Founded in 1981, Foxtons started life as a two-person agency in Notting Hill. Over the years we are proud to have become London's leading estate agent.


Estate agency Foxtons Group has announced the successful pricing of its IPO of 169.4m shares of one pence each. The price has been set at 230p per share.

Based on the Offer Price, the market capitalisation of the Company will be approximately £649m on admission.

The Offer is expected to raise gross proceeds of approximately £390m, comprising a primary component of £55m and secondary sales of £335m. Secondary sales will consist of a partial sell-down by Adnams BBPM Holdings Limited (an entity controlled indirectly by funds advised by BC Partners), executive directors of the Company and certain other employees of the Group.

Conditional dealings will commence on the London Stock Exchange at 8.00 a.m. today under the ticker FOXT.

Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Shares ("Admission") are expected to take place at 8.00 a.m. on 25 September 2013. At Admission the Company will have 282,176,468 Shares in issue.

http://www.foxtons.co.uk/

UK estate agent Foxtons makes $1.2 billion stock market debut

http://ca.finance.yahoo.com/news/uk-estate-agent-foxtons-makes-1-3-billion-080626446--sector.html

Have you seen the premium its kicked off at though. Shocking.

Bubble, what bubble?

i really do not like Foxton's ethics and ethos - far too sharp and aggressively pushy - so would never use them nor buy their shares

If I have read things correct it looks like Joe soap cannot buy till the 25th ? Good to see views.

Foxtons storms onto London market in latest major float of 2013

By Peter Campbell

PUBLISHED: 21:55, 20 September 2013 | UPDATED: 09:56, 21 September 2013


Foxtons stormed onto the London market yesterday in the latest major float of 2013.


Shares in the estate agent soared by as much as 24 per cent during the day after listing at 230p each.


The listing raised £390m for the group’s private equity backers BC Partners – which could now offload 17m more shares into the market.




Debut: Foxtons sells higher value properties and charges an average commission rate of 2.5 per cent

It is the latest success to hit the trading floor since the start of the year, with rival Countrywide and housebuilder Crest Nicholson notching up 45 per cent and 33 per cent increases since coming to market.


Not all listings of 2013 have clocked up double-digit growth. Shares in Sheilas’ Wheels owner Esure have lost almost a fifth of their value since floating in March.

But Foxtons’ success on its opening day took investors by surprise. ‘I can’t remember the last time I saw shares in a major company move so much on the first day of trading,’ said IG’s Chris Beauchamp. ‘Movements of 5 per cent or 6 per cent are common but this is something else.’

Shares climbed to 285.5p before closing at 267p. The company has been buoyed by London house prices, which have risen 10 per cent over the last year.

In the last six months the group said its underlying profits rose 14.3 per cent to £19.4m.


Founded by Jon Hunt in Notting Hill in 1981, the chain focused on selling higher value properties and charges an average commission rate of 2.5 per cent.


Last year its average sale price was £476,000.


Private equity group BC bought the company from Hunt in 2007 for £360m, right at the top of the market. After losing control of the business to its lenders, the buyout group regained control of Foxtons in 2010.

Share tips: Foxtons

Sun, 22 September 2013

Avoid Foxtons, the Sunday Telegraph’s Questor said. Amid fears of a property bubble, the London market, where the estate agent does most of its business, has outperformed the rest of the UK by 10 times. The shares gained 14% after they started trading 0n September 20th and are already looking pricy. On Questor’s calculations Foxton’s is trading at 24 times forecast adjusted earnings per share. That is expensive for a business where profit and revenue are rising by 6% year, Questor concluded.


http://sharecast.com/news/share-tips-foxtons-unite-ag-barr/21172803.html

dreamcatcher- 21 Sep 2013 12:57 - 6 of 8

If I have read things correct it looks like Joe soap cannot buy till the 25th ? Good to see views.........................

You could get them on a spread bet with IG index 0n thursday. Thats why I knew they were trading at a massive opening premium to the float SP. Mid 277.4p at moment.......... DEC contract.

Thanks goldfinger, one to avoid for myself at the moment.

21/9 - i lied! .... i have just bought them despite concerns as to their ethics ..... what price principles as is often said?

no numbers due until 20/3/14, but with property prices and volumes at last on the increase, i'ld be disappointed if sp was not well north of the current 295/300 by then

cynic interim management statement 6th November 2013

thanks hali ..... missed that bit, but i guess the forecast will be bullish

yes looking good.

Good for you cynic, you do not have to like a company for it to make you money. Well done.

quite so LOL!!!

True. That's the name of the game. :-))

strong close :-)
the morrow will see if it's an anomaly

2013 has been a very good year for IPO's.

London house prices leap 10% in just a month, I'm sure this will help the commissions of the estate agents.

read it again!
london prices were up 10% over the last YEAR!

I have, 10% in a month. yes

From sky news - London house prices are said to have soared to a new high this month, beating their previous record by nearly £30,000 and fuelling fears that the capital is overheating.

Property website Rightmove said asking prices in the capital saw an "unsustainable" 10% month-on-month increase in October, pushing typical asking prices to £544,232, leapfrogging a previous high set in July by more than £28,000.

in that case i'll have to look again, but it is totally impossible for prices to jump 10% in a single month - think about it; that would be 0.3% every single day of the month

Overheating ?

go to Nationwide House Price Index ...... liked wot i sed - london prices up 10% in a YEAR!

Right move - It put much of the increase down to a "frenzy" of activity in parts of prime inner London as overseas investors look for a safe haven to place their cash amid the troubles of the eurozone, which is "leaving the shelves bare".



Westminster was named as London's strongest-performing house price area in October. Prices there have soared by 11.9% month-on-month to reach £1.6m typically.


Clearly states over a month below from Sky =


Kensington, Chelsea, Hammersmith and Fulham also recorded increases of 11.8% in sellers' asking prices over the month.

Will they get their asking prices ?

i'll say no more, but you are absolutely mis-reading!!!

'go to Nationwide House Price Index' ...... I see 10% in Q3, the sky headline is not clear.

read it properly for goodness sake and see the attaching bar chart further down the left-hand side .... i would have c+p'ed for your very simple brain, but it wouldn't let me

Chill out for goodness sakes -

Read what I have put in post 28 Am I not agreeing with you? Sounds like another stressful day at work? I have agreed with you and also stating the sky write up is poor.


Eg of a poor write up from Sky - Kensington, Chelsea, Hammersmith and Fulham also recorded increases of 11.8% in sellers' asking prices over the month.

ok - i'm a muppet then :-)

I knew that already. (Joke) lol

Is Help to Buy a heaven-sent lifeline for those who can't tap the Bank of Mum and Dad - or a costly trap?

By Ruth Sunderland

PUBLISHED: 01:02, 23 October 2013 | UPDATED: 11:11, 23 October 2013




House moves: Help to Buy

Is George Osborne’s Help to Buy a heaven-sent lifeline for young adults, unable to get on with their lives because they cannot raise a deposit on a home of their own?


Or should the Chancellor’s big idea really be named Help to Buy Votes, as its critics believe?


To its detractors, the scheme is a foolish attempt by the Government to put a gloss on the economy ahead of the election, by luring people into loading up with debt in a housing market that is already showing signs of running amok.


The initiative allows borrowers to buy a home of up to £600,000 with a deposit of just 5 per cent, instead of the prohibitive 20 per cent down payment demanded by the High Street lenders.


A government guarantee will cover the remaining 15 per cent, meaning taxpayers could be faced with a multi-billion pound bill if borrowers who use the scheme fall into difficulty.


A key worry is that Help to Buy could come back to haunt the hopeful band of new homebuyers who use it – as well as taxpayers who are backing it.


Marion Bell, a former member of the Bank’s Monetary Policy Committee, said: ‘I have doubts about whether the way forward is for people to take on more debt. I wonder whether the Government should be taking on that risk onto its books.’


Government ministers and Bank of England policymakers are making soothing noises.


But the fact remains that property values remain high in relation to incomes, despite the slump. In some areas, notably London, they are rising fast, with a surge of 10 per cent in just a month in the capital according to website Rightmove, and the divide between the capital and the regions is becoming wider.


Help to Buy borrowers will also be charged a rate of around 5 per cent, which is comparatively high when set against many existing homebuyers on low cost trackers.


One big concern is that when base rates inevitably start to go up, many of them could be plunged into difficulty, sparking a wave of arrears and repossessions.



Interest rates, according to the ‘forward guidance’ given by new governor Mark Carney, are not likely to rise before 2016, unless unemployment falls faster than expected.


And according to Ben Broadbent, a former Goldman Sachs economist who sits on the Monetary Policy Committee, there is plenty of leeway to put base rates up before it would risk pushing people on Help to Buy into the mire.


‘I think there is a fair amount they could go up before borrowers got into great difficulty, I must say,’ Broadbent said.


He added that the ‘numbers entering this scheme are relatively low and although interest rates will at some point start to rise, it is worth remembering how low a level we are starting from.’


Read more: http://www.dailymail.co.uk/money/mortgageshome/article-2471819/Is-Help-Buy-lifeline-tap-Bank-Mum-Dad.html#ixzz2iYtLnk45
Follow us: @MailOnline on Twitter | DailyMail on Facebook


http://www.dailymail.co.uk/money/mortgageshome/article-2471819/Is-Help-Buy-lifeline-tap-Bank-Mum-Dad.html

RNS renewed institutional share buying.

sp closes at 314p a good week with more to come.

i think so too ..... just may top up

sp 318p rising nicely ahead of IMS next week.

Interim Management Statement

RNS


RNS Number : 2935S

Foxtons Group PLC

06 November 2013






Foxtons Group plc Interim Management Statement
6 November 2013

Introduction
Following its successful IPO in September, Foxtons Group plc (LSE:FOXT) has made a strong start as a public company and has continued effectively to execute its organic growth strategy. This interim statement is for the period from 1 July 2013 to date.

Michael Brown, Foxtons Group CEO, commented "Our first interim management statement as a listed company shows encouraging performance across the business. The IPO has left the Group in a strong position with no debt and we have a highly cash generative growth strategy which is not heavily dependent on a recovery in the sales market. We remain confident about Foxtons' prospects for the rest of the year but do not expect to see a significant upturn in London property sales transactions".



Financial highlights

Group turnover for the three months ending 30 September 2013 was £41.1m, 17.9% higher than for the same period in 2012, with revenues from property sales showing strong growth of 28.7% driven by volume growth in both new and existing branches. Lettings and mortgage revenues grew by 8.7% and 63.6% respectively over the same period.

Third quarter adjusted EBITDA1 growth was particularly strong due largely to the timing of new branch openings earlier in the year together with robust cost control during August and September 2013 and higher overall revenues. Group adjusted EBITDA1 for the nine months ended 30 September 2013 was up by 23.0% over the same period last year.

The Group has achieved an adjusted EBITDA1 margin of 36.0% for the nine months ended 30 September 2013 up from 33.2% for the same period in 2012 reflecting higher revenues and the economies of scale and operational leverage inherent in Foxtons' centralised business model.

As planned, the Group used primary proceeds from the IPO to pay down its debt fully and is now debt free.

As well as achieving solid financial results so far this year, in October 2013, Foxtons was named as Best Real Estate Agency in the UK at The International Property Awards.

Expansion plan update
The Group opened five new branches during the first half of 2013 (Brixton, Barnet, Enfield, Hackney and West End) and two new branches in October 2013 (Crystal Palace and Twickenham). These new branches are performing well and were opened on time and within budget.

Outlook
London property sales transactions in 2013 have so far remained relatively flat due primarily to a shortage in the supply of property for sale and low mortgage availability. It remains to be seen whether the recent Government help to buy initiatives and the early signs of a pick-up in mortgage activity ultimately lead to a significant increase in market volumes but these dynamics are expected to materialise slowly.

Trading during Q4 has started positively, however Q4 adjusted EBITD A1 is expected to be impacted by the operating costs of the two new branches opened in October 2013 and by the higher on-going costs of operating as a listed company.



-Ends-

it'll be interesting to see how these numbers etc are received .... prob some early profit-taking, but then .....?

