Foxtons has warned shareholders and the City that sales volumes are at a “record low” and that the agency suffered another fall in sales revenue in early 2019.
The full statement, ahead of the troubled agency’s Annual General Meeting today, was issued at 7am and reads:
"The Group's first quarter performance was in line with the Board's expectations.
“Revenue in the sales business declined as conditions in the London property market remain very challenging.
“Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence.
“Revenue in the lettings business was marginally ahead of the prior year, continuing its progress following the initiatives implemented in 2018.
“Group revenue for the first quarter of 2019 was £23.8m compared to £24.5m in the first quarter of last year.
“This comprised sales revenue of £7.1m (2018: £8.2m), lettings revenue of £14.6m (2018: £14.3m), and Alexander Hall mortgage revenue of £2.0m (2018: £2.0m). There was no change to market conditions during April.
“Foxtons remains in a strong financial position with a net cash balance as at 31 March 2019 of circa £15m (2018: circa £12m).”
On Friday Foxtons' share price closed at almost exactly 60p; five years ago it was riding high at just under 330p.