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/

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. "