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Countrywide reports lower profit as Brexit bites

Countrywide reports lower profit as Brexit bites
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By Reuters
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(Reuters) - British real estate agent Countrywide Plc <CWD.L> on Wednesday reported lower core earnings in the first-half as it warned that Brexit-related uncertainty had hit the residential and commercial property markets.

The company said adjusted core earnings - before implementing the new financial reporting standards - fell to 3.9 million pounds ($4.74 million) in the six months ended June 30, from 9.9 million pounds a year earlier.

"With the continued delay in Brexit, the first six months of 2019 have been challenging for the UK housing market with new listings overall for H1 2019 having declined by 7% according to Rightmove data," the company said in a statement.

(Reporting by Noor Zainab Hussain and Samantha Machado in Bengaluru, editing by Louise Heavens)

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