Countrywide’s share price has taken a dramatic tumble of over 20% this morning (25/06/18).
The drop comes after a surprise trading statement was released by the company, in which it stated that it was making a cut to its anticipated income forecast.
Whilst at 8am, the share price stood at 78.5p, it fell to 59.85p in just ten minutes. Despite having recovered a minimal amount, the price is still having difficulties climbing beyond 60p.
Earlier this year, the company’s share price fell by around 19% after an unscheduled warning about profits from the former chief executive.
The statement from the Company said that the income fall is reflective of “the significantly lower entry pipeline in UK and London sales coming into 2018.”
Last year, Countrywide observed losses of around £208 million, with revenue also declining by £63 million in comparison to the year before.
At the time of writing, the share price stands at 59.27p.