Foxtons Revenue Flat As Lettings Prop Up Sales

In its Q3 Trading Update Foxtons Group Plc has reported group revenue was flat in the quarter ended 30 September.

Overall revenue was the same as in 2017 at £35.1m. However, sales revenue fell from £10.3m the previous year to £9.9m, mirrored by a decline in mortgage broking revenue from £2.3m to £2.1m.

Lettings proved more resilient rising from £22.5m to £23.1 compared to 2017. The report said Foxton’s ‘enhanced offer and improved resourcing enabled us to capitalise on demand in what remains an attractive market.’

Confirming the recent closure of six branches the report added the group has no current plans for further closures.

CEO Nic Budden CEO  said: “This was a solid quarter in a challenging market. Whether it’s securing a premium valuation for a house sale or letting a property to a quality tenant, we know our customers value exceptional service that delivers results and this is how we differentiate ourselves. We are managing the business for the current market conditions and remain confident in our long-term prospects.”

Flat performance of what has historically been a high flyer may be cause for pessimism amongst some. However, the optimistic might instead point to solid performance in what the company describes as the ‘attractive’ lettings market instead.

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Source Foxtons Group
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