Source - SMW
Revenues at London estate Foxtons fell to £35.1m in the three months to the end of September - down from   £37.5m last time but in line with the board's expectations.

 Total revenue for the first nine months of the year fell to £93.7m from £106.3m).

The group said lettings performance was resilient, with the implementation of several initiatives driving a modest growth in volumes versus the prior year. 

It said this growth partially offset the expected impact of the downward pressure on rents across the market, resulting in quarterly lettings revenue of £22.5m (2016: £22.9m).

It added: 'Sales revenue in the quarter was £10.3m (2016: £12.3m), as the activity levels we saw at the end of Q2 continued throughout Q3. 

'Revenues in our mortgage business, Alexander Hall, were in line with the prior year at £2.3m (2016: £2.3m).

'During the quarter we continued to manage our cost base in line with our plan. Cash flow also remained strong during the quarter, supporting a strong balance sheet with no debt.'

Chief executive Nic Budden said: 'This was a resilient third quarter performance when set against the challenging conditions in the London property market. 

'We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.'




At 8:35am: (LON:FOXT) Foxtons Group PLC share price was +4.63p at 77.63p