Foxtons PLC (LON:FOXT) warned there is no sign of an improvement in the London housing market as it plunged deep into the red in 2018.
The estate agent had already flagged underlying profits had dropped by 76% to £3.6mln, but with a £16mln charge for branch closures and impairments, losses for the year came in at £17.2mln.
READ: Foxtons reports 80% dive in annual profits as UK home sales continue to fall
Sales overall dropped by 5% to £111mln, but revenues from house sales were 15% lower with a loss here of £4.5mln.
Lettings profit almost halved to £6.7mln but it is doing better than sales and Nic Budden, chief executive, said this area will be more of a target while trading conditions remain so challenging.
“Whilst our sales pipeline remains at a similar level to the same time last year, the sales market remains very subdued with less visibility on exchanges proceeding.“
There was no final dividend. Shares were unchanged at 61p.