Foxtons revenue drops as Brexit uncertainty continues to dent sales
Estate agent Foxtons reported a drop in first-quarter revenue on Monday as volumes in the sales business remained at record lows amid Brexit uncertainty.
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In an update for the quarter to 31 March, the company said its performance was in line with the board's expectations, with group revenue down to £23.8m from £24.5m in Q1 2018. Revenue from the sales arm fell to £7.1m, while lettings revenue nudged up to £14.6m from £14.3m.
Foxtons said the London property market remains "very challenging".
Meanwhile, revenue at the company's mortgage business Alexander Hall, was flat at £2m.
Foxtons said it remains "in a strong financial position" with a net cash balance as at 31 March of around £15m versus £12m the year before.
At 1110 BST, the shares were down 5.8% to 56.50p.
Earlier on Monday, the latest survey from Rightmove showed that house prices in all but two London boroughs - Barking and Dagenham - declined in May.