StockMarketWire.com - London estate agent Foxtons posts pre-tax profits of £18.1m for the six month to the end of June - down from £23.1m.

Group revenue fell to £71.1m down 2.3% with property sales revenue down 10.9% vs. H1 2014 when the sales market was operating at its peak since 2007. The group saw continuing momentum in lettings with revenue up 5.4% vs. H1 2014.

Chief executive Nic Budden said:"Despite challenging market conditions, Foxtons has delivered a solid result against very tough comparables demonstrating the strength of our business model and our balanced approach to sales and lettings.

"As we predicted earlier in the year, the sales market remained constrained during the months before the General Election. With the election uncertainty now passed we have seen an increase in activity across our branch network. This is encouraging and we enter the second half of the year with stock levels up 12% compared to last year, a £1bn sales pipeline and our recently opened branches continuing to mature in line with expectations. In addition we have seen a noticeable increase in buyer applicants. Our lettings business has maintained the positive momentum seen in the first quarter of 2015.

"Our expansion has continued as planned with five new branches opened since the beginning of the year with our future sites secured out to the end of 2016. The majority of these are focused in the fastest growing areas of Outer London.

"Based on current activity levels continuing, we expect to meet full year market expectations with a stronger property sales performance in the second half of the year from higher transaction volumes."






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