LONDON (Alliance News) - Foxtons Group PLC on Monday said revenue declined in the first quarter as Brexit and a weak market in London took a toll on sales.
Furthermore Mark Berry, the real estate agent's chief financial officer, will step down from Foxtons' board on June 24 in "mutual agreement" with the company. Richard Harris has been appointed as CFO with effect from the same date.
Harris was group financial controller at Laird PLC and prior to that spent over 11 years at Marks & Spencer PLC, in a number of senior finance roles.
Foxtons said that performance in the three months ended March 31, was in line with the board's expectations.
Group revenue came in at GBP23.8 million, down from GBP24.5 million in the first quarter of 2018. Sales revenue amounted to GBP7.1 million, down from GBP8.2 million a year prior, while lettings revenue was GBP14.6 million, broadly flat on GBP14.3 million a year ago.
"Revenue in the sales business declined as conditions in the London property market remain very challenging," the company explained. "Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence."
In the lettings business, revenue was "marginally ahead of the prior year", Foxtons added.
Foxtons also said it has appointed Alan Giles as non-executive director of the company with effect from June 1.
Giles has "extensive experience as a non-executive director", Foxtons explained. He currently serves as senior independent non-executive director of Perpetual Income & Growth Investment Trust PLC.
Foxtons shares were trading down 1.5% at 59.13 pence each early Monday morning.
Marks & Spencer (MKS)
Foxtons (FOXT)