Foxtons’ sales slumped another 10 per cent and its total revenue dropped another 3.5 per cent according to figures released this morning based on the first half of 2019.
The key figures are:
- group revenue down 3.5 per cent to £51.1m (2018: £53m);
- pre-tax loss of £3.2m (2018: £2.5m);
- sales revenue down 10 per cent to £15.4m (2018: £17.2m);
- the group’s Alexander Hall mortgage business revenue down 3.0 per cent to £4m;
"The prolonged downturn in the London sales market and continued political uncertainty continues to impact our results” according to chief executive Nic Budden.
“The lettings business remains our priority and continues to deliver stable results underpinned by strong structural drivers of demand. We believe our excellent service offering and compliance culture, combined with our decision not to increase fees for landlords following the implementation of the tenant fee ban, will continue to differentiate us from the competition" he continues.
“Low consumer confidence combined with challenging market conditions means selling or finding a property is more challenging than ever before, and we believe this creates even more relevance for our high service sales model. In lettings, our professional approach mitigates legal risk for landlords and provides them with reliable tenants who trust us to provide the biggest range of high-quality rental accommodation.
“Looking ahead, we expect conditions to remain challenging and have effectively positioned the business to reflect this. In lettings, we expect our ongoing commitment to landlords in light of the tenant fee ban to improve further our proposition and we are confident this will continue to drive market share. In the longer term, our strong balance sheet and leading market position in London will allow us to capitalise on any recovery, in what remains one of the world's most desirable cities and dynamic property markets."
Once again the agency’s shareholders will receive no dividend.