Foxtons Group Plc (LON:FOXT) has told investors it is anticipating an “inevitable material disruption to trading” in the coming months as a result of the Covid-19 coronavirus pandemic.
In a statement, the London-focused estate agency said that, meanwhile, trading in the first eleven weeks of 2020 had been in line with its board’s expectations.
“However, the company notes the necessary defensive measures taken by the Government affecting London and the UK along with the significantly weakened economic outlook,” Foxtons said.
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“It is too early to predict what the impact of Covid-19 will be on Foxtons' full year results. However, we do anticipate an inevitable material disruption to trading in the coming months,” the group added.
The company added that it is the market leader and has a strong balance sheet, with £21mln of cash.
It is now reviewing a number of actions to protect cash and said it will “take all necessary steps” to balance those actions with preserving the long term capacity of its business.