LONDON (ShareCast) - (Sharecast News) - Estate agent Foxtons reported a widening of its interim losses on Friday amid ongoing weakness in the London sales market.
In the six months to 30 June, the company's statutory pre-tax loss widened to £3.2m from £2.5m in the first half of last year, with revenue down 3.5% to £51.1m as a "consistent" performance from the lettings business was offset by lower revenues in the sales business, which continued to be hit by a weak London market.

Revenue in the lettings segment was flat at £31.7m, while revenue in the sales division fell 10% to £15.4m.

In the Alexander Hall mortgage business, meanwhile, revenue slipped 3% to £4.m, reflecting a decline in new mortgages, partially offset by growth in re-mortgages.

Chief executive officer Nic Budden said: "The prolonged downturn in the London sales market and continued political uncertainty continues to impact our results.

"Looking ahead, we expect conditions to remain challenging and have effectively positioned the business to reflect this. In lettings, we expect our ongoing commitment to landlords in light of the tenant fee ban to improve further our proposition and we are confident this will continue to drive market share.

"In the longer term, our strong balance sheet and leading market position in London will allow us to capitalise on any recovery, in what remains one of the world's most desirable cities and dynamic property markets."

At 0940 BST, the shares were down 1.2% at 57.70p.

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