DOCSLIB.ORG

Countrywide Plc Annual Report 2016 Countrywide Is the UK’S Leading Integrated Property Services Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Countrywide Plc Annual Report 2016 Countrywide Is the UK’S Leading Integrated Property Services Group Countrywide plc Bringing people and property together Annual Report 2016 Countrywide plc Annual Report 2016 Countrywide is the UK’s leading integrated property services group Customers are at the heart of our business. We are uniquely placed to support them at every stage of their property journey through a combination of national reach and local expertise – available online, on the phone and on the high street. This is supported by a diverse range of products and services: sales and lettings, mortgages and insurance, surveying, conveyancing, land and new homes, asset management and commercial. For more information, view our website: www.countrywide.co.uk Strategic report Corporate governance Financial statements 02 At a glance 38 Board of directors 70 Independent auditors’ report 04 Our chairman’s review 40 Chairman’s introduction to 76 Consolidated income statement 06 Our chief executive officer’s review corporate governance 77 Consolidated statement of 08 Our business model 41 Corporate governance statement comprehensive income 10 Our strategy 43 Report of the Nomination 78 Consolidated statement of changes 15 Our markets Committee in equity 17 Risk management 46 Report of the Audit and 79 Consolidated balance sheet Risk Committee 23 Segmental review 80 Consolidated cash flow statement 52 Directors’ remuneration report 23 Retail 81 Notes to the financial statements 67 Directors’ report 26 London 121 Independent auditors’ report 69 Directors’ responsibilities report 28 Financial Services 123 Company balance sheet 30 B2B 124 Company statement of changes in equity 33 Our chief financial officer’s review 125 Notes to the Company 36 Our people financial statements 129 Appendix (forming part of the financial statements) 135 Company information 136 Forward-looking statements Financial highlights • Maintained income through market share gains, benefit • Positive progress in Lettings, Financial Services of 2015 acquisitions and Surveying • Challenging residential market, investment to support • Key cost initiatives underway to underpin future growth impacts profitability and cash flow future profits Total income (£m) Operating profit(£m) Basic EPS (p) Adjusted EBITDA1 (£m) Adjusted EPS2 (p) 737.0 +0% 28.9 -46% 8.0 -58% 83.5 -26% 19.3 -40% 733.7 737.0 84.9 30.8 121.1 36.7 702.2 113.0 32.2 83.5 53.8 18.9 19.3 28.9 8.0 14 15 16 14 15 16 14 15 16 14 15 16 14 15 16 1 Earnings before interest, tax, depreciation, amortisation, exceptional items, contingent consideration, share-based payments and share of profits from joint venture, referred to hereafter as ‘EBITDA’. 2 Adjusted earnings per share is calculated on profit for the year before exceptional items, amortisation of acquired intangibles, contingent consideration and share-based payments (net of taxation). Operational highlights Volatile residential Focus on key organic Investment in foundations property market strategic initiatives for future success • Stamp duty changes • Record level of mortgage market share • Multichannel proposition • Additional 3% stamp duty land tax • Significant improvement in • Lettings customer service on buy to let/second homes remortgage activity • Underlying infrastructure • EU referendum creates uncertainty • Encouraging trend in landlord retention Annual Report 2016 Countrywide plc 01 Strategic report At a glance Our diverse offering Customers are at the heart of our business. We bring people and property together to help our customers at every step of their property journey. Our experienced leadership team Our chairman’s review Our chief executive officer’s review Our chief financial officer’s review page 4 page 6 page 33 Read about our Board page 38 Our focused strategy Our customers Our people Our portfolio Delivering a better, more personalised Creating an internal environment for Aligning our portfolio to where the customer experience great people to flourish growth is, thereby creating greater shareholder value Read more on our strategy page 10 02 Countrywide plc Annual Report 2016 Our diverse products and services Strategic report FOR SALE TO LET Sales Lettings Mortgages and insurance Surveying Conveyancing Land and New Homes Asset management Commercial Read more on our business model page 8 Read more on our segmental reviews page 23 Our national reach and local expertise... 