05 Nov 2013 Foxtons FOXT Credit Suisse Neutral 300.75 320.00 - 322.00 Initiates/Starts

06 Nov 2013 Canaccord Genuity Hold 300.75 315.50 320.00 320.00 Reiterates

early tree shake now sp moving ahead again

cynic lost ground recovered sp now in the blue at 316p

Foxtons Group (LON:FOXT)

Foxtons Group announced its interim management statement for the period from 1st July 2013 to date. The company stated its turnover for the three months ending 30th September 2013 rose 17.9% y-o-y to £41.1m. This was supported by 28.7% growth in property sales and 8.7% & 63.6% growth in Lettings and mortgage revenues, respectively. Adjusted EBITDA for the period was strong mainly due to higher revenue, timing of new branch openings and robust cost control. The company opened five new branches in the first half of 2013; two additional branches were opened in October 2013. Property sale in London remained relatively flat so far in 2013 primarily due to a shortage in the supply of property for sale and low mortgage availability. Moreover, trading during the fourth quarter has started positively however, adjusted EBITDA is expected to be impacted by the operating costs of the two new branches and by the higher on-going costs of operating as a listed company.

Our view: Following the successful completion of the IPO in September, Foxtons has made a strong start as a public company. The company continued to follow its organic growth strategy and posted an encouraging performance during the third quarter across its business verticals. The IPO helped the company to build a strong debt free balance sheet. In spite of subdued London property sales transactions, Foxtons is expected to have a high cash generative growth strategy, which is not heavily dependent on recovery in the sales market and could result in healthy top-line growth during the fourth quarter. We assign a Buy rating for the stock.



http://www.proactiveinvestors.co.uk/columns/beaufort-securities/14578/beaufort-securities-breakfast-today-including-nostra-terra-oil-gas-magnolia-petroleum-howden-joinery-and-foxtons-group-14578.html

18 Nov Canaccord... 320.00 Buy

In Shares - Foxtons is set to benefit from its focus in London, a market where demand continues to outstrip supply. A forward price/earnings ratio of 21.9 for 2014 to 2018 based on consensus earnings per share number of 13.4p, looks rich at first sight but estimates for 35% earnings per share growth and a decent yield suggest appearances may be deceptive.

6 Dec Canaccord... 320.00 Buy
6 Dec Credit Suisse 322.00 Outperform

time for a little ramp i think :-)

with the latest economic numbers showing that the uk recovery is (still) primarily focussed in SE, FOXT is an obvious choice to cash in on the strong housing activity that will ensue - actually, it already is

Agree, Could do a lot worst.

steady on old chap! ..... fossy will be chasing you with a big stick for agreeing with me if you don't watch out :-)

I was actually agreeing with the sentiments in DC's post... So don't flatter yourself sunshine -):

that was from nearly 2 months ago!

...Well I'm not the quickest granted -):

hey sticky, did you do as I told you a week or so back?
zippy-de-doo-dah :-)

wakey wakey sticky ...... been telling about this one for ages - sp currently 395

figures out 11/3 apparently

Nothing wrong in changing your mind, well done. :-))

cynic - 21 Sep 2013 11:38 - 5 of 54

i really do not like Foxton's ethics and ethos - far too sharp and aggressively pushy - so would never use them nor buy their shares

the first part remains true, but as in legal actions, what price principles? :-)

At the end of the day its made you money. :-))

quite so, and hence my previous comment

But look at the lofty P/E............

Foxtons Group PLC

FORECASTS

2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Canaccord Genuity Ltd
06-12-13 BUY 37.10 10.80 47.10 13.00
Numis Securities Ltd
07-11-13 ADD 37.40 9.10 47.00 13.10 16.80
2013 2014
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 37.24 10.00 47.05 13.05 16.80
1 Month Change 0.00 0.00 0.00 0.00 0.00
3 Month Change -0.00 0.02 0.00 -0.00 0.00
GROWTH
2012 (A) 2013 (E) 2014 (E)
Norm. EPS 16.13% 36.74% 30.50%
DPS % % %
INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)
EBITDA £36.71m £45.21m £51.92m
EBIT £33.11m £41.37m £46.95m
Dividend Yield 0.00% % 4.21%
Dividend Cover x x 0.78x
PER 54.54x 39.89x 30.57x
PEG 3.38f 1.09f 1.00f
Net Asset Value PS -22.30p p p

no one forcing you to part with your money
it'll be interesting to see how good the numbers and forward statement are, following which the market will no doubt react
quite possibly or even probably some profit-taking, but the what?

meanwhile, the shenanigans in ukraine could blight all markets

Oh indeed indeed. Ruskies running riot.

Think I should have put rightmove up to compare.

Here we are a bit cheaper but not much in it..........

Rightmove PLC

FORECASTS

2014 2015
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Peel Hunt LLP
28-02-14 SELL 110.26 83.53 29.10
Panmure Gordon [R]
28-02-14 BUY 119.00 94.40 30.00 135.00 109.00 34.00
Canaccord Genuity Ltd
28-02-14 HOLD 102.00 129.00
Exane BNP Paribas
28-02-14 BUY 112.00 85.73 26.64 131.00 102.92 32.00
Numis Securities Ltd
28-02-14 BUY 118.00 91.40 32.00 129.80 100.60 36.00
Investec Securities
02-01-14 HOLD 114.70 87.92 34.26 129.10 102.81 40.08

2014 2015
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 115.23 89.96 30.70 129.97 103.52 35.18
1 Month Change 1.39 0.96 0.55 -1.03 -1.32 2.20
3 Month Change 1.92 0.55 1.10 -2.98 -2.37 2.20

GROWTH
2013 (A) 2014 (E) 2015 (E)
Norm. EPS 22.48% 23.60% 15.06%
DPS 25.00% 22.80% 14.58%

INVESTMENT RATIOS
2013 (A) 2014 (E) 2015 (E)
EBITDA £m £117.84m £135.00m
EBIT £m £112.00m £131.00m
Dividend Yield 0.91% 1.11% 1.28%
Dividend Cover 2.91x 2.93x 2.94x
PER 37.85x 30.62x 26.62x
PEG 1.68f 1.30f 1.77f
Net Asset Value PS p 5.50p 2.40p

they're both good in their own way .... my preference for FOXT is, as much as anything, based on the fact that they are focussed on london and its periphery, which is unquestionably where the growth is

Probably go PLOP tomorrow like most overvalued stocks.

Anyone have the beta for it??.

N/A or ------ I have found goldfinger.

Digital Look normally carry them but dont have one yet.

Hope traders are setting about getting ready for a big down day on the market tomorrow.

Get some hedges in place.

Perhaphs Gold will do well for a while.

i already had a small dow short, but when i went to bed, the markets were still shut so couldn't add

Countrywide another competitor here I had forgotten about, lets look at the numbers....

Pleasantly suprised cheapest of all three on the thread.....

Countrywide PLC


FORECASTS

2014 2015
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon [R]
04-03-14 BUY 98.70 35.00 10.00 136.00 47.70 14.00
Peel Hunt LLP
04-03-14 BUY 104.57 37.28 6.90
Numis Securities Ltd [R]
26-02-14 ADD 99.40 38.10 10.90 130.10 49.60 16.50

2014 2015
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.08 37.68 10.00 132.79 48.74 15.36
1 Month Change 0.00 0.01 0.00 -0.03 0.01 0.01
3 Month Change 0.38 2.68 0.00 -3.21 1.03 1.36

GROWTH
2013 (A) 2014 (E) 2015 (E)
Norm. EPS 28.15% 115.28% 29.35%
DPS % 400.00% 53.62%

INVESTMENT RATIOS
2013 (A) 2014 (E) 2015 (E)

EBITDA £m £119.37m £151.82m
EBIT £m £m £m
Dividend Yield 0.32% 1.60% 2.46%
Dividend Cover 8.75x 3.77x 3.17x
PER 35.74x 16.60x 12.84x
PEG 1.27f 0.14f 0.44f
Net Asset Value PS p p p

SEE CHART THREAD.

thanks sticky - i'll try to look tomorrow but out until pm

Estate agency Foxtons (LON:FOXT) has been rising this wave ever since it floated last summer, but Canaccord suggests it may be time for a pause.

“Foxtons shares are now trading at 20%+ above our 320p target price and 69% above the price at IPO (230p). “

“While the economy recovery is supporting the residential housing market recovery, we remind investors that the Foxtons’ investment case is based on its branch network: the expansion is limited by available resources.“

At 390p Foxtons is trading on 30 times 2014 EPS (3.3% earnings yield) and 26 times Canaccord’s forecast for 2015 EPS (3.9% earnings yield). Its target of 320p is based on 21 times earnings



http://www.proactiveinvestors.co.uk/columns/broker-spotlight/15593/broker-round-up-astrazeneca-foxtons-rentokil-aureus-ferrex-15593.html

Foxtons in expansion push as profits rise 50% amid house prices surge

By Alex Hawkes, Financial Mail On Sunday

PUBLISHED: 22:21 GMT, 8 March 2014 | UPDATED: 22:21 GMT, 8 March 2014



Upmarket estate agent Foxtons is to reveal that profits rose more than 50 per cent last year on the back of London’s booming property market.


City analysts expect the chain, once known for its fleet of Union Jack-covered Minis, to say on Tuesday that turnover rose 13 per cent to £136million in 2013 and that profits hit £38million, up from £25million in 2012.


The results will be the first since Foxtons’ stock market listing. Investors were offered shares at 230p in September last year, with the price soaring on the first day to 280p. They closed on Friday at 383p, valuing the group at £1.1billion and chief executive Michael Brown’s stake at £87million.





Well-placed: Foxtons aims to open five to ten more branches a year in London


Dozens of top staff made a fortune when the agency listed, having built up equity stakes during the group’s private ownership. Foxtons is also expanding.


It aims to open five to ten more branches a year in London, having earmarked 60 new sites. This would add to the 42 it already has in the capital, and two in Surrey.


Half of its turnover comes from lettings and the other half from sales. Despite suggestions of a bubble in the property market, analysts at investment bank Credit Suisse said in December that they expected estate agents to do well for a prolonged period.

‘The market has by no means fully recovered, which provides estate agents with a rare transaction-driven earnings growth tailwind, which we believe may last four years,’ the bank said in a note to clients.

It added that housing transactions collapsed during the credit crunch, but are recovering and could hit 1.1million in 2017 – 60 per cent above current levels.


Figures due on Thursday from the Royal Institution of Chartered Surveyors are likely to underline the growth in the UK housing market.


Of the trade body’s members, a balance of 53 per cent said they had seen prices rise in January and February figures are likely to be similarly strong. Halifax said last week that house prices had risen by 7.9 per cent in the year to February.

figures certainly shouldn't disappoint

Foxtons Group reported revenue up 16% to £139.2m in the year to end-December (2012: £120m).

· Group Adjusted EBITDA was up 29.6% to £49.6m (2012: £38.3m)
· Group Adjusted EBITDA Margin was up 380 bps to 35.7% (2012: 31.9%)
· Profit before tax was up 56.6% to £38.9m (2012: £24.9m)
· High levels of cash generation creating a closing cash balance of £23.4m.
· Total dividend proposed is 5.44p per share (comprising 1.70p final and 3.74p special) equivalent to £15.4m.

Operational highlights
· A successful IPO in September 2013.
· A well balanced business with 47.7% of Group revenues being generated through lettings.
· Sales volumes up 22.5%
· Lettings volumes up 6.7%
· 7 new branches opened during 2013, bringing the total at year end to 44 branches.
· All new branches performing in line with expectations.
· Continued improvement in the performance of the Alexander Hall mortgage broking business.

Michael Brown, CEO, said:

"It's a pleasure for me to report a strong start to Foxtons life as a public company. Our successful IPO in September 2013 leaves the Group debt free......

We have seen a good start to 2014 with a strong short term sales pipeline. We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year. However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market. Our new branches are maturing well and we are on track to open a further seven branches by the end of this year, with 5 of them scheduled to open in the first half of 2014".

