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Countrywide says CEO to step down this year as profits jump

LONDON, Feb 27 (Reuters) - British estate agency Countrywide (LSE: CWD.L - news) said its chief executive would step down this year and would become its non-executive chairman instead, as the firm reported its first full-year profit rise since it returned to the stock market.

Countrywide, Britain's largest estate agency by revenue, said a search for Grenville Turner's successor in and outside the company had already started.

"Countrywide is operating so well following successful results for 2013 and, after careful consideration, I have decided that now is the right time for me to step down from my role as CEO," Turner said.

The company enjoyed a strong return to the market in March after a six year absence. On Wednedsay it said total income for the year to end-December rose 11 percent to 584.8 million pounds ($973 million), while adjusted earnings before interest, tax, debt and amortisation increased by 37 percent to 86.6 million pounds.

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It also proposed a final dividend of 6 pence per share, bringing up the total dividend for the year to 8 pence per share.

"Strengthening activity levels are evident in our January 2014 results and pipelines plus external indicators would also show that significant growth in profitability should be sustained through the year ahead," the company said.

Countrywide's results come as housebuilders such as Barratt Developments and Persimmon (Frankfurt: OHP.F - news) announced increased dividend payouts to shareholders as Britain's housing market recovers.