Double-digit underlying EBITDA growth across all divisions within the Group
Continued strategic investment, including acquisitions totalling £36.0 million in the period plus £9.2 million investment in seed portfolio for residential property investment vehicle
16 Lettings acquisitions completed in the first six months, diversifying revenue streams even further
Group on target to deliver our 2014 profit expectations and significant increase in cash returns to shareholders planned under our revised return of capital and dividend policy
Interim dividend of 5.0p (net) per share and special dividend of 9.0p (net) per share payable on 15 September 2014
Net debt £74.1 million (31 December 2013: £48.4 million) and access to additional funding if required (undrawn £40 million revolving credit facility).
David Watson, Interim Chairman at Countrywide plc, commented:
"The UK housing market continues to grow at a measured pace, with recovery in both transaction volumes and house prices underpinning the strong momentum we are experiencing across all our divisions. As a result, we are confident that Countrywide will deliver its best ever Group performance this year. I am also pleased that, as anticipated at the time of the IPO, the Group has significantly increased the immediate level of cash returns to our shareholders who recognise and support our consistent strategy. In addition, we have plans for further increased returns in coming years."
