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/

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