Foxtons reports £17.2m loss

 

Worries over Brexit and sales slowdown in London’s housing market has hit Estate agent Foxtons by £17.2m loss down from a £6.5m profit in 2017, as revenues dropped 5 per cent  to £111.5m since listing six years ago.

Nic Budden, CEO said “ 2018 was really challenging year for the sector, as the sales market deteriorated further from what was an already weak position”. The company has no debt and net cash of £17.9m will concentrate on “cost control and appropriate investment including digital marketing.

Foxtons announced that there would be no final dividend after paying out 0.7p a share the previous year.

The company which was worth £753.4m when it made its market debut in 2013, and share now rose 0.82 per cent, valuing the company  at £168.4m.

Foxtons closed six branches during 2018, including Park Lane flagship, resulting in £5.9m non-recurring charge.

Garry Watts,Foxton Chairman said “The current uncertainty surrounding Brexit is clearly impacting consumer confidence”.