Shares in Countrywide have dropped through the symbolic 100p mark.
They did so at about noon today – and have continued to drop. At 12.40p, the price was 99.4p.
It makes a precipitous fall in the value of the business, which closed trading on Wednesday last week at just over 135p.
Countrywide made a dramatic — and unscheduled — trading update the following day in which it warned that it is expecting group EBITDA for 2017 to be 22% down on the previous year.
It said total group income is expected to be £672m, down 8.8% on 2016′s total of £737m.
Total income in the sales and lettings business for the full year is expected to be circa £360m, down 14% on 2016, which Countrywide said reflected a disappointing fourth quarter performance.
Countrywide’s share price ended last week at 106.8p when the markets closed on Friday. The shares continued on a downward spiral yesterday, ending at 103p