Foxtons Group Plc, the London-focused property broker, fell to the lowest since its initial public offering in 2013 after reporting revenue for last year that fell below analyst estimates and warning that trading conditions will remain challenging in 2017.
The broker dropped as much as 12.4 percent after saying adjusted earnings before interest, tax, depreciation and amortization are expected to decline to about 25 million pounds ($30 million) for 2016 from 46 million pounds a year earlier. Analysts had expected about 28 million pounds. The shares were down 5 percent in London trading at 94 pence as of 10:32 a.m.
Tax increases and uncertainty over Britain’s…