Countrywide warns on results as Brexit hits property market

(Reuters) - Countrywide Plc , the UK's biggest lettings and estate agency company, warned on full-year core earnings on Thursday, saying that commercial and London residential transactions had stalled after Britain voted in June to leave the European Union. Investor and buyer confidence has been rattled by UK property funds suspensions, analyst downgrades and government and agencies warning about a possible fall in prices and demand after the vote. The company said it would not be able to match 2015's adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA). It reported adjusted EBITDA of 113 million pounds ($149 million) last year. Adjusted pretax profit fell 25 percent to 21.8 million pounds in the six months ended June 30. It cited a hit due to investment and a market slowdown in May and June in the run up to the vote. "We saw a slowdown in our retail and London residential businesses and, since the EU referendum result this has become more marked in London, the South East and expensive prime markets," the company said in a statement. "Although it is too early to quantify accurately, we will not meet last year's result at the EBITDA level," it added. British property website Rightmove said on Wednesday uncertainty created by Brexit had contributed to pushing down property transactions. London-focussed estate agents Foxtons has also said Brexit was likely to prolong uncertainty in the property market resulting in a drop in its full-year earnings. (Reporting by Esha Vaish in Bengaluru; Editing by Adrian Croft and Susan Thomas)