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/

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.