Foxton’s revenue and profits have declined in 2017 due to what the estate agency describes as “significant” falls in sales volumes in the first quarter of 2017.
In a trading update for the year to 2017 ahead of its annual results, it said reported revenue £117m down 12% on 2016’s £133m. Adjusted profit before tax is expected to be £15m, 39% down from £24.6m last year.
It said the revenue decline was driven mainly by the significant falls in sales volumes in the first quarter of 2017, while Q1 2016 had seen a surge in sales due to the introduction of stamp duty.
Nic Budden, chief executive officer, said: “Looking ahead, we expect trading conditions to remain challenging throughout 2018. We are well placed to withstand these conditions due to our strong balance sheet with no debt, and we will provide an update on a number of strategic initiatives which we have been working on at our preliminary results presentation on 28 February 2018.”
Alexander Hall mortgage broking revenue was circa £9m for 2017, and was broadly in line with the prior year.
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