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Countrywide boss quits following profit warning - BestAdvice

Countrywide boss quits following profit warning

Countrywide boss quits following profit warning

Alison Platt has resigned as chief executive officer of Countrywide plc.

Last week the group published a disappointing trading statement. It said that total group income for the full year is expected to be around £672m, down from £737m in 2016, with Q4 income of approximately £164m, compared to £179m in 2016.

Total income in the sales and lettings business for the full year is expected to be circa £360m, down 14% on 2016, reflecting a disappointing fourth quarter performance. Income in the UK business is expected to be around £205m, down 17% year on year, and in London is expected to be around £155m, down 10% year on year.  Lettings income is expected to be around 4% at circa £169m, driven by an 8% decline in the UK, with London lettings revenue flat year on year.

 The board has asked Peter Long to become executive chairman to which he has agreed until such time as a successor is appointed. Paul Creffield, previously managing director, commercial development has been appointed group operations director with immediate effect. His remit will now also include responsibility for the sales and lettings division.

 Long said: “In Countrywide we have a strong and successful business in financial services, B2B and commercial led by an experienced and committed management team. Within our core sales and lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again. Working together with this experienced executive team I feel confident we can return the business to profitable growth.”