Foxtons cuts its 2018 interim dividend
Foxtons 2018 interim dividend
Group revenue declined by 9% as a resilient lettings performance was offset by ongoing weakness in the London sales market.
Adjusted EBITDA £0.1m (2017: £7.1m). Loss before tax £2.5m (2017: Profit before tax £3.8m).
Decline in profitability was driven by lower revenue in the sales business and additional planned investments in people, brand and technology.
The lettings business continues to demonstrate resilience, with revenue of £31.7m down 1% versus prior year and with improving Q2 performance.
Sales revenue was £17.2m, down 23%, reflecting continued market weakness due to lower sales transactions.
Alexander Hall mortgage revenue £4.1m, down 3%. A solid performance driven by re-mortgages.
Strong balance sheet maintained with no debt and cash balance of £11.8m at 30 June 2018.
There will be no interim dividend in this financial period in line with our policy.
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