LONDON, Feb 28 (Reuters) - London-focussed estate agents Foxtons posted a worse-than-expected 65 percent fall in profit on Wednesday which it blamed on sales in the British capital’s property market slumping to “historic lows.”
The brand, famed for its chain of coffee shop-style outlets, saw pre-tax profits drop to 6.5 million pounds ($9.04 million) last year, lower than the 9 million pounds anticipated in a Thomson Reuters poll of analysts.
Revenues at its lettings business fell only 3 percent last year but government plans to ban fees charged to tenants is likely to hit its business model.
“Though at this stage it is unclear exactly what the legislation will look like, we are exploring ways to mitigate the impact,” said Chief Executive Nic Budden. ($1 = 0.7192 pounds) (Reporting by Costas Pitas; Editing by Elisabeth O’Leary)