Foxtons reports profits down by 43% last year as London market pain continues

first_imgFoxtons’ results for 2017 are out and the company says its group turnover, profits and both sales and lettings revenues were down year-on-year but that it has some “strategic initiatives” up its sleeves due to be revealed next week.The company’s profits took the hardest knock. They dropped from £24.6 million in 2016 to £15 million last year, or 43%, as sales within London’s multi-million pound streets remain quiet despite hopes that the exchange rate would persaude more foreigners to buy into the capital’s bricks and mortar.Revenues from its sales operation dropped by nearly 24% year-on-year from £55 million to £42 million, although the crash in volumes within the capital appears to have eased during the final three months of year. But the company says it expects the pain in London to continue.Unlike last week’s Countrywide results which saw disappointing figures for both sides of its core business, Foxtons’ lettings operation continues to deliver at least only moderate revenue reductions – down last year by just 3%.Struggling performanceBut, despite the weak business performance, CEO Nic Budden appears to be dodging City, investor and board calls for fresh leadership. The company blames its struggling performance on the government’s recent Stamp Duty changes, which impact London’s market more than other areas of the UK.It also says its sales figures would look better if the surge in landlord buying during 2016 prior to the Stamp Duty increase for second homes buyers hadn’t empty the market of demand.“This was a solid performance in the context of ongoing challenging conditions in the London property market,” says Nic Budden (pictured, left)“We remain focused on achieving the best results for our customers and are pleased with the reaction to the recent growth initiatives in our lettings business. Looking ahead, we expect trading conditions to remain challenging throughout 2018.“We are well placed to withstand these conditions due to our strong balance sheet with no debt, and we will provide an update on a number of strategic initiatives which we have been working on at our preliminary results presentation on 28 February 2018.”Foxtons also revealed that it spent £2 million to “manage the cost-base for the future benefits of the business”, which is often a veiled way directors like to suggest they have been cutting jobs within a business.Read our report on Foxtons’ previous trading statement.London market nic Budden stamp duty Foxtons Foxtons’ results January 25, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Foxtons reports profits down by 43% last year as London market pain continues previous nextAgencies & PeopleFoxtons reports profits down by 43% last year as London market pain continuesOnly its better-performing lettings and mortgage businesses, and plenty of cash in the bank prevent CEO Nic Budden going the same way as Countrywide’s Alison Platt.Nigel Lewis25th January 20180932 Viewslast_img read more

Main Street Brookville plans fundraising event

first_imgBrookville, In. — Main Street Brookville will hold the Wine Tasting & Charity Pie Auction at Third Place on April 28. The event features a homemade wine contest at 6 .m., pie auction at 8 p.m. and music by Sam Shuck. Legacy Lane Vineyard Wines will be featured.Tickets are available at Ritzi Jewelers and Keys to the Past.last_img

Saturday update — 122 more COVID-19 cases in Iowa, no new cases in listening area, three more deaths

first_imgOFFICE OF THE GOVERNORGovernor Kim Reynolds ★ Lt. Governor Adam GreggFOR IMMEDIATE RELEASE: Saturday Apr. 11, 2020Additional COVID-19 cases in Iowa, additional deaths confirmed DES MOINES – The Iowa Department of Public Health (IDPH) has been notified of 122 additional positive cases for a total of 1,510 positive cases. There have been an additional 1,057 negative tests for a total of 15,622 negative tests to date, which includes testing reported by the State Hygienic Lab and other labs.According to IDPH, an additional 3 deaths were also reported.Crawford County, older adult (61-80 years)Johnson County, elderly adult (81+)Madison County, older adult (61-80 years)According to IDPH, the locations and age ranges of the 122 individuals include:Allamakee County, 1 older adult (61-80 years)Benton County, 1 middle-age adult (41-60 years)Black Hawk County, 3 adults (18-40 years), 3 older adults (61-80 years)Bremer County, 1 elderly adult (81+)Buena Vista County, 1 middle-age adult (41-60 years)Clayton County, 1 adult (18-40 years)Clinton County, 4 middle-age adult (41-60 years)Dallas County, 1 middle-age adult (41-60 years)Delaware County, 1 older adult (61-80 years)Henry County, 1 middle-age adult (41-60 years), 1 older adult (61-80 years)Jefferson County, 1 middle-age adult (41-60 years)Johnson County, 7 adults (18-40 years), 2 middle-age adults (41-60 years)Linn County, 2 adults (18-40 years), 3 middle-age adults (41-60 years), 4 older adults (61-80 years), 1 elderly adult (81+)Louisa County, 4 adults (18-40 years), 9 middle-age adults (41-60 years), 1 older adult (61-80 years)Madison County, 1 older adult (61-80 years)Marion County, 1 adult (18-40 years)Marshall County, 7 adults (18-40 years), 1 middle-age adult (41-60 years)Muscatine County, 8 adults (18-40 years), 1 middle-age adult (41-60 years), 2 older adults (61-80 years)Polk County, 9 adults (18-40 years), 2 middle-age adults (41-60 years), 5 older adults (61-80 years)Scott County, 1 adult (18-40 years), 5 middle-age adults (41-60 years), 6 older adults (61-80 years)Tama County, 3 adults (18-40 years), 3 middle-age adults (41-60 years), 1 older adult (61-80 years)Wapello County, 1 middle-age adult (41-60 years)Washington County, 2 adults (18-40 years), 6 middle-age adults (41-60 years), 1 older adult (61-80 years)Woodbury County, 3 middle-age adults (41-60 years)A status report of monitoring and testing of COVID19 in Iowa is provided by IDPH and can be found here. In addition, a public hotline has been established for Iowans with questions about COVID-19. The line is available 24/7 by calling 2-1-1 or 1-800-244-7431. The state of Iowa has started sharing the number of negative tests conducted at outside labs, and is providing additional information on the conditions of those infected with COVID-19.last_img read more