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London estate agent Foxtons expects core earnings to halve in 2016
January 11, 2017 / 7:21 AM / 8 months ago

London estate agent Foxtons expects core earnings to halve in 2016

LONDON, Jan 11 (Reuters) - 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 profit. ($1 = 0.8225 pounds) (Reporting by Costas Pitas; editing by Kate Holton)

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