Canaccord Genuity Hold 378.30 375.20 320.00 320.00 Reiterates

Numis Add 378.30 375.20 - 420.00 Retains

Credit Suisse Outperform 378.30 375.20 322.00 430.00 Reiterates

Credit Suisse celebrates 'structural growth story' at Foxtons

Tue, 11 March 2014


Credit Suisse has lifted its target price for London-focused estate agency chain Foxtons from 322p to 430p after upgrading its forecasts following the company’s ‘impressive’ fourth quarter.

The bank maintained its ‘outperform’ rating on the stock.

Group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 29.6% to £49.6m in 2013. This implies EBITDA of £12.3m for the fourth quarter which was ahead of Credit Suisse’s estimate by 48%.

Meanwhile, Foxtons said it achieved an operating cash conversion of 83.1% last year, reaching 87% by the fourth quarter, up from 68% in the third quarter and just 46% in the first half.

“Cash dynamics are improving much more quickly than we had anticipated, supported by strong increases in house prices and volumes across the London property market,” Credit Suisse said.

As such, the broker has raised its EBITDA forecast for the company in 2014 by 10% to £59.29m.

“Foxtons is a structural growth story owing to its branch expansion program (another seven targeted for this year). We do not expect the London housing market to normalise within five years, owing to current high house price-to-income ratios.”

The bank said that cash dynamics fully support Foxtons’ premium to its peers in the sector and that the market “underappreciates” its cashflow generation ability.

The stock was up 0.5% at 376.89p by 11:29 on Tuesday.
----------------------------------------------------------------------------------------
Foxtons on track for more branch openings despite flat market in capital

By Giles Gwinnett

March 11 2014, 10:46am
This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group calls a 'flat' market in the UK capital



Foxtons (LON:FOXT) is on track to open a further seven branches by the end of 2014 as the London- focused estate agent posted rising profits last year.

The firm floated last September and reported for the year to end Deceber 2013, pre-tax profit up 56.6% to £38.9mln (2012: £24.9mln) on revenues which were up 16%.

The group plans a total dividend of 5.44p per share (comprising 1.70p final and 3.74p special).

This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group called a "flat" market in the UK capital.

Chief executive Michael Brown said: "We have seen a good start to 2014 with a strong short term sales pipeline.

"We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year.

"However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market.

"Our new branches are maturing well and we are on track to open a further seven branches by the end of this year, with 5 of them scheduled to open in the first half of 2014".

Shares edged up 0.35% to stand at 376.50p.

am considering buying back the lump I sold yesterday

Interim Management Statement - Qtr1-2014

RNS


RNS Number : 7071F

Foxtons Group PLC

29 April 2014






Foxtons Group plc Interim Management Statement
29 April 2014

Introduction
Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 January 2014 to date, incorporating trading results for the quarter to 31 March 2014.

Highlights

Early performance in 2014 has been encouraging with continued growth in both Group turnover and Adjusted EBITDA(1) compared to the same period last year.

· Q1 Group turnover was £34.1m, an increase of 19.2% on the same period in 2013.

· Q1 property sales commissions were £17.6m, up 41.1% on prior year driven by significant volume growth in new and existing branches and increasing property prices.

· Q1 mortgage revenue of £1.4m grew by 53.5%, albeit from relatively low levels in the previous year.

· As expected, Q1 Lettings revenue of £15.0m was broadly flat as the sharp upturn in the sales market has compressed lettings demand and rents.

· Q1 Adjusted EBITDA(1) of £10.9m increased by 44.0% as a result of strong revenue growth and the substantial operational leverage inherent in Foxtons centralised business model. Q1 Adjusted EBITDA(1) margin improved significantly over the same period last year.

· The group continues to create strong cash flow and remains debt free.

New branches

Foxtons has opened three new branches so far this year (Greenwich, Beckenham and Earls Court) all of which are performing in line with our expectations. There are four more planned, two in May (Stoke Newington and Harrow) and two in the autumn.

Garry Watts, Chairman, commented:

We are pleased to report an excellent start to 2014, continuing the trend seen in the second half of 2013. Turnover is well up on the comparative period and margins have been further enhanced as we continue to benefit from the roll out of our centralised business model.

As we have made clear previously, the outlook in the longer term will primarily be determined by the availability of housing stock, however, as of today our pipeline is well ahead of last year and gives us confidence in the results for the half year to 30 June 2014.

Reality settling back in!

1 May Canaccord... 382.00 Buy

Foxtons: Credit Suisse shifts target price from 429.87p to 430p and retains an outperform rating.

wow!

Whats the wow for, the .13 of a penny . lol. Seems still to be heading south at the moment.

Foxtons shares slide as boss quits

By Jamie Nimmo

June 03 2014, 9:39am
Foxtons shares slide as boss quits

The chief executive of Foxtons (LON:FOXT) has quit the London-based estate agent less than nine months after it joined the London Stock Exchange.

Michael Brown has stepped down after 12 years at the company, including seven as CEO, for personal reasons.

Brown has agreed to remain on the board as a non-executive director.

Taking his job on 1 July is Nic Budden, who has worked alongside Brown as chief operating officer since 2005.

Foxtons floated on the stock market in September at 230p and is now up at 320p despite threatening to break 400p earlier in the year.

The stock dropped 2.7% on the news today.

Chairman Gerry Watts said: “Nic has worked side by side with Michael for many years and has been a core architect of Foxtons' success.

“He is the natural successor to Michael and the unanimous choice of the board. I am confident that Nic's leadership will continue to deliver further growth for the business in the years ahead.”

Budden added: “It is an honour to be appointed as the new CEO of Foxtons. It has been a pleasure working with Michael and I am pleased he will remain on the board.

“We have real momentum in the business and I look forward to building on that success in future.”

Credit Suisse sees "compelling investment case" at Foxtons

Tue, 08 July 2014


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Credit Suisse said it sees significant upside at Foxtons as it gave the estate agent chain an 'outperform' rating and added the stock to its "Small- and Mid-Cap Focus List".

The bank has trimmed its target price for the shares from 430p to 400p, but this still represents 30% potential upside from current levels.

"We see Foxtons as a compelling investment case on valuation grounds, structural growth and capital returns," said analysts Eugene Klerk and Harry Goad.

"Between 2014 and 2018 we believe Foxtons will double its branch network, deliver annual average earnings per share growth of circa 23%, return circa 43% of market cap to shareholders in dividends and maintain a net cash position throughout."

While the estate agency industry is cyclical, Kler and Goad said they see Foxtons' structural growth story as "attractive".

Owing just 1% of the branches in London, Foxtons should be able to double its footprint in the capital within five years and triple its coverage over 10 years, they said.

The stock was up 0.9% at 305.4p by 11:06 on Tuesday.

London house price boom makes Foxtons hot property as profits are set to rise by nearly 20%

By Alex Hawkes, Financial Mail on Sunday

Published: 22:00, 23 August 2014 | Updated: 22:00, 23 August 2014

Upmarket estate agency Foxtons will this week reveal a double-digit profits rise as it continues to reap the rewards of London’s property boom.


The London agency is likely to see revenues surge by 17 per cent this year, as well as revealing a rise in profits of almost 20 per cent when it releases interim results on Wednesday.


Foxtons is opening new branches across the capital and beyond, and is also benefiting from the huge surge in London prices.

On the move: The agency has enjoyed a 20 per cent rise in profits



Despite its growth, the estate agency’s share price has dropped by more than a quarter since February.


There were fears that new lending rules would slow the capital’s price surge and recent indications that growth had slowed.

Fresh figures from property valuation expert Hometrack could this week provide further evidence of a cooling off in the capital’s market.


House price growth stood at just 0.1 per cent in July, according to Hometrack’s latest survey, the lowest since February 2013. There was a ‘pronounced slowdown in the London market’, it found.

Interim Result
27 Aug 14 Foxtons Group PLC [FOXT]

Half Yearly Report

RNS


RNS Number : 0614Q

Foxtons Group PLC

27 August 2014






Foxtons Group plc

INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2014

27 August 2014



Foxtons Group plc, London's leading estate agent, today announces its financial results for the half year ended 30 June 2014.



Key financial highlights

• Group revenue up 16.2% to £72.8m (2013: £62.6m) driven by strong Sales and Mortgage broking growth

• Group Adjusted EBITDA1 up 28.7% to £24.9m (2013: £19.4m)

• Group Adjusted EBITDA Margin2 up 330 bps to 34.3% (2013: 31.0%) as the benefits of branch expansion and centralised support continue to flow through.

• Profit before tax up 57.1% to £23.1m (2013: £14.7m); EPS up 48.8% to 6.4p

• High levels of cash generation enabling an interim dividend and a special interim dividend to be paid of 1.77p and 2.77p respectively, equal to a total payment of £12.8m

• 5 new branches opened during H1-2014, bringing the total to 49 branches with 2 further branches scheduled to open in the second half of the year. All branches opened since 2010 performing in line with expectations.



Commenting on today's statement, Nic Budden, Chief Executive Officer said:

"I am pleased to report continued strong trading during the first half of 2014. The combination of higher sales and mortgage volumes, together with the efficiency of our operating model has led to a significant increase in revenue and profits. This performance, together with our strong cash flow generation, has enabled us to declare a special dividend in addition to our maiden interim dividend. Looking ahead to the second half, we expect the growth in transaction volumes to slow from the rapid rate seen in the first half as the policy initiatives introduced in 2014 aimed at controlling mortgage lending, together with the expectation of increases in interest rates, are now having an impact on short term demand among buyers.

"We have a clear strategy focussed on the organic expansion of our branch network, increasing our market share and improving profitability as our larger network benefits from our centralised business model. Our five newly opened branches were delivered on time and to budget and are performing in line with expectations. We remain on track to open a further two branches this year and have secured sufficient sites to satisfy our continued expansion programme into 2015

Foxtons a 'buy' despite second-half warning, says Canaccord

Wed, 27 August 2014


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Foxtons' first-half results were "impressive", according to Canaccord Genuity.

The real estate company reported a 16% increase in turnover to £372.8m with property sales commissions up 32% to £37.8m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29% to reach £24.9m as EBITDA margins climbed by 330 basis points to 34.3%.

Canaccord gave the company a 'buy' rating, saying the EBITDA result was 2% above forecast.

"We value Foxtons with reference to its track record of generating high returns on invested capital, its ability to grow organically and its intention to return its free cash to shareholders.

"Our 382p May 2015 target price is based on a full-year 2015 price-to-earnings of 21x and a price to earnings growth of 1.0x. With 30% potential upside to our 382p price target and scope for a 4% dividend yield, we repeat our investment recommendation: Buy."

However, Canaccord noted the firm's warning about the second-half being affected by the spectre of higher interest rates and a clampdown on irresponsible mortgage lending.

Interim Management Statement

RNS


RNS Number : 0589V

Foxtons Group PLC

23 October 2014






Foxtons Group plc Interim Management Statement
23 October 2014

Housing transactions slow in Q3



Introduction

Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 July 2014 to date, incorporating trading results for the quarter to 30 September 2014.



Overview

Performance in Q3 2014 was negatively impacted by a sharp and recent slowing of volumes in London property sales markets following an exceptionally strong nine month period to 30 June 2014 in which volumes reached their highest levels since 2007.

· Q3 Group turnover was £39.9m (2013: £41.1m). Group turnover for the nine months to 30 September 2014 was £112.7m (2013: £103.7m).

· Q3 property sales commissions were £16.4m (2013: £17.8m), down 7.8%, as a reduction in sales volumes more than offset price increases. Property sales commissions for the nine months to 30 September 2014 were £54.1m (2013: £46.3m), up 16.9%.

· Q3 lettings revenue of £21.9m was flat (2013: £21.9m). Lettings revenue for the nine months to 30 September 2014 was £53.7m (2013: £53.7m).

· Q3 mortgage revenue of £1.6m grew by 13.8% (2013: £1.4m). Mortgage revenue for the nine months to 30 September 2014 was £4.6m (2013: £3.4m)

· Q3 Adjusted EBITDA1 was £14.2m (2013: £18.0m). Adjusted EBITDA for the nine months to 30 September 2014 was up 4.9% to £39.2m (2013: £37.3m).

