Foxtons reports profits down by 43% last year as London market pain continues

Foxtons’ results for 2017 are out and the company says its group turnover, profits and both sales and lettings revenues were down year-on-year but that it has some “strategic initiatives” up its sleeves due to be revealed next week. The company’s profits took the hardest knock. They dropped from £24.6 million in 2016 to £15 million last year, or 43%, as sales within London’s multi-million pound streets remain quiet despite hopes that the exchange rate would persaude more foreigners to buy into the capital’s bricks and mortar. Revenues from its sales operation dropped by nearly 24% year-on-year from £55 million to £42 million, although the crash in volumes within the capital appears to have eased during the final three months of year. But the company says it expects the pain in London to continue. Unlike last week’s Countrywide results which saw disappointing figures for both sides of its core business, Foxtons’ lettings operation continues to deliver at least only moderate revenue reductions – down last year by just 3%. Struggling performance But, despite the weak business performance, CEO Nic Budden appears to be dodging City, investor and board calls for fresh leadership. The company blames its struggling performance on the…