Foxtons shares plunge 24% after estate agent issues Brexit profit warning
Shares in Foxtons have crashed 24% after the estate agent issued a Brexit profit warning on Monday.
The company's stock fell from 135p to 103p in morning trading as t he London-focused firm said that the upturn it had expected in the second half of the year is "now unlikely to materialise", adding that annual earnings will be "significantly lower" than in 2015.
Chief executive Nic Budden said: "Whilst we had a strong start to the year, we said in our first quarter update that we expected the first half to be challenging ahead of the EU referendum.
"Since then recent sales volumes have been slow as uncertainty and higher stamp duty has led many buyers and sellers to sit on their hands. The result of the referendum has increased uncertainty and is likely to mean that these trends continue for at least the remainder of the year."
However, in the longer term Mr Budden said that Foxtons remains confident of the "attractiveness of London property sales markets" and its strategy to focus on the outer London mid-market segment.