February 28, 2019 / 7:56 AM / a year ago

Foxtons full-year adjusted earnings drop, cuts dividend

(Reuters) - London-focused real estate agent Foxtons Group Plc on Thursday reported a fall in 2018 adjusted core earnings, citing lower sales and higher costs in a tough property market.

The brand, famed for its chain of coffee shop-style offices, did not declare a dividend for the year and said it expects trading to remain challenging in 2019 ahead of Brexit.

Foxtons' core earnings for the year slid to 3.6 million pounds from 15.1 million pounds a year earlier. (bit.ly/2GNXQ4p)

Demand for London property has been sluggish in many areas due to a rise in stamp duty property tax and after Britain voted to leave the European Union in 2016.

“The London sales market is in a prolonged downturn and the current uncertainty surrounding Brexit is clearly impacting consumer confidence,” the company said.

Foxtons — which has been struggling in a tough property market — also recorded a 15.7 million pound charge related to the closure of six branches last year, but added on Thursday that it has no plans for further closures.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Bernard Orr and Shounak Dasgupta

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