StockMarketWire.com - Estate agency group Foxtons reported Tuesday flat third-quarter revenue growth compared with the previous quarter owing to a 'challenging' market amid an ongoing reduction in house prices across London.

For the three months ended 30 September, revenue was flat year on year at £35.1m as lettings revenue grew modestly, while sales revenue fell.

Lettings revenue rose to £23.1m, up from £22.5m a year earlier, while sales revenue fell marginally to £9.9m from £10.3m.

Revenues in the company's mortgage broking business, Alexander Hall, fell to £2.1m from £2.3m a year earlier.

The company said it recently closed six branches, taking its total number of branches in London to 61 branches.

'This was a solid quarter in a challenging market. Whether it's securing a premium valuation for a house sale or letting a property to a quality tenant, we know our customers value exceptional service that delivers results and this is how we differentiate ourselves. We are managing the business for the current market conditions and remain confident in our long-term prospects,' said Nic Budden, CEO.








At 9:36am: [LON:FOXT] Foxtons Group PLC share price was -0.37p at 49.63p



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