· Q3 Adjusted EBITDA margin2 was 35.6% compared to 43.7% during the same period last year which had also been the highest quarterly margin ever achieved by the company. Adjusted EBITDA margin was 34.8% for the nine months to 30 September 2014 (2013: 36.0%).

· The Group remains debt free and generated £13.9m of adjusted operating cash3 during Q3 representing an operating cash conversion rate4 of 98%.

Outlook

Although the longer term outlook for London property markets remains positive, the market is expected to continue to be constrained for some time due to political and economic uncertainty within the UK and Europe, tighter mortgage lending markets and mismatches between the price expectations of buyers and sellers. These external headwinds have exacerbated the rate of slowdown in sales transactions we noted at the time of our H1 results. Market volumes in Q3 have been more in line with the first half of 2013 and we now believe that market volumes in H2 2014 overall will be significantly below levels during the same period last year. Consequently, we expect full year 2014 adjusted EBITDA to be below the prior year figure of £49.6m.



Nic Budden, CEO commented:

"Despite the impact that market uncertainty is having on transaction volumes, we are continuing with our clear strategy, centralised business model and steady roll out programme which is delivering higher market share. Our seven new branches opened this year bring our network to fifty one, with all our sites secured for 2015. Foxtons remains highly profitable, cash generative and debt free, and therefore well positioned to deliver further cash returns to shareholders, building on the £28.1m of ordinary and special dividends paid since our IPO."

Worth watching after yesterday?

5 Dec Canaccord... 228.00 Buy

foxtons is really aimed at the mid-market, and as the new stamp duty rules are only penal on houses of >£937k, they should be nett beneficiaries ..... the fly in the ointment is the low level of mortgage approvals, but foxtons also have a thriving letting side

Best short in 2015..imo.

RNS Number : 6592C
Foxtons Group PLC
20 January 2015
Notice of Results
Foxtons Group plc
Foxtons Group plc will be issuing a trading update for the year ended 31 December 2014 on Tuesday 27(th) January 2015. Preliminary results for the year ended 31 December 2014 will be issued on Wednesday 11(th) March 2015.

mitzy - 08 Jan 2015 14:08 - 92 of 93

Best short in 2015..imo..........ends


well done mitzy.

Not short on the stock but my view is that it will fall lower.

Careful mitzy you could get burnt here if you're not careful.

Foxtons shares plunge 20% as London property market slows

Share price dips below float price as estate agent warns profits will fall amid tighter mortgage lending and uncertainty in market

The Guardian, Thursday 23 October 2014 17.09 BST


Before Foxtons’s warning, analysts had expected annual earnings of £57m. They now predict a figure around £48m.



http://www.theguardian.com/business/2014/oct/23/foxtons-shares-plunge-london-property-market-slows

London Housing Market Report - The report was last updated on 12 January 2015


http://data.london.gov.uk/housingmarket/

ohhhhhh indeed DC.

Mitzy must be rolling in it in his short.

London house prices to fall up to 5pc as sellers abandon the market

New stock is drying up as vendors sit tight until the general election, says RICS


http://www.telegraph.co.uk/finance/personalfinance/houseprices/11346743/London-house-prices-to-fall-up-to-5pc-as-sellers-abandon-the-market.html

For those shorting looks like the odds of heading further South are in their favour. Reading the above looks like a stagnant London market, certainly to after the elections.
I suppose there could be a small jump in the sp if the figures come in on target . Foxton's IPO was at the time of a boom in house sales and prices in London in 2013, may not see this again in those volumes in the near time. If the sp falls much further the sp will need a near on 50% rise just to get back to its ipo price.

just for general info .....

my contact at an upmarket agent in london says that both sales and lettings are surprisingly strong
peeps seem to have taken the view that there's little point in fretting about extra stamp duty, as it's a fact

FOXT
is very much lower range and their properties will not generally fall into the heavy extra stamp duty bracket
if peeps holding back from buying, then they are more than likely to rent

therefore, imo, the slump in FOXT shares is o'done even if the market doesn't think so

Thanks for the info. :-))

Thanks for that cynic.

always a pleasure; it's good to get first-hand info from people in the field

Comment from a poster over the road;

"Re Foxtons and housing market, my son put his flat on the market @ 9.00am today with one of their outer London offices. First viewing literally now and 15 booked for over the weekend - now thats service and why people use them!"

i hold the shares, though on a personal level, i don't like the company aggressive approach

nevertheless, they are exceedingly efficient and effective, getting plenty of footfall through the properties and thus results

i know i go against the flow, but i am not gloomy of FOXT's behalf at all, not only for the reasons above, but also because their main market on the sales front, is medium range - ie not much affected by the new stamp duty levels - and where they don't sell, they let

Lettings will be ok, but reports across the road from a so called insider indicates bad trading in the shops for houses.

Have you checked CWD, reported yesterday......profit warning and they arent as exposed to London as much as FOXT.

See what they say about London and med term trading.

Stock as fallen through support floor.

Be very careful.

for my sins i hold both FOXT and CWD, but not with short-term trading in mind

FOXT is very much london based, but i think CWD is more widespread

My report came from Winkworth, which is quite small but very good in central london (don't know there other branches)

Manuel,

Are theses the ones you bought at about 300 sometime in Oct 13?

yup, i'm afraid so, though i have had plenty worse

Doodlebug 3 1/2

mikey, try Specsavers, it went up 10p today = 6.25%. How did HOC do?


"mike740
23 Jan'15 - 16:30 - 477 of 483 0 0


No not at all, just look how far up shorts were opened.

In the scheme of things its hardly moved today.
The whole sector as risen on some 2nd rate broker note."

Napoleon,

So have I.

Held Carter once.

Still curse and hope it taught me something.

doodlebug4 - 23 Jan 2015 17:25 - 114 of 115

mikey, try Specsavers, it went up 10p today = 6.25%. How did HOC do?


"mike740
23 Jan'15 - 16:30 - 477 of 483 0 0


No not at all, just look how far up shorts were opened.

In the scheme of things its hardly moved today. The whole sector as risen on some 2nd rate broker note."

DB 3 1/2....................





Then, Tara to use this on you.....

Would you like me to post a picture of a bottle of Lithium pills for you?

Send e-mail to GF........

www.billy.liar.c/oramptonsecurewing.com

Back to vaseline, cheap lard is no good for you DB3 1/2..............

bugger off sticks and behave yourself!

The MODERATOR has spoken.

DB 3 1/2


You can send me a bottle of Lithium as long as it is submerged in oil!

Market price is very good!

Signal Update Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 21/01/2015, 2 days ago, when the stock price was 163.0000. Since then FOXT.L has risen by +4.29%.Market Outlook The bulls are strong. The negative sentiment that led to the last bearish pattern has evaporated. Besides, the signal is suggesting to STAY LONG. It is best to follow the signal and continue to hold this security, but with a more cautious attitude.

British Bulls

Profit Warning.......

PROFIT WARNING.

Here are the forecasts, NUMIS were expecting EBITDA of £47.30 million.

The Total Broker Concensous figure was £47 million. Margins look way down.

Foxtons Group PLC

FORECASTS

2014 2015
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Canaccord Genuity Ltd
24-10-14 BUY 12.06 13.48

Numis Securities Ltd
23-10-14 BUY 42.40 11.80 10.30 47.30 13.40 12.50

GROWTH
2013 (A) 2014 (E) 2015 (E)

Norm. EPS 57.86% -3.19% 12.66%
DPS % % 21.36%

INVESTMENT RATIOS
2013 (A) 2014 (E) 2015 (E)

EBITDA £49.85m £47.00m £52.10m
EBIT £46.17m £m £m
Dividend Yield 0.00% 6.06% 7.35%
Dividend Cover x 1.16x 1.08x
PER 13.80x 14.25x 12.65x
PEG 0.24f -4.47f 1.00f
Net Asset Value PS 8.60p p p

early in the morning, but clearly the results are little worse than expected as sp only down about 3p

interesting how much the looming GE has unsettled the property sales (not letting) market
peeps are very worried about this extra property tax that labour seems so keen on, not least because (no surprise) there has been no indication as to how it might be levied


as an aside, i think those in more valuable properties would have little or no problem if council tax had a few more bands added

margin is expected to be above 30%.


now look what they said on the 23rd of October 2014..............


Q3 Adjusted EBITDA margin2 was 35.6% compared to 43.7% during the same period last year

This says it all........

The residential property sales market continues to be subdued in central London, with volumes consistent with those seen in late 2012 and early 2013. Despite Q4 sales commission being down 25.7% on the comparative period last year when the London sales market was operating at its highest level since 2008, full year sales commission of £70m was 3.6% up on prior year. As indicated in our October 2014 Interim Management Statement, we do not anticipate a recovery in sales volumes until after the General Election in May

exactly so .... GE unsettles all though not the letting market

mind you, the russkies are bailing out as fast as they can from their palaces around Weybridge and Ascot
clearly much of their "laundry" is in roubles, which are now worth bugger all

VERY COY ON MARGINS!!!!!!!!!!!!!!!!

so go short then!

Anthony Codling, an analyst at Jefferies, said the trading update had raised questions over Foxtons’ sales performance. “Foxtons’ growth in transactions was significantly below the market,” he said.

[.]

as i already hold, shall just sit out the storm

talking of which, i don't think the markets have remotely registered the damage that the collapsed oil price is doing ..... the average pleb can only see as far as his petrol pump

Telegraph

Britain's cooling property market hit sales at Foxtons in the fourth quarter, as the London-focussed estate agent said activity was unlikely to pick up until after May's general election.
"Subdued" growth in central London drove a 12.1pc reduction in turnover in the final three months of the year, although revenues from residential lettings grew by 7.7pc, the company said in a statement on Tuesday.
While full year group turnover rose 3.4pc, Foxtons said it expected conditions to remain challenging over the coming months, with uncertainty over the outcome of May's general election expected to put-off buyers.
"The residential property sales market continues to be subdued in central London, with volumes consistent with those seen in late 2012 and early 2013," the company said. "We do not anticipate a recovery in sales volumes until after the General Election in May."

Oh dear Mikey, it's all gone pear - shaped for you yet again !

not warranted
for sure sp has bounced nicely, but that's prob because there were bears expecting worse results

Not warranted cynic, after the abuse he has been dishing out over the road at myself and other posters? He deserves every bit of poo flying his way.

Just bears buying back cyners anyone would have to be mad buying these now with a likely Labour coalition hell bent on asset taxes which includes a mansion tax and more bands on council tax for the rich.

Far better sectors to go for.

Well done here db. Knobhead Mikey due to be sectioned any day now :0)

Cheers Chris.:-)

A Labour coalition is about as likely as mikey forgetting his petty vendettas and behaving like a civilised human being for a change.

LOL there you go mikey, called me chicken for not reporting you to abuse@advfn? Someone else has already done it;


"mike740
27 Jan'15 - 09:53 - 573 of 590 0 0


ohhh cockneys running to Clem again.........ohh bless weve hurt his feelings. Ohhh he is so sensitive."

DB (and sticky and chris) - i don't know or even care what goes on on advfn, as i never venture there
however, by and large this is a civilised board, and though there is much banter and even occasional handbag swinging, it would be a great pity if it started to degenerate far

The sooner gf is sectioned, the sooner your dream will come true cyners :0)

you're as bad as each other
you just need the village elder (me!) to smack your wrists every so often :-)

Agreed Chris and my dear old bean cynic, if you stop indulging gf every time he behaves like a spoilt child instead of treating him like an anti-social adult tw@t that might also help.

oh i have had my "moments" with gf too, but i hope i never let things run and run

cynic I wouldn't let things run and run either, but gf always has to have a snide comment here and there and a few lies to go along with it. I really don't appreciate being referred to as a "bankrupt" on several threads over the road and also on this bulletin board. He just doesn't know when enough is enough. The trouble with playground bullies is that if you keep letting them get away with it on a personal level then they will try it out on others. If people were made to post using their real names then a lot of the abuse would stop as the cowards wouldn't have the same degree of anonymity to hide behind.

