Countrywide profits slide

ESTATE agent Countrywide said profits halved in 2018 as it fought off collapse and struggled with a market slowdown.

The beleaguered company now expects full-year earnings to be £33m following the turmoil, down from £65m in 2017.

Group sales fell 7pc to £627m, and it wrote off £2m because some assets are worth less than previously thought.

Countrywide had to raise £140m in emergency cash last year to tackle debts and has been coping with slowing growth in house prices. It comes after the business, which is behind the Bairstow Eves and Hamptons brands, issued four profit warnings last year.

Countrywide has been struggling since a 2015 overhaul saw it lose experienced staff, with the effect compounded by a cooling of the property market.

Shares rose 10.5pc, or 1.03p, to 10.82p. The stock has still dropped 86pc in the past 12 months.