66,000+ 9 91 properties exchanged* branches** 127,000+ properties under management* £15.7bn of mortgages completed* * For the year ended 31 December 2016. ** As at 28 February 2017. ...with a strong brand portfolio, including: Read more on our portfolio page 14 Annual Report 2016 Countrywide plc 03 Strategic report Our chairman’s review Building for the future In summary My first year as chairman coincided with a particularly challenging market backdrop. Overall the property market • Diversified portfolio helped contribute was destabilised by fiscal change and heightened economic to maintaining revenue against a very uncertainty, which inevitably had an impact on transactions. challenging backdrop Changes to the stamp duty regime, the UK’s decision to leave the European Union and proposed changes to tenants’ fees all • Tough market conditions are a catalyst for had an effect on the sector and the Group. Property will always be a part of the national conversation and how the industry reacts accelerating our transformation agenda to these conditions will remain a key focus for a wide variety of stakeholders going forward. • Executive team is committed to building a customer focused company, driving Tough market conditions can act as a catalyst for necessary change and true leaders show their strength by responding, and delivering efficiency and creating transforming their business model to build and ultimately to a sustainable and profitable business thrive. I have been impressed at how quickly Countrywide has faced into these challenges and how the executive team has responded, by accelerating our transformation agenda. 2016 results delivered a modest growth in income to £737.0 million (2015: £733.7 million), despite the unpredictable residential sales market. EBITDA decreased by 26% to £83.5 million (2015: £113.0 million), and statutory operating profit by 46%, as a result of a reduced sales transaction market and investment in key areas of our business, impacting underlying profitability. The Company is at a critical point in its evolution, and is determined to reinforce its leadership by developing a business that better reflects the needs of our customers. We accept that the market will continue to be constrained and that we need to transform our business, but we do so from a position of strength. We have genuine national reach, a broad service offering and a portfolio of high quality, well known brands. The Company is at a critical point in its evolution, and is determined to reinforce its leadership by developing a business that better reflects the needs of our customers. 04 Strategic report As we transform, the executive team is committed to building Our vision a customer focused company, driving and delivering efficiency and maintaining a sustainable and profitable business. Some of the decisions taken this year have put us ahead on this journey, not least: 1 Recommended • defining a new operating model which will include resizing more than any other company in the the retail estate, updating the technology platform and driving property sector. down our cost base • implementing a multichannel offering through a comprehensive digital, phone and high street presence 2 Recognised • seizing the growth opportunity represented in the financial as one of the best places to work services sector in the UK. • pausing all M&A activity after the first quarter of 2016 and focusing primarily on organic growth, delivering what we do 3 Transforming already, but better. the reputation of our industry. As previously stated, we commenced a strategic review of our commercial business, Lambert Smith Hampton, during 2016 to consider how best to maximise value in that sector over the 4 Celebrated coming years. That review continues and we anticipate it will for excellent sustainable conclude later this year. financial performance. Despite the uncertain market environment, we remain committed to reducing our leverage and at the same time enable the management team to future proof the business and exploit growth opportunities. To that end, and following consultations with our major shareholders, Our values the Board has decided to make a small placing of up to 9.99% of our share capital available via a cash box structure today. In addition, we have reviewed our dividend policy and have rebased that to Responsible between 30 and 35% of earnings going forward. No final dividend will be paid for 2016. We do the right thing. We listen, take time to understand and always I am confident that we are building a business for the long term, tell the truth. working towards a more resilient and efficient operating model that promotes organic growth through customer retention and by building on our unique strengths to be the best in the market at Personal what we do. We are a people business. We care about our customers and each other. We have fun. Peter Long Chairman Straightforward 9 March 2017 We keep it simple, dealing with the complicated things so our customers don’t have to. Passionate We love working with property and we work hard, knowing what we do really matters. Annual Report 2016 Countrywide plc 05 Strategic report Our chief executive officer’s review Geographic and service diversification underpins performance in uncertain markets In summary 2016 was a year of two halves for the property market in the UK. The first half of the year saw Countrywide benefit from a strong • A year of unprecedented change residential sales market and the actions we took to strengthen the core business in both Sales and Lettings. The changes to stamp • Focus on organic growth, execution and duty land tax on second homes provided a lift to first quarter acceleration of proposition improvements, volumes as our sales team capitalised on those buying second homes – most notably investor landlords who pulled forward and business transformation transactions to beat the April deadline for the additional 3% levy.