Meanwhile, to get back to the subject of this thread, the sp is now up 19.25p.

Cyners I havent a clue what fat boy Carson or camp doodlebug are saying as they have both been filtered, I took DB of for a few days to have a laugh at the fish fryers wife. ANYWAY heres my complimentary free gift to both of them I hope they mutually enjoy it together.

Why don't you try some on your nappy rash mikey, it's supposedly very good for that.

zinc cream is the stuff

Could only find this for you DB but it contains Zinc as Cyners recommended above.

Not good for you Mikey, it could make your nappy rash even worse;

If any of the following side effects occur while taking zinc oxide topical, check with your doctor immediately:

Some zinc oxide topical side effects may not need any medical attention. As your body gets used to the medicine these side effects may disappear. Your health care professional may be able to help you prevent or reduce these side effects, but do check with them if any of the following side effects continue, or if you are concerned about them:

Worsening of diaper rash

Questor share tip: Shares in Foxtons are one to avoid
Shares have tumbled since the company floated in September 2013, says Questor
By John Ficenec, Questor editor4:41PM GMT 27 Jan 2015

Foxtons
180+19p
Questor says AVOID

SHARES in Foxtons [LON:FOXT], the London-focused estate agent, were overpriced when it floated back in September 2013 and as the overheated London housing market seizes up they still don’t hold any attraction.
The estate agent said the commission on house sales in the last three months of 2014 was 26pc down on the same period a year earlier. The company added that they don’t expect any recovery in house sales until after the General Elections in May.
It is true that Foxtons is enjoying growth in the lettings business, with lettings revenue up 7.7pc in the last three months of the year. The lettings business contributes about half of the group revenue and 40pc of earnings.
The glimmer of hope from lettings was enough to send the shares up more than 10pc on something of a relief rally yesterday.

That said, the drying up of the London housing market has had a significant impact on Foxtons forecasts for revenue and profit. As recently as May of last year the broker Canaccord Genuity forecast adjusted earnings of £57.2m, on £162.2m in revenue, giving 14.6p in earnings per share (eps). Yesterday Canaccord Genuity said it now expected £46m in adjusted earnings, on £144m in revenue, giving 13p in eps for the year ended December 2014. Foxtons will report detailed annual results in March.
Foxtons is a classic example of a company that came to the market at a well timed peak. Central government easy money had been sloshing round the system for a while. One of the key beneficiaries has been the London property market where prices have quite literally decimated those in the rest of the UK by soaring more than 10 times.
The shares were priced at 230p in September 2013, the top of the range of expected prices, and trading on about 19 times earnings. The shares jumped more than 14pc on the first day’s trading and peaked at 398.8p in February last year, leaving them trading at about 27 times forecast earnings.

We recommended investors avoid this overpriced float at 230p on September 21 and the shares have subsequently fallen 22pc to 180p.
The shares are now trading on 12.7 times forecast earnings, which is more reasonable, but still not good value given the rapid slowdown in sales.

not a glowing endorsement it has to be said :-)

Just shows you Questor's opinion doesn't carry much weight when it didn't effect the sp at the end of the day.

No cyners cant understand you getting excited here.

Labour SNP coalition will surely be bad for property market initially.

Getting excited, you have been camped out on the FOXT thread on ADVFN for about a week trying to talk the sp down and throwing insults at anyone who disagrees with you.

i've got 'em, so it's a bit like a marriage vow :-)

Paying % overnight on a CFD??????

hope its a small position if yes.

no is the answer to that

Moving up nicely, 200p next stop?

On a down day (so far) nice to see these rise over 200p.

it is indeed very interesting and rather knocks on the head the doomsayers of a few weeks ago
i'll post a comparative of FOXT and CWD in a mo, which could be interesting

blue = foxt
red = cwd

over the last 3 months, FOXT has easily outstripped CWD, but certainly not over the last year

May get some profit takers at this level cyners. 220p next target.

dunno guv .... i'm just the bleedin' messenger :-)

Yes, CWD looks interesting as well.

Sharecast -


House prices bounce back higher, says Halifax

Thu, 05 February 2015


House prices bounce back higher, says Halifax



UK house prices have begun to rise again after their slowdown in the second half of last year, according to new data from Halifax.
House prices in the country enjoyed their first quarterly rise since last summer, rising 1.9% in the three months to January compared to the preceding three months and 8.5% higher than in the same period a year ago.

This annual increase was up from the 7.8% in December but remained some way below the heights of 10.2% last July.

House prices also grew by 2.0% between December and January, the biggest January monthly increase since 2009.

"This bounce-back in house price growth in January coincides with reports of the first rise in mortgage approvals for six months in December," said Halifax economist Martin Ellis.

"These improvements may indicate that the recent declines in mortgage rates, the reform of stamp duty and the first increases in real earnings for several years are providing a modest boost to the market.

"It is, however, too early to draw any firm conclusions."

January's figures have a history of volatility due to the lower activity at this time of year, with unusually large rises seen in 2007 and 2009, for example.

chris - yes ... in more sensible mode, just above 220 comes 200 dma and that is an obvious sort of hurdle

goldfinger/mike 740 and many other sad aliases
not only a nasty muppet but a cracking counter signal for investing

apart from pissing bile, what on earth was the point of that last post?

GF reckoned a SELL from memory, but then so did most of the press
i happened to disagree, and for now, that has proved to be the correct call

Good info you put up cynic at the time.

purely what i perceived
even a blind pig will find an acorn sometimes

No comment. :-))

Share price recovering well this days, well noted on the chart as the PE is now more reasonable.

GF maybe not allowed to post here anymore, but he makes sure causes chaos at FOXT other places

793naa 8 Feb'15 - 20:44 - 878 of 878 0 0
mike740 - what a sad and inadequate person you are.

You really need to get out of your bedroom in your mums' house and try to get a life - but I suspect you know this already.

From the Ft today:
"Hedge funds have begun to take out bets against property businesses that are exposed to the downturn in London’s housing market, in the first sign that investors are tentatively seeking to profit from the slowdown.
Several hedge funds have taken out short positions, essentially bets that a company’s share price will fall, against estate agents Foxtons and Savills, along with property portal Zoopla, and housebuilder Berkeley Group.
The capital faces a surfeit of expensive new homes as developers rush to profit from foreign demand to buy in London.
While the bets are still relatively small they represent the first sign that hedge funds have begun to move against the UK property market after several years of surging house prices, and the high-profile stock market listings of Foxtons and Zoopla."

Interesting - thanks Harry.

except that FOXT is not primarily aimed at the top end of the market
nevertheless, if the housing market comes under pressure once more - indeed, i think the whole uk stock market will - then assuredly FOXT cannot be immune

220p looks nailed on, then a small gap to fill @ 240p eventually imo.

Nice steady rise over the week Chris. Well done here. :-))

Thanks dc, you not in?

Well I say, spiffing jolly good show old bean . This one is to posh for me . I'm in MartinCo . Hope it does get to or pass your target of 240p. :-))

Toohdle pip.

What ho dc, fingers and toes all crossed old chap. Be a bloody good show if it hit 240p before a market crash what! Tally Ho old bean, good luck with MartinCo. :0)

Spiffing luck. Goodness me! :-)) and for Scotland - Aw th' best.

my inside line at one of FOXT's competitors tells me that lettings are really rocking with both properties to let + takers (especially corporate) now as good as it was in the good times of yore

even sales up to £2m continue at a very satisfactory level

enough said?

Looks like support @ 200p holding steady for now. Bang on 25DMA

Final Results

Financial summary
· Group revenue up 3.4% to £143.9m (2013: £139.2m)

· Group Adjusted EBITDA¹ reduced by 6.9% to £46.2m (2013: £49.6m)

· Group Adjusted EBITDA Margin reduced by 360 bps to 32.1% (2013: 35.7%)

· Profit before tax up 8.2% to £42.1m (2013: £38.9m)

· High levels of net free cash flow² generation during the year £27.3m (2013: £35.5m)

· Total dividend proposed of 5.16p per share (comprising 3.17p final and 1.99p special) equivalent to £14.5m

· Total dividends for the year (interim, final and two specials) 9.70p per share, equivalent to £27.3m

· £42.7m in total dividends returned to shareholders since IPO in September 2013

Operational summary
· A balanced business³: Property Sales: 48.5%, Lettings: 46.8%, Mortgage broking: 4.4%

· Both Sales and Lettings operating at Adjusted EBITDA margins in excess of 32%

· Sales volumes reduced 3.7% for the year due to a market decline in the second half of the year

· Lettings volumes increased 1.7% for year

· Mortgage broking volumes increased 23.4%

· Seven new branches opened in 2014, bringing the total at year end to 51 branches. All new branches are performing in line with expectations

· Seven further branches to open in 2015

Nice bounce of the lows (bang on 50DMA). Divi has to be an incentive for investors long term. For traders volatility up to the Election as polls swing between Lab and Cons probably be a factor also.

that's why i have a modest block (short) for trading and some for long term in sipp

Goldfinger [ Mike ]

Went short on these b4 the results , so cynic as to follow him.

Since the shooting in Moscow , there as been a flood of Russian money into the London property market, not a good sign to go short

aldo - surely you have better things to occupy that space between your ears, so myob and do whatever you want to do for your own account and don't fret about mine


btw, due to the collapsed rouble, an awful lot of russians are abandoning ship and there are a great number of their gin palaces on the market around virginia water and st george's hill (weybridge)

cynic

Haven't you got better things to do , like running your business then chatting on here, why don't you get on your bike and get some fresh air

dailymail,Luxury-homes-sales-stay-low-general-election-says-Foxtons.

Market buzz - The speed of the slowdown in house price rises in the capital surprised markets and investors in Foxtons were no exception. Yesterday the firm reported interim adjusted earnings of £46.2m, well below the £57.2m which analysts had pencilled in. To some degree the lettings business has acted as an offset to property sales, rising by 7.7% over the last three months. The company timed its flotation very well, hitting the market at a peak. Having begun its life as a listed company at a price-to-earnings multiple of approximately 19 times' earnings in February at one point last year they changed hands at 27 times earnings. Now, at 16 times earnings they still look overvalued. Avoid, says The Daily Telegraph's Questor column.

Reckon if momentum continues and it can eventually crack 220p resistance 240p next target. May take till after the Election depending on the result. COYB :0)

goldfinger went short on these before the results came out

so did i :-)
and provided you kept your wits about you, there was a good turn to be made .... which i did
meanwhile, still hold in sipp

23 Apr Credit Suisse 201.00 Neutral

Trading Update for the quarter ended 31 March 2015
RNS
RNS Number : 7642L
Foxtons Group PLC
30 April 2015



FOXTONS GROUP PLC

Trading Update for the quarter ended 31 March 2015

30 April 2015





Foxtons plc (LSE: FOXT), London's leading estate agency, issues its trading update for the quarter ended 31 March 2015.





As expected the sales market has remained constrained during the months ahead of the General Election, while the lettings market has continued to show steady growth. Despite relatively low levels of activity in the London market, Foxtons total revenue for the first quarter was £33.1m, just 3.1% lower than Q1-2014 when the sales market was at its strongest since 2007. First quarter group revenue comprises sales commissions of £15.5m (-11.9%), lettings revenue of £15.9m (+5.4%) and mortgage broking revenue of £1.6m (+13.5%).

Our Adjusted EBITDA1 of £8.3m for the quarter generated a margin of 25.2% (Q1-2014: 31.8%), which is similar to that achieved in Q1-2013 when comparable sales market conditions prevailed.

Our current sales commission pipeline, which is a good forward indicator for short term future revenues, has held up well this year against very tough comparables for the same period last year. The growth in residential lettings has continued the momentum seen in the last two quarters and is broadly in line with the long term growth trend of 6%. The Lettings business accounts for approximately half of Group revenue and continues to provide a balance to a naturally more cyclical sales business.

We continue to see significant opportunities to expand our network across London with a focus on new territories and areas with strong growth potential. Since the beginning of the year we have opened five new branches in Barnes, Walthamstow, West Hampstead, Ruislip and Bromley, increasing the network to a total of 56 branches. We will open a further 2 branches by the end of the year.

