Foxtons Group PLC (LON: FOXT) said it delivered a flat third-quarter performance with the flat trends set out in July continuing as the London property market remained challenging impacted by Brexit and economic uncertainties, leading it to shut six branches.
In a trading update for the quarter ended 30 September 2018, London's leading estate agency said group revenue was flat year-on-year at £35.1mln (2017: £35.1mln), taking total revenue for the nine months to £88.1mln (2017: £93.7mln).
READ: Foxtons dives into the red as London housing market remains subdued
The firm said Lettings revenue for the nine months was £23.1mln (2017: £22.5mln), while Sales revenue in the quarter was marginally lower at £9.9m (2017: £10.3m), which it added was a solid performance amidst ongoing reduced transaction levels.
The company said revenues in its mortgage broking business, Alexander Hall were fairly steady at £2.1m (2017: £2.3mln), and overall cash flow was as expected in the period.
It added that trading throughout October was in line with third quarter performance levels.
Foxton's said it had closed six branches as it focuses on improving efficiency and ensuring its costs reflect market conditions, leaving it with 61 offices which cover more than 85% of the city.
Nic Budden, Foxtons' CEO, said: "This was a solid quarter in a challenging market.”
He added: “We are managing the business for the current market conditions and remain confident in our long-term prospects."
Earlier this year, the group posted a pretax loss of £2.5mln for the first six months of 2018.