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UK estate agent Foxtons 2016 profit misses estimates

Reuters - UK Focus

March 8 (Reuters) - London-focused estate agent Foxtons posted an 11 percent fall in 2016 revenue after a slump in demand pushed down profit by 54 percent, due to a property tax increase and the impact of Britain's vote to leave the European Union.

Pre (Shanghai: 600048.SS - news) -tax profit fell to 18.8 million pounds ($23 million), lower than the average 19.6 million pounds forecast in a Thomson Reuters poll of analysts. The company said revenue fell to 132.7 million pounds from 149.8 million pounds last year. ($1 = 0.8193 pounds) (Reporting by Justin George Varghese and Costas Pitas; editing by David Clarke)