Nic Budden, CEO, commenting on today's statement:

"As expected, property sales transactions in London have remained relatively flat since the end of last year with many potential buyers and sellers apparently delaying their decisions until the outcome of the General Election is known. Encouragingly growth in our letting business has continued from the momentum we saw at the end of last year.

The attractive long term fundamentals of the London property market remain sound and we are firmly committed to our organic growth strategy which will see between five and ten new branches open each year. Many of our branches are now located in less central areas where we have seen greater levels of volume growth recently."



For further information, please contact:

Foxtons Group plc

Jenny Matthews, Investor Relations Manager
+44 20 7893 6484


Tulchan Communications LLP

Peter Hewer
+44 20 7353 4200








Note

1. Adjusted EBITDA: defined as profit for the period before finance costs, finance income, tax, exceptional items, depreciation, profit on disposal of property, plant and equipment, costs of the debt repayment incentive scheme and share based payments.



Forward Looking Statements

This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date such statements are published.

30 Apr Credit Suisse 201.00 Neutral
30 Apr Numis 290.00 Buy

11 May Credit Suisse 201.00 Neutral
6 May Barclays... 179.20 Underweight

Sharp-rise-properties-listed-500k-year-number-homes-sale-hits-highest-level-early-2010

Market Buzz

Foxtons a 'sell' for Peel Hunt as it warns estate agents face long-term headwinds

Tue, 02 June 2015



Savills Quote more



Price: 939.50

Chg: -24.50

Chg %: -2.54%

Date: 16:30



FTSE 250 Quote


Price: 18,220.31 Chg: 0.11 Chg %: 0.00% Date: 17:14

Peel Hunt initiated coverage of the UK estate agency sub-sector with a 'sell' rating on Foxtons and 'hold' ratings on Countrywide, LSL and Savills.
The broker said the decisive result in the general election has provided a welcome fillip for the UK estate agents, removing uncertainty over mansion tax, controls on rents and the banning of tenant fees, and noting that comparatives figures from last year are set to ease in the second half of 2015.

"While the near term news is positive and the listed players have diversified into areas with more stable revenue streams, we believe the sector faces longer term headwinds," analysts wrote.

"It is still largely exposed to the highly cyclical nature of housing transactions and the growth of fixed price online estate agents is likely to lead to downward pressure, possibly significant, on industry fees and profits."

The broker sees a good medium-term outlook for growth in transactions and house prices, but believes downward pressure on fees will hold back the recovery in profits.

"The key issue is the pricing structure offered by the online estate agents which have been expanding rapidly and where the difference in fees is material - especially in higher value areas of the SE/London. The big debate for us is how far and how rapidly will fees fall."

On the upside, the latest RICS survey highlighted that estate agent stock levels stand circa 40% below the long run average, with low housing stock levels, particularly in London, providing a decent foundation for further modest price growth, analysts believe.

However, while the sector looks roughly fairly valued, Foxtons shares have bounced 77% in the year to date to now stand on demanding valuation multiples of around 20 times forward earnings, meaning a positive rating was difficult despite its higher margins, debt-free balance sheet and healthy yield.

Proactive investor - Foxtons Group (LON:FOXT), down 5.3%. It was revealed after the market closed yesterday that Cantillon Capital Management had reduced its stake in the estate agent to less than 5%.

Estate agent Foxtons risks a legal bill as high as £42MILLION after charging a landlord £616 to change a light fitting


dailymail,Estate-agent-Foxtons-risks-huge-legal-bill-charging-616-fix-light.

Why Foxtons Group PLC Jumped 28% In May




By Motley Fool | Wed, 10th June 2015 - 11:41

What: Shares in London estate agent, Foxtons (LSE:FOXT), easily outperformed the wider index during May. They delivered a share price gain of 28%, while the FTSE 100 could only manage a rise of 0.3% during the same period.

So What: The main reason for Foxtons' exceptional share price growth in May was the result of the General Election. Prior to the election, Foxtons had reported a slowdown in demand for properties in London, which it blamed on the uncertainty being created by the possibility of another hung parliament. Furthermore, there were concerns surrounding the election of Ed Miliband as Prime Minister, with his mansion tax and apparent anti-business policies also causing investor demand in London property to be relatively subdued.

However, with the Conservative majority victory, investors appear to be of the view that it is 'back to normal' for Foxtons, with sentiment towards the company improving significantly in recent weeks. Of course, this only goes part of the way to correcting the nosedive in Foxtons' share price that has occurred since it listed 2013, with it still being down 10% on its IPO level despite London property enjoying a boom period since then. As a result, it has been something of a mixed performer since listing less than two years ago.

Now What: While Foxtons' share price is beginning to recover to its previous highs, it has largely been driven by improving sentiment. Now, investors need to see proof that Foxtons is able to deliver impressive growth numbers. And, looking ahead, its growth prospects are moderately impressive. For example, in the current year, Foxtons is forecast to increase its bottom line by 6%, followed by growth of 10% next year. Both of these figures compare relatively favourably to the wider market's anticipated growth rate in the mid to high single digits over the next two years.

However, the challenge for investors is that, following the recent share price rise, Foxtons now looks somewhat fully valued. For example, it trades on a price to earnings (P/E) ratio of 19.4 (versus around 15.6 for the wider index) and, even with upbeat growth prospects, this still equates to a relatively unappealing price to earnings growth (PEG) ratio of 1.8.

As such, Foxtons could see its share price come under pressure over the medium term. That's especially likely since the EU referendum debate is likely to cause considerable uncertainty over the next couple of years and could have a similar effect on demand for London property as the General Election did prior to May. Therefore, while Foxtons is a stock that is worth watching, now may not be the right time to add it to your portfolio, with there being a number of stocks with more obvious catalysts to push their share prices to higher highs.

Despite the Motley Fool above and recent negative press. Bounced off 50DMA, MACD needs to get a wriggle on, if it can breach 260p on it's way again.

Citibank note today:
"Head-to-Head Series – In the latest edition of Citi’s Head-To-Head series we take a look at the UK Estate Agent sector. Post the recent general election we suggest it is an interesting time to be examining this market. In our analysis we focus on current UK residential property market trends as well as company specific dynamics. We initiate coverage of Countrywide (TP 700p) and LSL (TP 545p), both on a Buy rating. We initiate coverage of Foxtons (TP 215p) with a Sell.
 Countrywide is our key pick within the sector and wins on the most points examined in the Head-To-Head. This business offers investors the opportunity to invest in a scale operation with strong End Market Dynamics which continues to evolve organically as well as offering market Consolidation Optionality.
 LSL is a close second on many points examined. LSL also continues to benefit from an improving UK residential market and is expected to deliver improving operational metrics whilst trading at what we consider an attractive Valuation.
 Foxtons has the strongest Brand Profile and margin performance of the three stocks examined; however it is largely focused on London where we have concerns regarding End Market Dynamics given affordability issues which may curtail volumes. We also suggest there is limited scope for margin expansion and given management’s organic growth plans there is also no Consolidation Optionality. The stock also trades at a significant premium to peers.
 Foxtons provides residential sales and lettings services operating from a network of 56 offices focused solely on London (54) and Surrey (2). Foxtons commenced trading in 1981 and listed in 2013. The business also offers mortgage advice and other related services through Alexander Hall. The business growth strategy is organic with a target of between 5-10 new branches each year.
 Our target priced is based on an equally weighted average valuation using DCF (215p), EV/EBITDA based SoTP (215p) and PE based SoTP (225p). At current levels the stock is trading on 17.0x Dec 16e P/E, 11.4x EV/EBITDA. Our target price implies CY15 PE of 15.2x and EV/EBITDA of 10.1x offering a -9% ETR.
 We note particular strength regarding the business transactional/nontransactional revenue balance as well as the strength of the brand and competitive positioning. We have worries however regarding the London focussed residential end market exposure, suggest limited scope for margin upside or potential peer consolidation, we also highlight earnings risk from online only disrupters and note the material valuation premium to peers."

Foxtons pre-tax profits fall

StockMarketWire.com

London estate agent Foxtons posts pre-tax profits of £18.1m for the six month to the end of June - down from £23.1m.

Group revenue fell to £71.1m down 2.3% with property sales revenue down 10.9% vs. H1 2014 when the sales market was operating at its peak since 2007. The group saw continuing momentum in lettings with revenue up 5.4% vs. H1 2014.

Chief executive Nic Budden said:"Despite challenging market conditions, Foxtons has delivered a solid result against very tough comparables demonstrating the strength of our business model and our balanced approach to sales and lettings.

"As we predicted earlier in the year, the sales market remained constrained during the months before the General Election. With the election uncertainty now passed we have seen an increase in activity across our branch network. This is encouraging and we enter the second half of the year with stock levels up 12% compared to last year, a £1bn sales pipeline and our recently opened branches continuing to mature in line with expectations. In addition we have seen a noticeable increase in buyer applicants. Our lettings business has maintained the positive momentum seen in the first quarter of 2015.

"Our expansion has continued as planned with five new branches opened since the beginning of the year with our future sites secured out to the end of 2016. The majority of these are focused in the fastest growing areas of Outer London.

"Based on current activity levels continuing, we expect to meet full year market expectations with a stronger property sales performance in the second half of the year from higher transaction volumes."

Upgrade - 9 Sep Goldman Sachs 259.00 Neutral

Company News

Foxtons remains on track to meet full-year expectations

Thu, 22 October 2015



(ShareCast News) - Foxtons remains on track to meet full-year expectations despite fewer transactions in central London and the slow recovery projected for property sales.
The London-focused real estate agency said transactions in central London remained at a low level following recent strong price growth and stamp duty changes.

Furthermore, "any recovery of the property sales market [is expected] to be slow due to low current levels of stock," management said in a statement.

Nevertheless, the company highlighted how it entered the last quarter of the year with a £1bn sales pipeline, "which was well above the same point last year".

An 8.8% jump in third quarter turnover to £43.5m drove a 15.5% rise in operating profits, on an adjusted EBITDA basis, to £16.4m.

Operating margins improved to 37.8% from 35.6% in 2014.

Its new homes business was described as performing "particularly well" while residential lettings achieved "steady growth", with sales up 3.3% in the latter.

Foxtons emphasised that its third quarter figures faced a very strong comparable period. Property transactions were running close to record levels in the same period last year.

"We remain broadly on track to meet full-year expectations."

As of 08:08 shares in Foxtons Group were 3.21% lower at 214.4p.

Is this the end of the London Jack Up Cycle?

london, perhaps more than other cities, is very location-specific with regard to desirability and demand

nevertheless, the london market is currently soft - quiet is probably a better word - though i hear that a good number of people have had their fingers badly burned by buying off-plan in some of the flashier locations along the embankment and similar

for all that, i think i am correct in saying that foxtons do not really operate in the upper echelons, and are perhaps stronger on the letting than the sales side

it's all very 2007ish from where I'm standing.

All the sub prime AIM junk is now pretty much falling on a daily basis...

But more importantly China isn't going to ride to the rescue this time.

Baltic dry index telling it how it is.

Sliding scale stamp duty I think has hit the top end of the housing market.

Personally, I am amazed at the Telephone numbers I see advertised for certain dwellings here in London. There must be a lot of seriously rich folk around to even contemplate putting in an offer.

baltic dry and the london property market don't have much if any connection or correlation

however, i think there remains some disquiet among foreign investors with regard to the implication and application of the new rules re evasion of stamp duty and similar wheezes

stockmarket topped out
housing market topped out
commodities topped out
oil topped out
world trade topped out
Baltic dry topped out.

