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London estate agent Foxtons nearly halved annual losses as cost cuts offset weaker revenue amid an ongoing decline in sales.
For the year ended 31 December, pre-tax losses reduced to £8.8m from £17.2m on-year even as revenue fell 4% to £106.9m.
Revenue from lettings fell 2% on the prior year and sales revenue fell by a further 10% in 2019 as a result of reduced market volumes, similar to the levels recorded following the credit crunch in 2009, partially offset by gains in market share, the company said,
Looking ahead, Foxtons said it was yet 'too early' to predict how the market will behave during the year even as political uncertainty cleared up following the general election in December last year.
'We expect structural issues such as affordability and stamp duty to hold back sales volumes and there is room for significant improvement in consumer confidence, it added. 'Our sales pipeline is stronger than the same time last year which is positive but our focus remains on lettings and cost control in line with our prudent approach to running the business.'
At 9:10am: (LON:FOXT) Foxtons Group PLC share price was -7.5p at 76.8p