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/

i think so too ..... just may top up

sp 318p rising nicely ahead of IMS next week.

Interim Management Statement

RNS


RNS Number : 2935S

Foxtons Group PLC

06 November 2013






Foxtons Group plc Interim Management Statement
6 November 2013

Introduction
Following its successful IPO in September, Foxtons Group plc (LSE:FOXT) has made a strong start as a public company and has continued effectively to execute its organic growth strategy. This interim statement is for the period from 1 July 2013 to date.

Michael Brown, Foxtons Group CEO, commented "Our first interim management statement as a listed company shows encouraging performance across the business. The IPO has left the Group in a strong position with no debt and we have a highly cash generative growth strategy which is not heavily dependent on a recovery in the sales market. We remain confident about Foxtons' prospects for the rest of the year but do not expect to see a significant upturn in London property sales transactions".



Financial highlights

Group turnover for the three months ending 30 September 2013 was £41.1m, 17.9% higher than for the same period in 2012, with revenues from property sales showing strong growth of 28.7% driven by volume growth in both new and existing branches. Lettings and mortgage revenues grew by 8.7% and 63.6% respectively over the same period.

Third quarter adjusted EBITDA1 growth was particularly strong due largely to the timing of new branch openings earlier in the year together with robust cost control during August and September 2013 and higher overall revenues. Group adjusted EBITDA1 for the nine months ended 30 September 2013 was up by 23.0% over the same period last year.

The Group has achieved an adjusted EBITDA1 margin of 36.0% for the nine months ended 30 September 2013 up from 33.2% for the same period in 2012 reflecting higher revenues and the economies of scale and operational leverage inherent in Foxtons' centralised business model.

As planned, the Group used primary proceeds from the IPO to pay down its debt fully and is now debt free.

As well as achieving solid financial results so far this year, in October 2013, Foxtons was named as Best Real Estate Agency in the UK at The International Property Awards.

Expansion plan update
The Group opened five new branches during the first half of 2013 (Brixton, Barnet, Enfield, Hackney and West End) and two new branches in October 2013 (Crystal Palace and Twickenham). These new branches are performing well and were opened on time and within budget.

Outlook
London property sales transactions in 2013 have so far remained relatively flat due primarily to a shortage in the supply of property for sale and low mortgage availability. It remains to be seen whether the recent Government help to buy initiatives and the early signs of a pick-up in mortgage activity ultimately lead to a significant increase in market volumes but these dynamics are expected to materialise slowly.

Trading during Q4 has started positively, however Q4 adjusted EBITD A1 is expected to be impacted by the operating costs of the two new branches opened in October 2013 and by the higher on-going costs of operating as a listed company.



-Ends-

it'll be interesting to see how these numbers etc are received .... prob some early profit-taking, but then .....?

05 Nov 2013 Foxtons FOXT Credit Suisse Neutral 300.75 320.00 - 322.00 Initiates/Starts

06 Nov 2013 Canaccord Genuity Hold 300.75 315.50 320.00 320.00 Reiterates

early tree shake now sp moving ahead again

cynic lost ground recovered sp now in the blue at 316p

Foxtons Group (LON:FOXT)

Foxtons Group announced its interim management statement for the period from 1st July 2013 to date. The company stated its turnover for the three months ending 30th September 2013 rose 17.9% y-o-y to £41.1m. This was supported by 28.7% growth in property sales and 8.7% & 63.6% growth in Lettings and mortgage revenues, respectively. Adjusted EBITDA for the period was strong mainly due to higher revenue, timing of new branch openings and robust cost control. The company opened five new branches in the first half of 2013; two additional branches were opened in October 2013. Property sale in London remained relatively flat so far in 2013 primarily due to a shortage in the supply of property for sale and low mortgage availability. Moreover, trading during the fourth quarter has started positively however, adjusted EBITDA is expected to be impacted by the operating costs of the two new branches and by the higher on-going costs of operating as a listed company.

Our view: Following the successful completion of the IPO in September, Foxtons has made a strong start as a public company. The company continued to follow its organic growth strategy and posted an encouraging performance during the third quarter across its business verticals. The IPO helped the company to build a strong debt free balance sheet. In spite of subdued London property sales transactions, Foxtons is expected to have a high cash generative growth strategy, which is not heavily dependent on recovery in the sales market and could result in healthy top-line growth during the fourth quarter. We assign a Buy rating for the stock.



http://www.proactiveinvestors.co.uk/columns/beaufort-securities/14578/beaufort-securities-breakfast-today-including-nostra-terra-oil-gas-magnolia-petroleum-howden-joinery-and-foxtons-group-14578.html

18 Nov Canaccord... 320.00 Buy

In Shares - Foxtons is set to benefit from its focus in London, a market where demand continues to outstrip supply. A forward price/earnings ratio of 21.9 for 2014 to 2018 based on consensus earnings per share number of 13.4p, looks rich at first sight but estimates for 35% earnings per share growth and a decent yield suggest appearances may be deceptive.

6 Dec Canaccord... 320.00 Buy
6 Dec Credit Suisse 322.00 Outperform

time for a little ramp i think :-)

with the latest economic numbers showing that the uk recovery is (still) primarily focussed in SE, FOXT is an obvious choice to cash in on the strong housing activity that will ensue - actually, it already is

Agree, Could do a lot worst.

steady on old chap! ..... fossy will be chasing you with a big stick for agreeing with me if you don't watch out :-)

I was actually agreeing with the sentiments in DC's post... So don't flatter yourself sunshine -):

that was from nearly 2 months ago!

...Well I'm not the quickest granted -):

hey sticky, did you do as I told you a week or so back?
zippy-de-doo-dah :-)

wakey wakey sticky ...... been telling about this one for ages - sp currently 395

figures out 11/3 apparently

Nothing wrong in changing your mind, well done. :-))

cynic - 21 Sep 2013 11:38 - 5 of 54

i really do not like Foxton's ethics and ethos - far too sharp and aggressively pushy - so would never use them nor buy their shares