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Foxtons sees improving performance in 2021 after narrowing annual loss on H2 recovery
StockMarketWire.com
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Foxtons said improving performance had continued in 2021 after the London real estate agent narrowed annual losses as improving second-half performance largely offset the first-half impact of temporary branch closures owing to the spring Covid-19 lockdown.
For the year ended 31 December 2020, pre-tax losses narrowed to £1.4 million from £8.8 million as revenue fell to £93.5 million from £106.9 million. Lettings revenue fell to £57.2 million from £65.7 million, sales revenue fell to £28.2 million from £32.6 million and mortgage broking revenue slipped to £8.1 million from £8.5 million.
'The spring lockdown forced the closure of our branches and head office for 10 weeks during the second quarter of the year, meaning revenues were severely constrained over this usually busy period,' the company said. But performance recovered in the second half of the year and continued the trend in 2021.
'Following the recovery of profitability in the second half of 2020, Foxtons' financial performance has continued to improve into 2021,' the company said. 'Group revenue for the first two months of 2021 is well ahead of 2020 (and 2019) and continued tight cost control has resulted in significant growth in Group operating profit over that period,' it added. At 9:19am: (LON:FOXT) Foxtons Group PLC share price was 0p at 39p
Story provided by StockMarketWire.com
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