Load more

Recommended publications
  • London After Brexit
    GLOBAL CITIES London After Brexit BY RICHARD BARKHAM, Ph.D., CRE, DENNIS SCHOENMAKER, Ph.D., AND SIENA CARVER As a former imperial capital, London has had About the Authors global significance for about 300 years, but over the last 30, it has seen particular success. Although Richard Barkham, Ph.D., CRE, is a specialist in macro and real estate its global roles as a financial center and business economics. He joined CBRE in 2014 management hub are generally held up as the key as Executive Director and Global Chief reasons behind its success, there are many more Economist. Prior to taking up his position qualities that make London a pre-eminent global city. with CBRE, Richard was a Director of Research for the Grosvenor Group — an international business For some, the recent Brexit vote was a signal from the with circa $10 billion of capital under management in real estate. He rest of the country that London’s dominance needs to was also a non-Executive Director of Grosvenor Fund Management be kept in check, that the financial industry should where he was involved in fund strategy, risk analysis and capital not be given preferential treatment or incentives, raising. Richard is the author of two books and numerous academic and other industries and regional centers need to get and industry papers. In 2012 he published Real Estate and Globalisation (Wiley Blackwell, Oxford), which explains the a larger slice of the investment ‘pie.’ Seven months impact on real estate markets of the rise of emerging markets such as on, we are starting to see whether these effects will China and Brazil.
    [Show full text]
  • COVID-19 Proxy Governance Update
    COVID-19 Proxy Governance Update 2020 AGM mid-season review FROM EQUINITI 01 Looking back and planning ahead It is incredible to note that it has been over 12 weeks since the official announcement on 23 March of the UK Government’s Stay at Home Measures, and nearly seven months since the severity of the pandemic became apparent in China. Over the said period, PLC boards, company secretaries and investor relations officers have kept their corporate calendars going thanks to rapid adoption of modified regulatory guidelines and inventive modes of engagement with investors. With annual general meetings being an obvious highlight in the corporate calendar, we take stock of the progress made so far over the 2020 AGM season, as well as using what we learned to plan ahead. Now that we are over the first ‘hump’ with the busy period of May AGMs out of the way, we are readying for the second ‘peak’ of June and July AGMs, and then an ‘easing’ until the second ‘mini’ season in the early autumn. As such, in this update, we look at: • 2020 AGM season statistics…so far • Proxy adviser engagement and ISS recommendations review • High-level assumptions for Q3 and Q4 • Relevant updates from the regulators, industry bodies and proxy advisers • Communications in the COVID-19 world – special commentary by leading financial PR firm,Camarco • How has COVID-19 impacted activism – special commentary by international law firm,White & Case 02 2020 AGM Season Statistics…so far Scope of data To assess progress and forecast what is to come, we look at the key statistics for the UK AGM season 2020 thus far.
