46% fall in Foxtons profits

Profits at London estate agency Foxtons have fallen 46% in 2016, the company has said in a trading statement ahead of its annual results in March. It said that in the years to 31st December 2016, adjusted EBITDA – profit before costs and tax – was £25m, down from £46m in 2015. Total group revenue for the year was £133m, down from £150m the year before. Chief executive Nic Budden said despite a challenging year, it had still made good progress in strategic initiatives including building its presence in PRS and new homes, and leveraging its technology. “Looking ahead, we expect trading conditions to remain challenging in 2017. Should current levels of sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016,” he said. The company said the reduction in revenue reflected a significant fall in sales volumes immediately following Q1 2016, which remained subdued until the end of the year. Lettings revenues were £13m  in Q4, compared to £13m the year before. Foxton’s said lettings remained more resilient despite lower levels of new tenant activity and some downward pressure on rents arising from increased stock availability. Foxton’s has 65 branches across London. • To send feedback, e-mail shekha.vyas@estatesgazette.com or tweet @ShekhaV or @estatesgazette