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.
