Home Commercial PropertyFoxtons sees revenues fall

Foxtons sees revenues fall

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17th May 17 10:51 am

What happened?

Revenues at London-based Foxtons fell by 25 per cent in the first quarter of the year.

Foxtons saw it profits decline by 50 per cent at the end of 2016. It has been hit with the capitalโ€™s slow property market.

Foxtons said group revenue was down by 25 per cent to ยฃ28.7m from ยฃ38.4m in the same period last year.

As well as this it also said that revenues from property commissions had almost halved, from ยฃ20m to 11.1m.

Lettings revenues were down by ยฃ300,000 to ยฃ15.5m.

In March Foxtons revealed that full-year profits for 2016 fell from ยฃ41m to ยฃ18.8m.

Chief executive Nic Budden blamed it on uncertainty that followed the Brexit vote last year.

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