The estate agency and financial services group reported revenue up by 5% in Q2 and 10% year to date to £257m.
Earnings before interest, tax, depreciation and amortisation were £15m in Q2 and increased by 17% to £20m year to date.
Countrywide also announced continued growth in lettings with H1 EBITDA up 35% to £10m. The lettings division continues to grow with eight acquisitions in Q2 2012 which includes expansion in Leeds, a key area for the student let sector.
Grenville Turner, chief executive of Countrywide, said; “While we have seen steady progress in Q2 2012, results were impacted by the end of stamp duty holiday in March 2012 which accelerated transactions from Q2 into Q1. Despite this acceleration our underlying Q2 performance (EBITDA) has increased by 10%.
“However overall expectations remain for a relatively flat market in terms of volumes as conditions tighten and lending for the year is predicted to be lower than 2011 figures.
“In terms of house price trends, a marginal drop in house prices is expected in 2012 but with significant regional variations. It must be acknowledged that euro-zone issues remain a negative influence on consumer sentiment.
“Despite external factors, growth continues with the group securing new high profile contracts which include beating all the major players to win the valuation panel management work for the Co-operative Bank, Britannia and Platform.”
Turner said Countrywide will focus on differentiating itself from the competition with more client-focused initiatives such as its National Property Showcase which it held in May 2012.
“We continue to invest in Land and New Homes through new senior roles, leveraging the Group’s capability and our joint venture partnerships,” he added.
“Land and New Homes is a key area for us and the UK housing market generally given that 270,000 new homes are required annually to 2026, vs. current production of c.130, 000.”
Countrywide sells almost one in ten houses, handles 30% of all residential mortgage valuations and is the UK’s largest mortgage broker.
