Countrywide hikes divi after record 2014, warns of housing market sluggishness

26th Feb 2015 07:53

Countrywide, the biggest estate agency in the UK, reported a record performance in 2014 with profit soaring 63%, as it trebled its dividend and extended its share buyback.However, the company warned of the anticipated "sluggishness" in market trends over the first half of 2015.Countrywide, which offers pure estate agency services as well as financial, surveying and conveyancing services, reported group revenues of £702.2m last year, up 20% on the year before.Pre-tax profit increased to £102.4m from £62.9m in 2013, while basic earnings per share jumped 87% to 30.8p.The group proposed a final dividend of 10p per share, taking the full-year total to 24p including a special dividend of 9p. This represented a 200% increase on the 8p paid out to shareholders the year before.The board also decided to extend its existing share repurchase programme and plans to spend up to an additional £20m "subject to market conditions"."2014 proved to be a progressive and successful year for Countrywide plc, marking our first full year as a public company and continuing our track record of delivering strong financial results," said chief executive Alison Platt, after the group last year returned to the London Stock Exchange after almost six years as a private company.The company hailed its progress in diversifying its revenue streams, with 40% of profits now coming from business not directly related the housing transactions cycle and "significant scope" to grow these business further.Looking ahead, the group noted the recent slowdown in the residential property market, recent negative trends in mortgage approvals and uncertainty ahead of the May general election."Notwithstanding the market challenges evident going into 2015, I am confident the group is in a strong position to meet the Board's expectations," said chairman Grenville Turner.