26th Jul 2019 10:44
(Alliance News) - Estate agent Foxtons Group PLC withheld its interim dividend again Friday after it sank to a deeper loss following weaker profit in tough markets.
For the six months ended June, pretax loss widened to GBP3.2 million from GBP2.5 million the year prior. This was after revenue fell 3.6% to GBP51.1 million from GBP53.0 million the year before.
"The prolonged downturn in the London sales market and continued political uncertainty continues to impact our results," Foxtons Chief Executive Officer Nic Budden said.
As a consequence of it not making a profit, Foxtons proposed not to pay an interim dividend. This is in line with the year prior.
"Looking ahead, we expect conditions to remain challenging and have effectively positioned the business to reflect this," Budden continued. "In lettings, we expect our ongoing commitment to landlords in light of the tenant fee ban to improve further our proposition and we are confident this will continue to drive market share."
"In the longer term, our strong balance sheet and leading market position in London will allow us to capitalise on any recovery, in what remains one of the world's most desirable cities and dynamic property markets," Budden said.
At the end of June, net cash stood had fallen to GBP14.5 million from GBP17.9 million six months earlier.
Shares in Foxtons were 1.2% lower at 57.70 pence in London on Friday.
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