Strong financial result driven by core business augmented by value-creating acquisitions
Underlying financial momentum across all divisions, with strong conversion of revenue to profit
Group adjusted EBITDA margin now 15% (2012: 12%): best ever margin 17% in 2006
Appropriate capital structure in place to maximise future opportunities with bank facilities increased to £150 million in February 2014
Net debt (excluding finance lease obligations) £37.7 million (2012: £203.2m) and access to additional funding if required (undrawn £25 million revolving credit facility).
£20 million seed capital earmarked for investment in new residential property investment vehicle
Final dividend proposed of 6.0p (net) per share payable on 7 May 2014 (total dividend 8.0p (net) per share)
David Watson, Interim Chairman at Countrywide plc, commented:
"The Group has delivered an excellent set of results for 2013, its first since IPO, which show strong growth in both revenue and profits. Significant financial progress was achieved through the year as recovery within the housing market broadened and performance across all our divisions and regions improved. Strengthening activity levels are evident in our January 2014 results and pipelines plus external indicators would also show that significant growth in profitability should be sustained through the year ahead."
