24 Dec 2015 07:00
24 December 2015
Countrywide plc
Changes to segment reporting
Countrywide plc announces its revised segmental structure ahead of its preliminary results for the year ended 31 December 2015.
As part of the Group's Building our Future strategy, the Group's businesses have been re-organised around customer groups and geography.
The branch network now combines estate agency and lettings operations enabling management to focus on delivering excellent service to our retail customers. The network has been segregated between London and the regions (Retail).
The London Business Unit (BU) led by Graham Bell comprises branches in and around London and the entire Hamptons International network of branches.
The Retail BU led by Samantha Tyrer comprises all other branches across the United Kingdom.
The Financial Services BU led by Peter Curran remains unchanged except to reflect enhanced conveyancing revenue from customers introduced by the consultant network.
The Business to Business (B2B) BU led by Paul Creffield brings together all our lines of business which are delivered to corporate clients. These include: Surveying Services which now includes Hamptons Valuations; Conveyancing Services; Estate and Asset Management taken from the Lettings and Estate Agency divisions; Countrywide Residential Development Solutions business (comprising of the former CW Land & New Homes and Hamptons RDI businesses) from Estate Agency and Hamptons; Property Auctions from Estate Agency; and Lambert Smith Hampton. Conveyancing, Countrywide Residential Development Solutions , Asset Management and Property Auctions all use the branch network to deliver products and services on behalf of our clients, therefore revenue is paid across to the other Business Units. In order to drive group value, the enhanced conveyancing payments have been agreed and reflected in the new structure.
Slides have been made available on www.countrywide.co.uk/investor-relations/results-and-presentations that illustrate the changes to the comparative financial data. Total Income and EBITDA before exceptionals have been restated for the half years 2014 and 2015 and full years 2013 and 2014. Key KPIs that have been restated for the half years 2014 and 2015 and full years 2013 and 2014 are also shown. Restated full comparative numbers for the full year 2014 will be presented in Countrywide's Annual Report 2015.
For further information, please contact:Jim Clarke, Group Chief Financial OfficerTel: 07970 477299Email: jim.clarke@countrywide.co.uk
Countrywide plc
1. Full-Year Results Announcement
Preliminary results for the year ended 31 December 2015 will be issued Thursday 25 February 2016.
2. About Countrywide plc
· Countrywide plc is the UK's largest property services Group, including the UK's largest estate and letting agency network of over 1,000 branches operating under 48 well known high street brands. Countrywide plc sold £18.6 billion worth of property in 2014
· Countrywide plc is a leading provider of estate agency, lettings, mortgage services, land and new homes, auctions, surveying, conveyancing, corporate property management services and commercial property.
· Countrywide plc helped over 120,000 households to move home in 2014.
· Countrywide plc agreed a house sale every 1.6 minutes, let a property every 4 minutes, completed a survey / valuation every hour in 2014 and as the UK's third largest mortgage distributor Countrywide plc arranges 1 in 20 of all mortgages arranged in the UK in 2014.
3. Announcement of the identity of Countrywide plc's Home State
For the purposes of DTR 6.4.2R, the Home State of Countrywide plc is the United Kingdom.