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Countrywide in £200m float as revenues grow

Property company Countrywide hopes to raise £200m for a debt payoff in a stock exchange float as it posts a six per cent boost to revenue.

The initial public offering of new shares is to be used to repay “certain outstanding borrowings” to help the group “achieve a more efficient capital structure.”

The announcement comes as Countrywide posted a six per cent rise in revenue in 2012 to £539.8m, up from £509.1m in 2011.

EBITDA also grew by 12 per cent to £63m, while the conveyancing and letting businesses saw the largest growth of over 10 per cent.

The main estate agency business saw revenue decrease by one per cent to £211m.

Group chief executive Grenville Turner said that in a “broadly flat” Housing market buy-to-let landlords were “a rising force” capitalizing on growing rental demand.

“We are now embarking on a new chapter in our growth plans with continued investment in key strategic areas.”

The group has a £47m cash funding position and a £25m revolving credit facility,

Mr Turner added that the market offering would enable the company to “continue our growth strategy with further investment in both distribution and quality of service.”

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