Foxtons expect trading conditions to remain challenging in 2017
Foxtons plc London’s leading estate agency today issued its trading update for the year ended 31 December 2016 ahead of its audited results announcement on 8 March 2017.
The reduction in Group revenue for the year reflects the significant fall in sales volumes immediately following the first quarter of 2016.
Nic Budden, CEO, commented: “Despite a challenging year across the residential property markets, we have continued to make good progress in respect of our strategic initiatives, including building our presence in PRS and new homes, and leveraging our technology using data analytics and digital marketing to enhance our customer proposition. We also opened seven new branches in 2016 and a further two branches in outer London are due to open in Q1 2017.
“Looking ahead, we expect trading conditions to remain challenging in 2017. Should current levels of sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016. Our balanced business model provides resilience against sales market cycles and we have a strong balance sheet with no debt. Our high-touch approach to customer service continues to be a key differentiator and as the most recognised residential brand in London, we are uniquely positioned to manage through the market uncertainties and take advantage of any change in conditions.”
Read the full trading update on the Foxtons website click here
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