Big correlation I'd say.

claret - just because you could buy 3 streets of terraced houses in blaenau ffestiniog for the price of a well-appointed 3 bedroom apartment in a desirable area of london, does not necessarily mean the latter is overpriced

similar comment applies to rentals

you'll be telling me next that the baltic dry has relevance because vessels carry bricks!

that said, i am on record as saying that i find it very difficult to be other than bearish about the markets, though at least for the time-being they continue to confound

meanwhile, it is not noticeably any cheaper to ship containers m/e to f/e and back, though at least there are currently no BAF surcharges

"that said, i am on record as saying that i find it very difficult to be other than bearish about the markets, though at least for the time-being they continue to confound"

nice you got there in the end..

sorry to be a bit ratty with you .... uncalled for :-)

however, with regard to the stock markets, it takes a brave man to piss against the wind, but certainly a weather eye needs to be maintained
as much as anything else, i'ld guess the stock markets - and bricks and mortar - offer a much better haven and return that gov't bonds and the like

Hey plenty of talk about the stock and sector but

Is there anyone holding the stock?

Just the prices seem to be not in the real world with everyday living costs.

I'm no longer holding mentor, good trading stock though :0) My take FWIW and WTFDIK, is if slide continues 160p good support. But if there is a santa rally, big if perhaps, then could rally to 220p. Place your bets :0)

yes, i do but for the longer term .... now looking ever longer
i really dislike the company's ethics but is certainly very sharp both in biz practice but also in being on the ball

i don't like DOM's product either, but sure like the share :-)

Chris Carson

re - support at 160p

Yes looks a good support around that price but that is another 15% further down to go yet.
Lately House builders had negative comments but estate agents are on the way down for some time now

mentor - exactly why a good trading stock, fill your boots if you fancy it. I'll just wait and see. :0)

UK-s-biggest-estate-agent-Countrywide-sees-shares-plunge-12 %

Chris Carson

A bit too early to fill my boots, I will wait closer to Christmas to fill the stockings ( Joke )

never traded the stock by the way

FOXTONS GROUP PLC

Trading Update and Dividend Announcement

3rd Feb 2016






Foxtons plc (LSE:FOXT) (the "Company"), London's leading estate agency, issues its trading update for the year ended 31 December 2015 ahead of its annual audited results announcement on 8 March 2016.



The Group achieved a solid performance during 2015 with revenue growth across all business segments. Group turnover was up 4% to £150m, despite latest available data showing London property sales transaction levels being some 11%1 below prior year.

Foxtons sales volumes increased by 4% as a result of market share gains, excellent performance within our New Homes business and the continued successful expansion of our branch network. Alexander Hall, our mortgage broker continued the strong growth seen last year, with 2015 revenue growth of 32%. Our residential lettings business generated over 20,000 transactions during 2015 and is a consistent revenue stream for the Group. As indicated in our Q3 statement, the mix within lettings shifted towards renewals with a record number of tenants extending their tenancies resulting in a lower level of new lettings stock availability in the market.

Performance in the second half of the year was particularly encouraging with Group Adjusted EBITDA2 growing substantially from the first half, with the full year expected to be in line with last year (2014: £46.2m) and margins remaining over 30%.

The Board is also proposing a final and further special dividend in respect of 2015 totalling 6.23p per share3, which will bring the total dividend for the year to 11.0p per share, an increase of 13.4% on 2014 (9.7p per share) representing over £30m in cash. The share buyback programme initiated by the Company on 16th December 2015 was funded from surplus accumulated cash resources. This and any future buyback programmes are not intended to lead to a change of the Company's dividend policy.

Although it is too early to predict residential property sales transaction trends for 2016 the Company enters 2016 with an encouraging sales pipeline, a strong lettings book and a proven strategy for further growth through organic branch expansion.

should have bought RMV instead but at least the results don't look bad at all

Final Results
RNS
RNS Number : 3161R
Foxtons Group PLC
08 March 2016

Foxtons Group plc

PRELIMINARY RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2015

08 March 2016



Foxtons Group plc, London's leading estate agent, today announces its financial results for the year ended 31 December 2015.

Financial summary

· Group revenue up 4.1% to £149.8m (2014: £143.9m)

· Group Adjusted EBITDA¹ reduced by 0.4% to £46.0m (2014: £46.2m)

· Group Adjusted EBITDA margin of 30.7% (2014: 32.1%)

· Profit before tax reduced by 2.6% to £41.0m (2014: £42.1m)

· Net free cash flow² up 17.1% to £32.0m (2014: £27.3m)

· Total dividends proposed for the year of 11.0p per share up 13.4% (2014: 9.70 p) , equivalent to £30.8m (2014: £27.3m)

· £73.5m in total dividends returned to shareholders since IPO in September 2013

· Share buy-back programme commenced 16 December 2015 with 0.5m shares (£0.9m) purchased by year end. Post year end a further 6.6m shares (£11.1m) were purchased.

Operational summary

· Revenue growth across all segments (Sales +3.4%, Lettings +2.3%, Mortgage broking +31.8%)

· Both Sales and Lettings segments operating at Adjusted EBITDA margins in excess of 30%

· A strong lettings business generating 46% of Group revenue providing a balance to the naturally more cyclical sales market

· Continued successful organic expansion with seven new branches opened in 2015, bringing the total at year end to 58 branches

· Seven further branches secured for 2016

Commenting on today's statement, Nic Budden, Chief Executive Officer said:

The Company performed well during 2015 generating revenue growth across all business segments. Our market leading position in London and strong customer proposition enabled us to significantly outperform in a sales market which was slow to recover post the General Election of May 2015.

Our successful branch expansion has supported growth as well as providing us with a wider, stronger network across London. We finished the year with 58 branches, of which over 80% are now outside central London (Zone 1). Since the year end, we have opened a further four new branches with three more scheduled for later in the year.

This positive performance, together with our strong cash flow generation, has enabled a 13.4% increase in total dividends proposed of 11.0p per share.

Looking ahead, the London residential property market continues to be highly attractive both in terms of sales and lettings although it is too early to predict how transaction volumes may be impacted by recent changes to the tax regime and the short term political and economic uncertainty caused by the UK referendum on leaving the European Union. We have entered the new year with an encouraging sales pipeline, a strong lettings book and a clear strategy for further growth through our organic branch expansion.

Trading Update for the quarter ended 31 March 2016

RNS


RNS Number : 4258W

Foxtons Group PLC

27 April 2016






FOXTONS GROUP PLC

Trading Update

27 April 2016



Foxtons plc (LSE: FOXT), London's leading estate agency, issues its trading update for the quarter ended 31 March 2016



Total group revenue for the quarter was £38.4m, up 16.2% compared with the first quarter last year. This strong performance was principally driven by a 28.5% increase in property sales commissions resulting from a significant increase in transactions completing before the introduction in April of the 3% stamp duty surcharge on buy-to-let investments and second homes. With a large number of completions brought forward, the sales pipeline for the second quarter is therefore lower than prior year.



Lettings revenue was flat on prior year as tenants continued to renew existing tenancies and enter into longer tenancy periods. Our newly established "Institutional Private Rental Sector" business has just won its first mandate, and we will continue to develop and invest in new initiatives to enhance our lettings business.



Alexander Hall, our mortgage broker, continued the strong growth seen last year with revenue up 57.6% for the quarter.



We continue to see significant opportunities to expand our network across London with a focus on outer London territories with strong growth potential. During the quarter we opened four new branches in Loughton, New Malden, Sutton and Fulham (Bishops Park), increasing the network to 62 branches. Three more offices are scheduled to open in 2016, all outside Zone 1.



Nic Budden, CEO, said:



"We have had a strong start to the year with a record first quarter driven by a number of sales transactions being brought forward before the introduction of the additional stamp duty surcharge on buy-to-let properties. Nevertheless, we expect the first half of the year to be challenging with a reduced sales pipeline entering into Q2 and the underlying short term impact on transaction volumes from the uncertainty around the European referendum. Our expansion strategy remains on track as we continue to increase our market share in outer London."

StockMarketWire.com
London estate agency Foxtons Group has warned that it expects full year revenues and adjusted EBITDA to be significantly lower than last time.

The run up to the EU referendum led to significant uncertainty across London residential markets and the decision to leave Europe is expected to prolong that uncertainty.

The group says: "Whilst it is too early to accurately predict how the London property sales market will respond, the upturn we were expecting during the second half of this year is now unlikely to materialise. As a result, the challenging conditions we referred to in our April 2016 trading update, which have impacted recent property sales volumes, are now likely to continue for at least the remainder of the year."

2016 first half group revenue is now expected to be slightly below prior year with a lower adjusted EBITDA margin in the region of 20% primarily due to subdued sales volumes and the costs associated with recent investment in our branch network.

Chief executive Nic Budden said: "Whilst we had a strong start to the year, we said in our Q1 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.

"Looking further ahead, we remain confident of the attractiveness of London property sales markets and our strategy to focus on the outer London mid-market segment. Furthermore, our strong lettings business provides strong downside protection."

Realıty setting ın.

FOXT sp has been on the wain for some time, ( 240 a year ago - DYOR ), possibly overvalued as the property "bubble" expanded? . . . . and now it's getting more-realistic - bust as always Markets over-react and maybe soon it will be undervalued.

The RNS after BrExit is telling us nothing we didn't know - and I don't think 4 days of trading means their business is collapsed . . . rather this is a good time to deliver bad news.

Peel Hunt comment today:
"First half and full year profits are set to be significantly lower than the prior year given the uncertainty in the lead up to and in the aftermath of the EU referendum vote. We believe FY2016 PBT could halve compared to our current forecasts. Liquidity in the London property market will return but we continue to believe that Foxtons is not best placed to capture the upside given its high commission rates. Market share growth will remain a challenge. Our new target price is 100p.
Trading update. After a decent first quarter when trading was boosted by a rush of transactions to beat the stamp duty changes, uncertainty has weighed on activity since. Friday’s referendum result has amplified this uncertainty and profits for H1 and FY will be significantly below prior year levels. For H1, revenues will be slightly below the prior year at c£70m, but the higher costs from the larger branch network will see the EBITDA margin decline to c20% from 29% in H1 2015. This implies H1 EBITDA of c£13m-14m (H1 2015: £20.5m).
Transactions outlook tough. The group’s pipeline for transactions in Q2 had declined due to the pull forward of activity to beat the stamp change. While there has been little time to assess how many people may pull out of transactions, it is likely to have some impact and transaction activity will be subdued for at least the remainder of this year. In the meantime, the world of estate agency is changing with lower priced players gaining share. As and when the London market rebounds, Foxtons’ commission rate of 2.5% on sales will be even more of an outlier, in our view.
Lettings challenging. Lettings provides the group with a relatively stable income stream, however, organic growth of the lettings book has been slow as tenants are typically staying in properties for longer and churn between lettings agents has slowed. We expect a modest (1-2%) reduction in lettings revenues for the full year, which implies a material decline in market share given the growth in the branch network.
Forecasts and valuation. We are yet to finalise our forecasts, however, the weak outlook for transactions could see second half transaction revenues 30-40% lower than the prior year. If we take the mid point of this (35%), combined with the slight fall in lettings stated above, group revenues for the full year would be £132m (our current forecast is £159m). At a c20% EBITDA margin, this implies EBITDA of £26m (our current forecast is £46m) and PBT of c£21m (our current forecast is £42.6m). The dividend, which is covered c1x by earnings will also be under similar pressure to our PBT forecasts. While 2016 may well be trough earnings, given the uncertainty around the London market and competitive headwinds we cannot justify applying any more than a 15-16x PE ratio to this year’s earnings. If the group generates £21m of PBT in FY2016 (c6.1p EPS), a 16x PE implies a c100p target price. We maintain our reduce recommendation."

Goldman Sachs today:
"We make 10 rating changes. We upgrade LafargeHolcim and Wolseley to Buy (from Neutral); we downgrade Braas Monier, Bovis, Redrow, Crest Nicholson (off CL) and Bellway to Neutral from Buy. We downgrade Berkeley Group, Countrywide and Foxtons to Sell from Neutral. We also remove the Not Rated designation from Salini Impregilo and reinstate as Neutral."

StockMarketWire.com
Foxtons said group revenue was down to £68.8m (H1 2015: £71.1m), while adjusted EBITDA fell to £13.1m (H1 2015: £20.5m).

