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UK estate agent Foxtons blames Brexit vote for profit drop
July 29, 2016 / 6:15 AM / a year ago

UK estate agent Foxtons blames Brexit vote for profit drop

LONDON, July 29 (Reuters) - London-focussed estate agent Foxtons blamed a 42 percent drop in its first-half profit on Britain’s EU referendum, saying it led to a fall in transactions which is likely to last until the end of the year.

Foxtons, a symbol of London’s booming property market in recent years, warned shortly after the June 23 vote, in which Britons backed Brexit, that its earnings would fall due to the vote.

Pre-tax profit fell 42 percent to 10.5 million pounds ($14 million) in the six months to the end of June and it said it was looking again at opening more of its glass-fronted coffee shop-style outlets.

“We are reviewing the pace of our branch openings over the short-term and may slow the pace of expansion in response to market conditions,” the firm said on Friday. ($1 = 0.7591 pounds) (Reporting by Costas Pitas, editing by James Davey)

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