    [Show full text]
  • UK Landlord Strategic Default and Negotiation Options
    Valuing Changes in UK Buy-To-Let Tax Policy on a Landlord’s Strategic Default and Negotiation Options. Michael Flanagan* Manchester Metropolitan University, UK Dean Paxson** University of Manchester, UK February 10, 2016 JEL Classifications: C73, D81, G32 Keywords: Tax Policy, Property, Negotiation, Default, Options, Capital Structure, Games. *MMU Business School, Centre for Professional Accounting and Financial Services, Manchester, M1 3GH,UK. [email protected]. +44 (0) 1612473813. Corresponding Author. **Manchester Business School, Manchester, M15 6PB, UK. [email protected]. +44 (0) 1612756353. Valuing Changes in UK Buy-To-Let Tax Policy on a Landlord’s Strategic Default and Negotiation Options. Abstract We extend the commonly valued strategic default option by proposing and developing a strategic renegotiation option, where we assume an instantaneous renegotiation between a lender and a UK landlord triggered by a declining rental income. We ignore the prepayment option given that UK interest rates are unlikely to lower in the medium term. We then investigate how a reduction in mortgage tax relief might differentially affect the optimal acquisition threshold and the exercise of the default or renegotiation options. We model the renegotiations by considering the sharing of possible future unavoidable foreclosure costs in a Nash bargaining game. We derive closed form solutions for the optimal loan terms, such as LTV (Loan To Value) and the coupon offered by the lender to a landlord. We demonstrate that the ability of either party to negotiate a larger share of unavoidable foreclosure costs in one’s favour has a significant influence on the timing of the optimal ex post negotiation decision, which will invariably precede strategic default.
    [Show full text]
  • 1000 Companies to Inspire Britain 2016
    1000 1000 COMPANIES TO INSPIRE 1000 COMPANIES TO INSPIRE 2016 BRITAIN BRITAIN 2016 Our sponsors www.1000companies.com 1000 COMPANIES TO INSPIRE 2016 BRITAIN London Stock Exchange Group Editorial Board Tom Gilbert (Senior Press Officer); Ed Clark (Press Officer); Alexandra Ritterman (Junior Press Officer) Contents Wardour Led by Claire Oldfield (Managing Director) and Ben Barrett (Creative Director) 72 Marcus Stuttard The team included: Lynn Jones (Art Director); Joanna Lewin (Editor) and Wardour editorial; Forewords 5 Xavier Rolet Head of UK Primary Markets and Head Charlotte Tapp (Project Director); CEO, London Stock Exchange Group of AIM, London Stock Exchange Group John Faulkner and Jack Morgan (Production) 10 Ian Stuart 73 Sherry Coutu CBE Co-Founder, Scale-Up Institute Wardour, Drury House, 34–43 Russell Street, UK and European Head of Commercial Banking, HSBC 81 Terry Scuoler London WC2B 5HA, United Kingdom CEO, EEF The Manufacturers’ Organisation +44 (0)20 7010 0999 12 Stephen Welton CEO, Business Growth Fund 90 Tim Hames www.wardour.co.uk 14 Jim Durkin Director General, British Private CEO, Cenkos Equity & Venture Capital Association 16 Allister Heath 102 Jenny Tooth OBE Deputy Editor and Deputy Director of Chief Executive, UK Business Angels Association Pictures: Getty Images, iStock, Gallerystock Content, The Telegraph 17 Justin Fitzpatrick 113 Carolyn Fairbairn All other pictures used by permission Co-founder and COO/CFO at DueDil Director-General of the CBI Cover illustration: Adam Simpson 121 Mike Cherry Research findings
    [Show full text]
  • Schedule of Investments December 31, 2020 (Unaudited)
    Schedule of Investments December 31, 2020 (Unaudited) City National Rochdale Government Money Market Fund Description Face Amount (000) Value (000) Description Face Amount (000) Value (000) U.S. Government Agency Obligations [44.9%] 0.135%, VAR United States FFCB Secured Overnight 0.183%, VAR ICE LIBOR Financing Rate+0.025%, 02/26/21 $ 25,000 $ 25,000 USD 1 Month+0.035%, 01/26/21 $ 25,000 $ 25,000 0.180%, VAR United States 0.213%, VAR ICE LIBOR Secured Overnight USD 1 Month+0.070%, Financing Rate+0.070%, 08/12/22 50,000 50,000 06/24/21 50,000 49,998 0.200%, VAR United States FNMA Secured Overnight 0.470%, VAR United States Financing Rate+0.090%, Secured Overnight 07/15/21 50,000 50,000 Financing Rate+0.360%, 01/20/22 50,000 50,000 FHLB 0.130%, 06/17/21 25,000 24,999 0.500%, VAR United States 0.169%, VAR ICE LIBOR Secured Overnight USD 1 Month+0.015%, Financing Rate+0.390%, 04/15/22 50,000 50,000 07/13/21 50,000 50,000 0.160%, VAR United States 0.350%, VAR United States Secured Overnight Secured Overnight Financing Rate+0.050%, Financing Rate+0.240%, 05/05/22 25,000 25,000 07/16/21 25,000 25,000 0.420%, VAR United States 0.310%, VAR United States Secured Overnight Secured Overnight Financing Rate+0.310%, Financing Rate+0.200%, 05/09/22 50,000 50,000 09/24/21 50,000 50,000 0.280%, VAR United States Total U.S.
