Foxtons (LSE:FOXT) Group PLC reported a 10% top-line increase for the first quarter despite a fall in revenue from house sales.
Lettings revenue rose 27% to £22.8mln, while sales revenue fell 16% to £8.1mln.
The fall in house sales was driven by a reduction in exchange volumes in the quarter, which the estate and lettings agent largely blamed on the “lower under-offer sales pipeline at the start of the year, resulting from reduced buyer activity following the September mini-budget”.
It said the start to the new financial year was in line with management's expectations.
The shares rose initially but then fell 1.45% to 37.45p after an hour of trading.