London-focused estate agent Foxtons Group plc (LON:FOXT) shares zoomed up over 4% as it said the long term property market in the capital remained attractive but reported a drop in quarterly sales.
Revenue from sales in the three months to end September was £12.2mln compared to £18.5mln in the same period of 2015 due to weaker activity.
Overall revenue for the nine months to September 30 came in at £106.3mln versus £114.5mln in 2015.
During the year, the group said it opened seven new branches in London and Greater London, increasing the network to 65 branches.
"We are committed to open two more branches in Q1 2017 in outer London," it said.
Chief executive Nic Budden said: "The long term fundamentals of the London property market remain very attractive and represent a huge opportunity for growth with nearly £3bn in total sales and lettings commissions on 2015 volumes.
"We have built Foxtons to withstand sales market cycles with our lettings revenue comprising over half the business.
"We are pleased with the response we have seen to the strategic initiatives which we have implemented to grow our lettings business, and also the successful launch of the new MyFoxtons portal. "
Shares added 4.23% to 98.5p.