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Alexander Hall revenue stable despite Foxtons’ troubles

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  • 31/10/2019
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Alexander Hall revenue stable despite Foxtons’ troubles
Alexander Hall brought in revenues of £2.1m in the third quarter of this year, the broker firm’s parent company Foxtons has confirmed.

 

This is unmoved from the same period of 2018, and in stark contrast to the difficulties seen by the wider group.

In a trading update, Foxtons said that its overall revenues fell by seven per cent in the third quarter to £32.5m, down from £35.1m last year. 

As a result its revenues for the year to date stand at £83.6m, a fall of five per cent on 2018.

On lettings, the firm said that its decision to not increase fees to landlords following the tenant fee ban, as well as general improvements to its lettings offer, had helped it to grow market share and increase use of its property management services. Nonetheless, revenues still dropped four per cent.

The fall was even more dramatic on sales, down by 15 per cent to £8.4m. Foxtons argued this was a “resilient performance” given the difficult market backdrop, which brought together a combination of lower volumes, falling prices, and fewer high value sales. 

Foxtons said it remains focused on “cost control” in order to reduce the impact of lower revenues on its overall profitability, and emphasised that cash flow remains healthy.

Nic Budden, chief executive officer of Foxtons, said: “We are encouraged by landlords’ reaction to our  improved lettings offer and are confident we can continue to gain share in the London lettings market. 

“We continue to manage costs tightly to ensure the business is well‐placed to withstand this prolonged market downturn and are confident that this, coupled with our improved overall offer, positions us well for the future.”

 

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