million pounds ($933.20 million) in the year ended Dec. 31 from 737 million pounds in the previous year.

Underlying adjusted earnings before interest, taxation and amortisation (EBITDA) fell to 64.7 million pounds in 2016, from 83.5 million a year earlier. Total income in the UK sales and lettings business declined 17.2 percent.

Countrywide, whose Chief Executive Alison Platt stepped down in January, said the company entered 2018 with its pipeline “significantly below” that of 2017. ($1 = 0.7200 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Subhranshu Sahu)

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