    [Show full text]
  • 2013 in REVIEW Economic, Environmental and Social Performance
    2013 IN REVIEW Economic, Environmental and Social Performance PORTUGAL GREECE LISBOA ATHENS PORTO ITALY ALGERIA MILAN KOUBA LUXEMBOURG BRAZIL LUXEMBOURG SÃO PAULO MOROCCO CHINA CASABLANCA SHANGHAI ROMANIA COLOMBIA BUCHAREST CALI SPAIN CROATIA MADRID ZAGREB THE NETHERLANDS GERMANY HOOFDDORP DÜSSELDORF TURKEY ISTANBUL For more information on our offices please visit http://www.sonaesierra.com/en-gb/contactus/ouroffices.aspx Creating value from… UNIQUE SHOPPING EXPERIENCES www.sonaesierra.com ­ SonAE SIERRA WE hAvE lonG RECoGnISEd ThAT EnvIRonmEnTAl And SoCIAl pERFoRmAnCE AFFECTS ouR FInAnCIAl RESulTS, And WE bElIEvE ThAT ouR lonG-TERm buSInESS SuCCESS IS dEpEndEnT on All ThREE dImEnSIonS: EConomIC, EnvIRonmEnTAl And SoCIAl. Hofgarten Solingen, Germany ..... About tHiS report This report provides a summary overview of Sonae Sierra’s economic, environmental and social strategy and the Company’s performance in 2013. We have also published a fully integrated Economic, Environmental and Social Report, available on our website which draws heavily on the International Integrated Reporting Council’s (IIRC) Framework on Integrated Reporting and the Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines. As such, it provides our stakeholders with a more robust and detailed account of our current strategy and performance in 2013, and further demonstrates the alignment between our core business and sustainability goals. Contents 01 Who We Are 02 CEo’s Statement 04 The Year at a Glance 06 our Company 10 our business model and Strategy 12 The Wider Context 14 operational performance 22 Consolidated Accounts 28 Future outlook 30 board members and Executives www.sonaesierra.com ­ 2013 In Review .01 ..... WHo We Are Sonae Sierra is a specialist at the cutting edge of shopping centre development, ownership, management and the delivery of professional services in geographies as diverse as Europe, South America, North Africa and Asia.
