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Annual Results

Foxtons pre-tax profits fall

08 March 2017 09:58

London estate agent Foxtons posts pre-tax profits fell to £18.8m in the year to the end of December - down from £41.0m in 2015.

Group revenues fell to £132.7m from £149.8m while adjusted EBITDA fell to £24.6m from £46.0m.

Chief executive Nic Budden said: "Last year's London property market was severely impacted by an unprecedented sequence of events with changes to stamp duty and the EU referendum vote leading to a substantial reduction in property sales transactions, especially in Central London.

"We were not immune to the decline in volumes, although our lettings business proved more resilient, whilst our mortgage broking business also performed well.

"We expect trading conditions to remain challenging throughout 2017.

"Should current sales activity continue through the remainder of this year, it is likely that 2017 sales volumes will be below last year.

"We have a clear strategy through these challenging market conditions, but one which also seeks to capitalise on the long term growth opportunity across London.

"Central to our strategy is our determination to deliver the very best proposition to our customers, delivering the highest levels of service through our excellent people, technology and network of single brand branches to ensure we secure the best results for our buyers, sellers, tenants and landlords.

"The launch of MyFoxtons, a sophisticated online portal for landlords and vendors in 2016, with an equivalent for tenants and buyers on the way, are exciting steps as we continue to evolve our offer, recognising the changing needs of our customers and the sales and lettings landscape.

"I am confident that this strategy will deliver long term growth and value for our shareholders."

At 9:58am: (LON:FOXT) Foxtons Group PLC share price was -1.12p at 97.13p

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