Profits fall 63% at Foxtons

Profits at estate agency Foxton’s fell by 64% the first half on 2017, to £3.8m from £10.5m the year before. In a stock market announcement it said group revenue has declined by £10.3m, to £58.5m. Sales revenue was down 29% in the half year, to £22.2m, which it said was mainly driven by the Q1 surge the year before. Chief executive officer Nic Budden said: “Our performance has been resilient in the context of a London property market that has been further impacted by unprecedented economic and political uncertainty. “Whilst sales commissions in the second quarter as a whole were down 3% versus prior year, sales exchanges and our under-offer pipeline weakened through June and the early part of July. The growth in our lettings portfolio was encouraging, up 2% to 19,800 tenancies and now accounts for 55% of group revenues, delivering a steady and recurring income stream.” To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette