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/

Credit Suisse celebrates 'structural growth story' at Foxtons

Tue, 11 March 2014


Credit Suisse has lifted its target price for London-focused estate agency chain Foxtons from 322p to 430p after upgrading its forecasts following the company’s ‘impressive’ fourth quarter.

The bank maintained its ‘outperform’ rating on the stock.

Group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 29.6% to £49.6m in 2013. This implies EBITDA of £12.3m for the fourth quarter which was ahead of Credit Suisse’s estimate by 48%.

Meanwhile, Foxtons said it achieved an operating cash conversion of 83.1% last year, reaching 87% by the fourth quarter, up from 68% in the third quarter and just 46% in the first half.

“Cash dynamics are improving much more quickly than we had anticipated, supported by strong increases in house prices and volumes across the London property market,” Credit Suisse said.

As such, the broker has raised its EBITDA forecast for the company in 2014 by 10% to £59.29m.

“Foxtons is a structural growth story owing to its branch expansion program (another seven targeted for this year). We do not expect the London housing market to normalise within five years, owing to current high house price-to-income ratios.”

The bank said that cash dynamics fully support Foxtons’ premium to its peers in the sector and that the market “underappreciates” its cashflow generation ability.

The stock was up 0.5% at 376.89p by 11:29 on Tuesday.
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Foxtons on track for more branch openings despite flat market in capital

By Giles Gwinnett

March 11 2014, 10:46am
This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group calls a 'flat' market in the UK capital



Foxtons (LON:FOXT) is on track to open a further seven branches by the end of 2014 as the London- focused estate agent posted rising profits last year.

The firm floated last September and reported for the year to end Deceber 2013, pre-tax profit up 56.6% to £38.9mln (2012: £24.9mln) on revenues which were up 16%.

The group plans a total dividend of 5.44p per share (comprising 1.70p final and 3.74p special).

This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group called a "flat" market in the UK capital.

Chief executive Michael Brown said: "We have seen a good start to 2014 with a strong short term sales pipeline.

"We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year.

"However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market.

"Our new branches are maturing well and we are on track to open a further seven branches by the end of this year, with 5 of them scheduled to open in the first half of 2014".

Shares edged up 0.35% to stand at 376.50p.

am considering buying back the lump I sold yesterday

Interim Management Statement - Qtr1-2014

RNS


RNS Number : 7071F

Foxtons Group PLC

29 April 2014






Foxtons Group plc Interim Management Statement
29 April 2014

Introduction
Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 January 2014 to date, incorporating trading results for the quarter to 31 March 2014.

Highlights

Early performance in 2014 has been encouraging with continued growth in both Group turnover and Adjusted EBITDA(1) compared to the same period last year.

· Q1 Group turnover was £34.1m, an increase of 19.2% on the same period in 2013.

· Q1 property sales commissions were £17.6m, up 41.1% on prior year driven by significant volume growth in new and existing branches and increasing property prices.

· Q1 mortgage revenue of £1.4m grew by 53.5%, albeit from relatively low levels in the previous year.

· As expected, Q1 Lettings revenue of £15.0m was broadly flat as the sharp upturn in the sales market has compressed lettings demand and rents.

· Q1 Adjusted EBITDA(1) of £10.9m increased by 44.0% as a result of strong revenue growth and the substantial operational leverage inherent in Foxtons centralised business model. Q1 Adjusted EBITDA(1) margin improved significantly over the same period last year.

· The group continues to create strong cash flow and remains debt free.

New branches

Foxtons has opened three new branches so far this year (Greenwich, Beckenham and Earls Court) all of which are performing in line with our expectations. There are four more planned, two in May (Stoke Newington and Harrow) and two in the autumn.

Garry Watts, Chairman, commented:

We are pleased to report an excellent start to 2014, continuing the trend seen in the second half of 2013. Turnover is well up on the comparative period and margins have been further enhanced as we continue to benefit from the roll out of our centralised business model.

As we have made clear previously, the outlook in the longer term will primarily be determined by the availability of housing stock, however, as of today our pipeline is well ahead of last year and gives us confidence in the results for the half year to 30 June 2014.

Reality settling back in!

1 May Canaccord... 382.00 Buy

Foxtons: Credit Suisse shifts target price from 429.87p to 430p and retains an outperform rating.

wow!

Whats the wow for, the .13 of a penny . lol. Seems still to be heading south at the moment.

Foxtons shares slide as boss quits

By Jamie Nimmo

June 03 2014, 9:39am
Foxtons shares slide as boss quits

The chief executive of Foxtons (LON:FOXT) has quit the London-based estate agent less than nine months after it joined the London Stock Exchange.

Michael Brown has stepped down after 12 years at the company, including seven as CEO, for personal reasons.

Brown has agreed to remain on the board as a non-executive director.

Taking his job on 1 July is Nic Budden, who has worked alongside Brown as chief operating officer since 2005.

Foxtons floated on the stock market in September at 230p and is now up at 320p despite threatening to break 400p earlier in the year.

The stock dropped 2.7% on the news today.

Chairman Gerry Watts said: “Nic has worked side by side with Michael for many years and has been a core architect of Foxtons' success.

“He is the natural successor to Michael and the unanimous choice of the board. I am confident that Nic's leadership will continue to deliver further growth for the business in the years ahead.”

Budden added: “It is an honour to be appointed as the new CEO of Foxtons. It has been a pleasure working with Michael and I am pleased he will remain on the board.

“We have real momentum in the business and I look forward to building on that success in future.”

Credit Suisse sees "compelling investment case" at Foxtons

Tue, 08 July 2014


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Credit Suisse said it sees significant upside at Foxtons as it gave the estate agent chain an 'outperform' rating and added the stock to its "Small- and Mid-Cap Focus List".

The bank has trimmed its target price for the shares from 430p to 400p, but this still represents 30% potential upside from current levels.

"We see Foxtons as a compelling investment case on valuation grounds, structural growth and capital returns," said analysts Eugene Klerk and Harry Goad.

"Between 2014 and 2018 we believe Foxtons will double its branch network, deliver annual average earnings per share growth of circa 23%, return circa 43% of market cap to shareholders in dividends and maintain a net cash position throughout."

While the estate agency industry is cyclical, Kler and Goad said they see Foxtons' structural growth story as "attractive".

Owing just 1% of the branches in London, Foxtons should be able to double its footprint in the capital within five years and triple its coverage over 10 years, they said.

The stock was up 0.9% at 305.4p by 11:06 on Tuesday.

London house price boom makes Foxtons hot property as profits are set to rise by nearly 20%

By Alex Hawkes, Financial Mail on Sunday

Published: 22:00, 23 August 2014 | Updated: 22:00, 23 August 2014

Upmarket estate agency Foxtons will this week reveal a double-digit profits rise as it continues to reap the rewards of London’s property boom.


The London agency is likely to see revenues surge by 17 per cent this year, as well as revealing a rise in profits of almost 20 per cent when it releases interim results on Wednesday.


Foxtons is opening new branches across the capital and beyond, and is also benefiting from the huge surge in London prices.

On the move: The agency has enjoyed a 20 per cent rise in profits



Despite its growth, the estate agency’s share price has dropped by more than a quarter since February.


There were fears that new lending rules would slow the capital’s price surge and recent indications that growth had slowed.

Fresh figures from property valuation expert Hometrack could this week provide further evidence of a cooling off in the capital’s market.


House price growth stood at just 0.1 per cent in July, according to Hometrack’s latest survey, the lowest since February 2013. There was a ‘pronounced slowdown in the London market’, it found.

Interim Result
27 Aug 14 Foxtons Group PLC [FOXT]

Half Yearly Report

RNS


RNS Number : 0614Q

Foxtons Group PLC

27 August 2014






Foxtons Group plc

INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2014

27 August 2014



Foxtons Group plc, London's leading estate agent, today announces its financial results for the half year ended 30 June 2014.



Key financial highlights

• Group revenue up 16.2% to £72.8m (2013: £62.6m) driven by strong Sales and Mortgage broking growth

• Group Adjusted EBITDA1 up 28.7% to £24.9m (2013: £19.4m)

• Group Adjusted EBITDA Margin2 up 330 bps to 34.3% (2013: 31.0%) as the benefits of branch expansion and centralised support continue to flow through.

• Profit before tax up 57.1% to £23.1m (2013: £14.7m); EPS up 48.8% to 6.4p

• High levels of cash generation enabling an interim dividend and a special interim dividend to be paid of 1.77p and 2.77p respectively, equal to a total payment of £12.8m

• 5 new branches opened during H1-2014, bringing the total to 49 branches with 2 further branches scheduled to open in the second half of the year. All branches opened since 2010 performing in line with expectations.



Commenting on today's statement, Nic Budden, Chief Executive Officer said:

"I am pleased to report continued strong trading during the first half of 2014. The combination of higher sales and mortgage volumes, together with the efficiency of our operating model has led to a significant increase in revenue and profits. This performance, together with our strong cash flow generation, has enabled us to declare a special dividend in addition to our maiden interim dividend. Looking ahead to the second half, we expect the growth in transaction volumes to slow from the rapid rate seen in the first half as the policy initiatives introduced in 2014 aimed at controlling mortgage lending, together with the expectation of increases in interest rates, are now having an impact on short term demand among buyers.

"We have a clear strategy focussed on the organic expansion of our branch network, increasing our market share and improving profitability as our larger network benefits from our centralised business model. Our five newly opened branches were delivered on time and to budget and are performing in line with expectations. We remain on track to open a further two branches this year and have secured sufficient sites to satisfy our continued expansion programme into 2015

Foxtons a 'buy' despite second-half warning, says Canaccord

Wed, 27 August 2014


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Foxtons' first-half results were "impressive", according to Canaccord Genuity.

The real estate company reported a 16% increase in turnover to £372.8m with property sales commissions up 32% to £37.8m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29% to reach £24.9m as EBITDA margins climbed by 330 basis points to 34.3%.

Canaccord gave the company a 'buy' rating, saying the EBITDA result was 2% above forecast.

"We value Foxtons with reference to its track record of generating high returns on invested capital, its ability to grow organically and its intention to return its free cash to shareholders.

"Our 382p May 2015 target price is based on a full-year 2015 price-to-earnings of 21x and a price to earnings growth of 1.0x. With 30% potential upside to our 382p price target and scope for a 4% dividend yield, we repeat our investment recommendation: Buy."

However, Canaccord noted the firm's warning about the second-half being affected by the spectre of higher interest rates and a clampdown on irresponsible mortgage lending.

Interim Management Statement

RNS


RNS Number : 0589V

Foxtons Group PLC

23 October 2014






Foxtons Group plc Interim Management Statement
23 October 2014

Housing transactions slow in Q3



Introduction

Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 July 2014 to date, incorporating trading results for the quarter to 30 September 2014.



Overview

Performance in Q3 2014 was negatively impacted by a sharp and recent slowing of volumes in London property sales markets following an exceptionally strong nine month period to 30 June 2014 in which volumes reached their highest levels since 2007.

· Q3 Group turnover was £39.9m (2013: £41.1m). Group turnover for the nine months to 30 September 2014 was £112.7m (2013: £103.7m).

· Q3 property sales commissions were £16.4m (2013: £17.8m), down 7.8%, as a reduction in sales volumes more than offset price increases. Property sales commissions for the nine months to 30 September 2014 were £54.1m (2013: £46.3m), up 16.9%.

· Q3 lettings revenue of £21.9m was flat (2013: £21.9m). Lettings revenue for the nine months to 30 September 2014 was £53.7m (2013: £53.7m).

· Q3 mortgage revenue of £1.6m grew by 13.8% (2013: £1.4m). Mortgage revenue for the nine months to 30 September 2014 was £4.6m (2013: £3.4m)

· Q3 Adjusted EBITDA1 was £14.2m (2013: £18.0m). Adjusted EBITDA for the nine months to 30 September 2014 was up 4.9% to £39.2m (2013: £37.3m).

· Q3 Adjusted EBITDA margin2 was 35.6% compared to 43.7% during the same period last year which had also been the highest quarterly margin ever achieved by the company. Adjusted EBITDA margin was 34.8% for the nine months to 30 September 2014 (2013: 36.0%).

· The Group remains debt free and generated £13.9m of adjusted operating cash3 during Q3 representing an operating cash conversion rate4 of 98%.

Outlook

Although the longer term outlook for London property markets remains positive, the market is expected to continue to be constrained for some time due to political and economic uncertainty within the UK and Europe, tighter mortgage lending markets and mismatches between the price expectations of buyers and sellers. These external headwinds have exacerbated the rate of slowdown in sales transactions we noted at the time of our H1 results. Market volumes in Q3 have been more in line with the first half of 2013 and we now believe that market volumes in H2 2014 overall will be significantly below levels during the same period last year. Consequently, we expect full year 2014 adjusted EBITDA to be below the prior year figure of £49.6m.



Nic Budden, CEO commented:

"Despite the impact that market uncertainty is having on transaction volumes, we are continuing with our clear strategy, centralised business model and steady roll out programme which is delivering higher market share. Our seven new branches opened this year bring our network to fifty one, with all our sites secured for 2015. Foxtons remains highly profitable, cash generative and debt free, and therefore well positioned to deliver further cash returns to shareholders, building on the £28.1m of ordinary and special dividends paid since our IPO."

Worth watching after yesterday?

5 Dec Canaccord... 228.00 Buy

foxtons is really aimed at the mid-market, and as the new stamp duty rules are only penal on houses of >£937k, they should be nett beneficiaries ..... the fly in the ointment is the low level of mortgage approvals, but foxtons also have a thriving letting side

Best short in 2015..imo.

RNS Number : 6592C
Foxtons Group PLC
20 January 2015
Notice of Results
Foxtons Group plc
Foxtons Group plc will be issuing a trading update for the year ended 31 December 2014 on Tuesday 27(th) January 2015. Preliminary results for the year ended 31 December 2014 will be issued on Wednesday 11(th) March 2015.