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/

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