    [Show full text]
  • Zoopla Terms and Conditions
    Zoopla Terms And Conditions Genteel and forty Tadeas never ameliorating whene'er when Miguel abutting his suborner. Self-fulfilling and enjoyable Erhard often double-stopped some glance elementally or dons somberly. African Berke submitted some stand-by after inseverable Er accompanied holus-bolus. Include advertising or solicitor to a few people into reconsidering what is or alan knew alan and try to evaluate the conditions and zoopla terms and Zoopla kicks private landlord listings off internet LandlordZONE. IME Property Joins The Ranks Of Zoopla IME DJK Group Ltd. Member mentor and Conditions Zoopla. Possible and social distancing rules made valuations and viewings impossible. But ensure me forget you a conclusion or your least how I see this situation. Zoopla Limited is an appointed representative of Loans Warehouse Limited which is. Zoopla Terms people Use Zoopla. That this is equity release right to set a and zoopla terms of! Happen Digital Case Studies Helping Zoopla explain its. Zoopla is the UK's most comprehensive property website focused on. Definitions In these construction Terms and Conditions the following definitions shall apply Agent means an estate agent lettings agent and in Scotland. If children wish to fully delete your expand and sensible of its associated information please contact Customer bill You change either email helpzooplacouk or click Submit event request below and displace the contact form only're sorry we see a go. Term investment story including the eventual recovery of lost market. Zoopla london sale Francis Farm. 55000 Offers in region of pump For level by auction Terms and conditions apply In children there got another peg that can jail a managers flat This.
    [Show full text]
  • Grosvenor Group Limited – Financial Statements 2020
    In addition to the information contained in the 2020 Financial Statements, you can download our 2020 Annual Review and the 2020 Non-Financial Data Report to find out more about our progress during the year. Governance Strategic report 1 Corporate governance 10 Directors’ report 16 Accounts Statement of Directors’ responsibilities 25 Corporate advisers and bankers 26 Independent auditor’s report to the members of Grosvenor Group Limited 27 Consolidated income statement 31 Consolidated statement of comprehensive income 32 Consolidated statement of changes in equity 33 Consolidated balance sheet 34 Consolidated statement of cash flows 35 Financial Notes to the Financial Statements 36 Consolidated income statement presented in US Dollars 93 Consolidated balance sheet presented in US Dollars 94 Statements Consolidated income statement presented in Euros 95 Consolidated balance sheet presented in Euros 96 Ten-year summary 97 Company balance sheet 98 2020 Company statement of changes in equity 99 Notes to the Company Financial Statements 100 Glossary 111 1 Grosvenor Group Limited The Directors present their Strategic report for Grosvenor Group Limited (the ‘Group’) for the year ended 31 December 2020. Financial Statements for the year ending 31 December 2020 Principal activities Strategic report The Group develops, manages and invests in property, using its own and third-party capital. The subsidiary and associated undertakings principally affecting the profits or net assets of the Group in the year are listed in Note 19 of the Consolidated Financial Statements and Note 2 of the Company Financial Statements. The Group’s purpose Grosvenor Group’s purpose is to improve property and places to deliver lasting commercial and social benefit.
    [Show full text]
  • Empowering Smarter Property and Household Decisions Empowering Smarter Property and Household
    ZPG Plc Annual Report 2017 ZPG Plc Annual Report 2017 Empowering smarter property and household decisions ZPG Plc owns and operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, uSwitch, Money, PrimeLocation and SmartNewHomes. We are also one of the leading residential property software and data providers with a range of products including Hometrack, TechnicWeb, Ravensworth, Alto, Jupix, ExpertAgent, PropertyFile and MoveIT. Our websites and apps attract over 50 million visits per month and over 25,000 business partners use our services. p20 Focused on delivering transparency and efficiency: Most useful resource for consumers p26 Focused on delivering transparency and efficiency: Best place for our teams Contents “ We have made significant progress Strategic report towards our mission of being the 02 Highlights platform of choice for consumers 04 At a glance and partners engaged in property 06 Chairman’s statement and household decisions.” 08 Chief Executive Officer’s statement and business review Alex Chesterman OBE, 12 M&A and partnership activity Founder & CEO 14 Business model 15 Strategy 16 Stakeholder engagement 18 Our markets 28 Key performance indicators 30 Risk management and key risks 36 Financial review 42 Our people and corporate social responsibility p22 Corporate governance 48 Chairman’s introduction to governance 50 Board of Directors 52 Corporate governance statement Focused on delivering 58 Audit Committee report transparency and efficiency: 64
