Countrywide's first half profit soars on healthy housing market

31st Jul 2014 09:27

Property group Countrywide reported a surge in first half profit as the UK housing market continued to grow at a rapid pace. Pre-tax profit in the six months ended June 30th came to £37.1m, compared to £12.3m a year earlier.Total income jumped to £334.5m from £258.8m, with increased business activity across all divisions of the group.During the period the company completed 16 lettings acquisitions, further diversifying revenue streams. The firm, which launched an initial public offering in March 2013, said it was on track to achieve 2014 profit expectations and increase cash returns to shareholders."The UK housing market continues to grow at a measured pace, with recovery in both transaction volumes and house prices underpinning the strong momentum we are experiencing across all our divisions," said interim chairman David Watson."As a result, we are confident that Countrywide will deliver its best ever group performance this year."I am also pleased that, as anticipated at the time of the IPO, the group has significantly increased the immediate level of cash returns to our shareholders who recognise and support our consistent strategy. In addition, we have plans for further increased returns in coming years."RD