Foxtons estate agent in London hit by ‘tough’ homes market

Shares in Foxtons Group, the London-focused estate agent, fell to the lowest since its initial public offering in 2013 after reporting revenue for last year fell below analyst estimates and warning that trading conditions will remain challenging in 2017.

The broker dropped as much as 12% during the session after saying adjusted earnings before interest, tax, depreciation and amortization are expected to decline to about £25m (€28.7m) for 2016 from £46m a year earlier.

Analysts had expected about £28m. The shares later pared some their losses to end 3.7% lower on the day.