LONDON Jan 11 London-focussed estate agent
Foxtons said it expected core earnings to nearly halve
to a lower-than-expected 25 million pounds ($30 million) in
2016, as sales fell for much of last year, hit by the Brexit
vote and a property tax hike.
The firm had been expected to post full-year EBITDA of 28
million pounds according to a Thomson Reuters poll of analysts
and it said on Wednesday that conditions were likely to remain
difficult this year.
"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," said Chief Executive Nic Budden.
Shortly after the June 23 referendum, Foxtons blamed the
decision to leave the European Union for a slump in first-half
($1 = 0.8225 pounds)
(Reporting by Costas Pitas; editing by Kate Holton)