Revenues at London agent Foxtons are down again, its latest trading statement has revealed.
Results for its third quarter of trading this year ending September 31st reveal that revenues were down by £2.4m or 6% to £35.1m year on year, a better performance that its previous results for the first six months of the year, during which profits plunged by £10m.
But the company’s total revenues for the year-to-date were also down, from £106.3m in 2016 to £93.7m this year.
It isn’t all bad news – the company says its lettings business has picked up during the third quarter of trading and only shrank by £400,000 to £22.5m.
Most of the lost revenues were at its sales operation, which reduced from £12.3m to £10.3m year-on-year as London’s property market suffers as the carnage wreaked by the recent Stamp Duty changes for vendors and landlords continues.
Revenues at its mortgage arm – Alexander Hall – were flat at £2.3m.
“This was a resilient third quarter performance when set against the challenging conditions in the London property market,” says Foxtons CEO Nic Budden(pictured, left).
“We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.”
Foxtons has now not posted rising overall group revenues since the first quarter of 2016.
Its full results for 2016, published in March this year, revealed sales revenues down by 23% and profits before tax down by 54% and Nic Budden’s prediction then that tough conditions would continue within the London property market now proving to be true.
The City appears to like the latest results – trading in Foxtons shares pushed its price up during the first hours of this morning from 73p to 77.p, a rise of 6%.