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Foxtons report big drops in both revenue and profits as sales fall away


Foxtons this morning reported that its revenue last year dropped to £117m, down from £133m the year before.

In the last quarter or 2017, its revenue fell £2m, to £24m.

Adjusted EBITDA profits are down almost £10m, falling to £15m last year, down from £24.6m in 2016.

Sales revenue last year was down by over £10m, falling from £55m in 2016 to £42m.

Foxtons told the London Stock Exchange in a trading update this morningthat its lettings business was consistent, although that revenue was also down – from £68m in 2016, to £66m last year, because of “downward pressure on rents”.

CEO Nick Budden said: “This was a solid performance in the context of ongoing challenging conditions in the London property market.

“We remain focused on achieving the best results for our customers and are pleased with the reaction to the recent growth initiatives in our lettings business.

“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.”

Foxtons expects to announce its interim results for last year on February 28.


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Source:: Foxtons report big drops in both revenue and profits as sales fall away