Estate agents Foxtons saw revenues fall to £106.9m in 2019, down from the £111.5m reported during the previous financial year.
For the year ended 31 December 2019, the company made a pre-tax loss of £8.8m, down from £17.2m, and adjusted EBITDA was reported at £2.5m, compared with £3.6m in the same period in 2018.
Additionally, sales revenues decreased by 10% to £32.6m, whilst letting revenues decreased by 2% to £65.7m, which included the £2.7m impact from the tenancy fees ban.
In December, Foxtons also closed four of its “underperforming” branches.
CEO Nic Budden said: “In 2019 sales transactions continued to fall from the historic lows we saw the previous year. In addition, we saw fewer high value sales at the top end of the market, which impacted sales revenue.
“In lettings, where our focus remains, we delivered another solid performance, despite the impact of the tenant fee ban which came into place in June 2019.”
He added: “Selling or finding a property is more challenging than ever before, whilst landlords are facing increasing legal risks through tighter regulation. These factors create even more relevance and demand for our high service models across both sales and lettings, which are built on the expertise and commitment of our people.
“Overall, we are pleased with our resilience in this prolonged downturn. The business and our people have proved adaptable and resilient, delivering stable results. We continue to maintain a strong balance sheet with no external borrowings.”