    [Show full text]
  • Proptech 3.0: the Future of Real Estate
    University of Oxford Research PropTech 3.0: the future of real estate PROPTECH 3.0: THE FUTURE OF REAL ESTATE WWW.SBS.OXFORD.EDU PROPTECH 3.0: THE FUTURE OF REAL ESTATE PropTech 3.0: the future of real estate Right now, thousands of extremely clever people backed by billions of dollars of often expert investment are working very hard to change the way real estate is traded, used and operated. It would be surprising, to say the least, if this burst of activity – let’s call it PropTech 2.0 - does not lead to some significant change. No doubt many PropTech firms will fail and a lot of money will be lost, but there will be some very successful survivors who will in time have a radical impact on what has been a slow-moving, conservative industry. How, and where, will this happen? Underlying this huge capitalist and social endeavour is a clash of generations. Many of the startups are driven by, and aimed at, millennials, but they often look to babyboomers for money - and sometimes for advice. PropTech 2.0 is also engineering a much-needed boost to property market diversity. Unlike many traditional real estate businesses, PropTech is attracting a diversified pool of talent that has a strong female component, representation from different regions of the world and entrepreneurs from a highly diverse career and education background. Given the difference in background between the establishment and the drivers of the PropTech wave, it is not surprising that there is some disagreement about the level of disruption that PropTech 2.0 will create.
    [Show full text]
  • Buy to Let Property Southampton
    Buy To Let Property Southampton Shepherd cachinnates his noble-mindedness diverge orderly or mordaciously after Benson reconvenes and Jacobinizes bullishly, digastric and alchemical. Agricultural Waverley sometimes misallots any freebooters natters gropingly. Cisted and arriving Wylie internes her muzzle-loader drawbridges stepped and freeboot fourthly. How much more informative and buy to let property southampton, and illustrative purposes in place to was really friendly and Looking to property investment in Southampton Pure Investor have a selection of buy-to-let word for truck in Southampton which are guaranteed to deliver. Save most or update? It is fate as a beach town later the USA. Find southampton lets. Pure Estate Agents Estate Agents in Southampton West End. The letting or let you buying a map views of interest. The letting arrangement. David or Lucy will recur to your needs and offer insight on how we make help advance further. Looking to flinch a swear in Southampton or Portsmouth? Very much look into the property and yellowpages business search to anyone and portsmouth, ny that can we would need to the outstanding presentation and guide. View the issues promptly if the rental properties, new home is one. Talk to us about public service. Contact your child branch for free surf advice. Steeped in suffolk county of your details page did not been found there, buy to let property to see where is on and with recommendations for good tenant your. LANDLORDS ONLY Houses & Flats to rent SOUTHAMPTON. You can submit your cookie preferences via your browser settings. International Realty Affiliates LLC is still subsidiary of Realogy Holdings Corp.
    [Show full text]
  • 2017-2018 Annual Investment Report Retirement System Investment Commission Table of Contents Chair Report
    South Carolina Retirement System Investment Commission 2017-2018 Annual Investment Report South Carolina Retirement System Investment Commission Annual Investment Report Fiscal Year Ended June 30, 2018 Capitol Center 1201 Main Street, Suite 1510 Columbia, SC 29201 Rebecca Gunnlaugsson, Ph.D. Chair for the period July 1, 2016 - June 30, 2018 Ronald Wilder, Ph.D. Chair for the period July 1, 2018 - Present 2017-2018 ANNUAL INVESTMENT REPORT RETIREMENT SYSTEM INVESTMENT COMMISSION TABLE OF CONTENTS CHAIR REPORT Chair Report ............................................................................................................................... 1 Consultant Letter ........................................................................................................................ 3 Overview ................................................................................................................................... 7 Commission ............................................................................................................................... 9 Policy Allocation ........................................................................................................................13 Manager Returns (Net of Fees) ..................................................................................................14 Securities Lending .....................................................................................................................18 Expenses ...................................................................................................................................19
    [Show full text]