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Beaufort's view: "The aforementioned update issued by Foxtons is a disappointing one. The company has lowered its revenue and profit margins for 2016 on uncertainty in the market following the UK's decision to leave the EU. Post Q1 2016, Foxtons witnessed a drop in sales volumes, dragged by a higher stamp duty and uncertainty surrounding Brexit. Although Foxtons' expansion strategy remains on track, and it has significant opportunity to expand its network across London, we are concerned about the company's reduced sales pipeline entering into Q2 2016. We remain confident of the company's long-term prospects, given its strong balance sheet and low debt. However, recent uncertainty in the property market is likely to depress growth and profitability in the near-to-medium term." on research tree
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