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Homebuilding

UK's Countrywide warns again that Brexit will hit 2016 earnings

Nov 24 (Reuters) - British estate agent Countrywide Plc warned for a second time this year that its 2016 core earnings would be hit by lower activity in the property market following Britain’s vote to leave the European Union.

The country’s biggest lettings and estate agency company said in a trading statement on Thursday that earnings before interest, tax, depreciation and amortisation (EBITDA) this year would be “around the lower end of market expectations”.

Analysts on average expected 2016 core earnings to come in at 85 million pounds to 100.20 million pounds, according to Thomson Reuters I/B/E/S.

Countrywide warned in July, the month after the Brexit vote, that its adjusted core earnings in 2016 would be lower than the 113 million pounds reported in 2015.

The company said the slowdown in transactions had most notably hit its retail and London businesses with forward order books down 16 percent and 26 percent respectively at the end of September from a year earlier. (Reporting by Esha Vaish in Bengaluru; editing by David Clarke)

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