Countrywide goes ‘back to basics’ as profits plummet

Countrywide, Britain’s largest estate agent, has reported a 22.5% fall in core annual earnings and scrapped its dividend, sending its shares to record lows. It pledged to go “back to basics” to return its sales and lettings business to profitable growth after what it described as a disappointing year. Countrywide has lost market share to other traditional competitors in a sector where demand has been hit by higher property taxes and Britain’s vote to leave the EU.