Estate agent Foxtons has posted a £17.2m full year loss as they struggled with weakened property market in London.
The estate agent announced Thursday morning their £17.2m full year losses for 2018 down from £6.5m in 2017. Foxtons had a recurring charge of £15.7m after the closure of six branches.
Brexit woes has rocked the property market and consumer confidence, revenue dropped from £117.6m to £111.5m in 2018.
EBITDA declined by a whopping 76% from £15.1m to £3.6m as sales fell, there will not be any final dividend paid out.
Nic Budden, chief executive said, “Our performance in 2018 was impacted by a further deterioration in the sales market, with transaction levels falling for another year from their already low levels. We are pleased with the lettings business and the investment we made earlier in the year helped to drive a good second half performance.
“We are managing the business for these conditions with a focus on cost control and appropriate investment to improve efficiency and reinforce our customer focused offering.
“Our brand and its associated characteristics of high service levels, professionalism and delivering for customers, resonates in the market as evidenced by the thousands of customers who continue to trust Foxtons to sell or let their property.
“We will continue to evolve and enhance our offer in a way that builds on this and maintains our differentiation.”
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