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/

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