Foxtons has said its earnings last year are likely to be 80% lower than in 2017, decreasing from £15m ($19.6m) to £3m ($3.9m). The London-based estate agency said higher costs and a drop in sales volumes had led to it suffering even more than in “last year’s historically low levels”. It is not the first time that Foxtons, which was founded by Sir Nicholas Soames as an investment company for wealthy families, has been accused of using tax avoidance schemes. Foxton’s annual sales for the year were down to £111m from £118m, while it experienced a YoY Q4 drop from £24m to £23m.
Foxtons has said its earnings last year are likely to be 80% lower than in 2017, decreasing from £15m ($19.6m) to £3m ($3.9m). The London-based estate agency said higher costs and a drop in sales volumes had led to it suffering even more than in “last year’s historically low levels”. It added that it anticipated the market remaining similarly tough during 2019 but said it was prepared. Foxton’s annual sales for the year were down to £111m from £118m, while it experienced a YoY Q4 drop from £24m to £23m.