HIGHLIGHTS
- Adjusted EBITDA margin of 19.1% (H1 2015: 28.9%)

- Profit before tax of £10.5m (H1 2015: £18.1m)

- Cash returns to shareholders during H1 2016 total £28.3m comprising total dividends of £17.1m and £11.2m of share buy-backs (H1 2015: £14.5m)

- Interim dividend maintained at 1.67p per share (H1 2015: 1.67p per share), while due to the uncertain economic environment a special dividend will not be paid (2015: 3.10p per share)

- Five new branches opened during the first half in line with our organic, self-funded expansion strategy taking the total number of Foxtons branches to 63. Two further branches on track to open during the second half.

StockMarketWire.com
Estate agent Foxtons' total group revenue for the quarter to the end of September was £37.5m (2015: £43.5m) with revenue for the nine months ended 30 September totalling £106.3m (2015: £114.5m).

Sales revenue in Q3 was £12.2m (2015: £18.5m) reflecting a continuation of reduced activity in the London property sales market.

Lettings revenue, whilst also reflecting lower levels of new tenant activity, benefited from Foxtons strong renewals book and grew modestly in the third quarter to £22.8m (2015: £22.6m).

Foxtons says: "The response to the marketing initiatives which we launched to enhance our lettings business has been encouraging, in particular, the new business which we have secured from the institutional private rented sector (PRS).

"Our zero lettings campaign, which commenced in August, has been well received and has been extended to our new branches in Vauxhall and Peckham.

"Continued tight cost control in Q3 has improved margins and we expect to be broadly in line with full year market expectations. Foxtons remains highly cash generative with no debt.

"Leveraging our leading technology, we launched a new 'MyFoxtons', online portal in September, which gives customers complete visibility on the entire sales and lettings processes, without compromising on the high-touch, personal service they receive from Foxtons agents. Customer feedback so far has been very positive. " During the year, Foxtons opened seven new branches in Loughton, Sutton, New Malden, Fulham, Maida Vale and most recently in Vauxhall and Peckham, increasing the network size to 65 branches in total.

The group is committed to open two more branches in Q1 2017 in outer London.

Chief executive Nic Budden said: "The long term fundamentals of the London property market remain very attractive and represent a huge opportunity for growth with nearly £3bn in total sales and lettings commissions on 2015 volumes. We have built Foxtons to withstand sales market cycles with our lettings revenue comprising over half the business. We are pleased with the response we have seen to the strategic initiatives which we have implemented to grow our lettings business, and also the successful launch of the new MyFoxtons portal. "

Who ever is holding the stock, certainly the chart was sending a message >>>>>>downtrend

A stop loss should be appropriate on those cases

company still trading water ( revenue down on the last Q)

sure glad i bit the bullet at 160!

on the other hand, RMV continues to performs though it can be a bit volatile

These guys and Countrywide, Savills are trending down now for sometime. Any downturn in broader economy then could get a lot worse.

perhaps ask yourself why RMV continues to flourish
it's not rocket science :-)

Cynic- I have done and cant quite fathom it :)

really???

all estate agents use RMV to promote the properties on their books, whereas an individual estate agent is only promoting "his"

so, though the property market may be a bit sticky (not entirely true, but still), especially for the inflexible old school like Savills and Knight Frank, there's an awful lot of minor players, from Purple Bricks (yuk!) through small local agencies who benefit from RMV's services

Agree with all the points. Just cant see how they will keep there margins going forward.

Is estate agent sell-off overdone? - By Lee Wild | Thu, 24th November 2016 - 13:27

Philip Hammond's first Autumn Statement as chancellor has attracted plenty of criticism, not least for the Office for Budget Responsibility's (OBR) estimate that Brexit will cost the UK up to £60 billion. There's some scepticism around infrastructure spending, help for housebuilders and the deficit, too, but it's new rules on estate agent fees that's had most impact on equity markets.

The government proposes to ban letting agents from charging tenants' fees for things like reference, credit and immigration checks, and for drawing up tenancy agreements. This can be a huge cost to renters, especially in London hotspots. According to the Citizens Advice Bureau, the average charge to cover admin services is about £337.

David Cox, managing director of the Association of Residential Letting Agents (ARLA), called Hammond's crackdown "a crowd-pleaser" that will not help tenants long-term. He might be right, but the chancellor seemed pretty committed.

"In the private rental market, letting agents are currently able to charge unregulated fees to tenants," Hammond told a packed House. "We have seen these fees spiral, often to hundreds of pounds. This is wrong. Landlords appoint letting agents and landlords should meet their fees. So I can announce today that we will ban fees to tenants as soon as possible."

His plan had been leaked overnight Tuesday, so big players like Foxtons (FOXT) had plunged well before Hammond stood up at 12:38 Wednesday. The London-based firm is down over 16% over the past two days.

Clearly, the likes of Countrywide (CWD) and Belvoir Lettings (BLV) had a sleepless night, both issuing trading updates first thing Thursday.

Relisted by private equity owner Oaktree Capital in 2013 at 350p, Countrywide's share price responded with a further 13% dive to 169p, adding to yesterday's 5% slide. The UK's largest integrated property services group - it does lettings, sales, mortgage broking etc - warned Thursday that stamp duty changes and the EU referendum had already hurt business.

"Transaction levels are currently running significantly below 2015," it said, adding that volumes for 2016 will be down 6% on last year, and that 2017 could be even worse. That will dump 2016 cash profit at the bottom of market expectations.

Chief executive Alison Platt hardly mentioned the chancellor and letting agents' fees, saying only that she "looks forward" to working with government through the consultation process.

AIM-listed Belvoir was more specific. "At this stage, Belvoir cannot fully predict the likely financial impact on the results for the year ended December 2017 and beyond," it said. "Based on the group's experience following a similar decision in Scotland in 2012, however, the board anticipates that mitigating action should be possible over time and indeed it should be noted that no franchisees were lost in Scotland as a consequence."

It predicts about 10% of income derived by franchisees is from fees to tenants, and that the impact on total group gross profit will be less than 8%.

Elsewhere, AIM-listed online estate agency Purplebricks (PURP) won a reprieve after claiming the chancellor's action would not have any "meaningful impact" on the business. Upfront fees are already pretty low and it does not charge renewal fees. We'll hear more at the interim results on 5 December.

What the experts say

First of all, it's well worth recapping what technical analyst and Interactive Investor contributor Alistair Strang predicted here a month ago, with Countrywide's share price at 202p. I quote:

"From a software perspective, [Countrywide] currently needs to better 280p to cancel a logical target at 170p, this being a point around which some sort of bounce can be hoped."

And today's session will be hugely important if Alistair's often reliable software is right.

"The problem comes if the share closes a session below 169p, as apparently the final bottom should be at 127p," he warns. Keep 'em peeled.

UBS spells out the risks

"Our initial approximate sensitivity analysis suggests that while there is a meaningful [operating profit/EBIT] impact the share price reactions could be overdone," suggests UBS analyst Heidi Richardson.

"We estimate that without mitigating action the change could impact Foxtons FY17 EBIT by -4% to -12%, and Countrywide FY17 EBIT by -2% to -7%. However it could be lower if fees are transferred to landlords/rents rise. For Savills we expect limited impact as UK residential transactions make up just 9% of sales including fees from selling homes."

Richardson still rates Foxtons and Savills a 'buy', and remains 'neutral' on Countrywide.

According to market data site SharePad, Foxtons now trades on about 16 times forward earnings and yields around 6%. Countrywide trades on just 7 times earnings and yields about 6.5%.

BELVOIR LETTINGS 110.00p -8.33%
COUNTRYWIDE 170.00p -12.33%
FOXTONS GROUP 102.25p -2.85%
PURPLEBRICKS GROUP 110.0

London Property Prices Falling Faster Than You Think, NAMA Warns
Bloomberg - November 24, 2016 — 1:31 PM GMT

U.K. real estate prices may be dropping at a much faster pace than official reports indicate, according to the Irish agency that manages property loans acquired from bailed-out banks.
Reports since Britain’s vote to leave the European Union point to the value of land in central London declining by more than 10 percent in the past year, while house prices are 11 percent below their 2014 peak, said Frank Daly, chairman of Ireland’s National Asset Management Agency, known as NAMA.

“Our analysis suggests that the fall in U.K. prices may be much higher than official estimates,” Daly told lawmakers in Dublin on Thursday. “Analysts are forecasting that prices will fall further over the coming years, partly in response to a weakening economy and to the likelihood that companies will move staff overseas in response to Brexit.”

Irish ministers and executives are closely monitoring economic and market developments in the U.K. because the country is Ireland’s largest trading partner along with the U.S. Earlier this month, Stephen Vernon, chairman of Dublin-based Green Property, said London’s real estate market is “tanking by the day.”

Office values in the City of London financial district fell the most in at least seven years in July after the Brexit vote in June, according to CBRE Group Inc. Home prices in the U.K. capital fell for a fifth month in August, the worst streak since 2009, as higher taxes and the referendum result damped demand.

Explore Housing Prices in London
NAMA took over billions of euros in risky debt following the financial crisis in 2008 and Ireland’s international bailout. The agency’s debtors have 800 million pounds ($995 million) in assets located in Britain, down from 12 billion pounds in 2011. Among loans NAMA took over were those linked to the Battersea Power Station site on the banks of the River Thames. It sold them on in 2012.

FOXT have been really bad news for ages and am very pleased i bit the bullet on them at 160
it wasn't nice at the time, but of course would have been far worse now


i know i keep banging the drum for RMV but unashamedly continue to do so, though of course it has also taken something of a knock recently

PURP has performed the best of the above (don't know Belvoir), but as that is a "new boy" it doesn't have a lot of history

RMV knocks the socks off both FOXT and CWD and as market leader (by miles) should continue to do so

No one left to sell to at London prices. Need a cohort clubbing together to buy a basic home. Victims of their own ramping.

Foxtons says sales could fall further in 2017

Negative comment in todays DM.

Half year report

Asking myself, what happens to Estate Agents et al if we have a mild recession with Bricks and Mortar at Amazon.com levels?

Oh Dear. What a shame, never mind.

depends how good they are at their job

the likes of PURP absolutely stink ...... ask any professional who has looked at their contract ....... total rip-off and they have no care or interest on whether your house is sold or not

Foxton's says London property sales "near historic lows"

i wonder how buoyant the rental market is in comparison .... that certainly used to be FOXT's main focus and strength

London is so busy. Where everyone stays is beyond me. Tube full whenever you get on it.

Has to be Rental Market that serves all these folk.

The locals don't look caked in my view.

there are such things as overseas visitors, but i understansd that they usually stay in these peculiar things known as hotels or even Airbnb (whatever that may be)

Oh Dear, what a shame. never mind.

whoopsadaisy
is this one heading for the glue factory?
their hard sell ethos has probably backfired

All Housebuilders and Estate Agents are of the pace. My take is that the headline price is off the scale for most. Adjustment ongoing for a few years and its nothing to do with Brexit. Prices been ramped to a point where the ceiling has been reached. If the "Unreliable boyfriend" pulls the trigger with rate rise (I seriously doubt it) then more downside to come.

cynic, (2017 post no. 264.), you may not like the PURP business model - but as an investment it's risen 100% in the past 2-years, whereas FOXT has slipped badly over four years off its high, in 2014.
Of course some of the fall is bound to be "falling-house-prices" which is a common perception and must affect the big-ticket deals that FOXT were interested in. I think BREXT has an effect... not that it should, but folks may wonder if things will change.

However, whilst I think PURP is overpriced - As an investment 2-yrs ago one has to wonder why I didn't spot it.... probably because it wasn't "Good-Value" then ( and still isn't IMHO), based on Yield, P/E and similar markers.

FOXT should have seen the internet coming and developed their own channel, maybe with an entry-price for those "looking" = to remove voyeurs. After all, if you are splashing £10m you won't mind a £100k Fee to gain entry to the latest on offer. Similarly FOXT should be able to mediate with developers who sell off-plan and maybe don't want too many locals seeing what they are up to, at least until the building-work has started.
I don't follow FOXT, but their sp movement maybe tells it all, along with a sizeable PE ratio. FOXT was in the main-fallers today.
Cheers.