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Estate agency Countrywide 2016 profit slumps on property tax hike
March 9, 2017 / 7:34 AM / in 8 months

Estate agency Countrywide 2016 profit slumps on property tax hike

(Reuters) - Countrywide reported a 59 percent fall in 2016 profit as Britain’s largest estate agency by revenue said a property tax increase and Britain’s vote to leave the European Union last year made it a challenging year for the company.

The company said pre-tax profit fell to 19.5 million pounds ($23.71 million) in the year ended Dec. 31, from 47.7 million pounds a year earlier.

It had forecast income for the full-year would be broadly flat at 737 million pounds, after issuing two warnings on results since July as Brexit uncertainty and some tax changes hit housing demand.

Total income rose 0.4 percent to 737 million pounds.

Reporting by Justin George Varghese and Esha Vaish in Bengaluru; Editing by Sunil Nair

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