StockMarketWire.com - Foxtons reported profit before tax fell 65% to £6.5m, as the London sales market continued to be weighed down by the impact of stamp duty tax changes.

Revenues fell 11% to £117.6m in the year to the end of December, from £132.7m the previous year, as ongoing market weakness caused lower transaction volumes.

Revenue from lettings was down 3% to £66.3m on the prior year due to downward pressures on market rents.

Revenue at Alexander Hall, its mortgage broker, fell by 1% to 8.7m amid weakness in average revenue per deal.

Foxtons also blamed the unexpected general election for the slower sales transactions levels in Q2 2017, a trend which continued throughout the second half of the year.

Looking ahead, the company said it expects trading conditions to remain challenging in 2018, confirming that its current sales pipeline is below where it was this time last year.

The company declared a full year dividend for 2017 of 0.7p, down 65% from 2016.

Nic Budden, CEO, said: 'We are pleased to have delivered a performance in line with market expectations. However, sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.'



At 8:17am: [LON:FOXT] Foxtons Group PLC share price was -1.6p at 81.7p



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