Property News

Tuesday, August 15, 2006

Countrywide sees record profits

A 24% increase in house exchanges was one of the key reasons for the record profits of the estate agents Countrywide.

Countrywide, whose businesses include an estate agency, financial services and surveying, said the disposal of interests in Rightmove and TMG Holdings Ltd and the sale of its commercial surveying division drove the increase in profits as well as completed house sales.

Pre-tax profit for the six months to the end of June was a record £62.8 million compared to £3 million last year. Countrywide are 'confident of the immediate future and anticipate a further strong profit and cash flow performance next year.'

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