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Foxtons launches buyback programme of up to £3m shares; lifts guidance on profit
StockMarketWire.com
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London estate agency group Foxtons launched a share buyback programme to purchase up to £3 million of its shares and lifted its guidance on profit following cost cuts and an improvement in revenue.
The company said it now expected adjusted operating profit to be between £1.0m and £1.5m for the full year, up from an adjusted operating loss of £0.7m in 2019.
Revenue in October and November was £14.8m, up 2% on the same period last year, with sales increasing by 11% to £5.4m, lettings revenue down 1% to £8.0m and mortgage broking revenue down 14% to £1.3m.
Revenues for the eleven months to the end of November 2020 were £83.6m, down 15% on the prior year.
The cash balance as at 31 December 2020 was expected to be in excess of £30m.
Under the buyback programme - set to get underway on 11 December 2020 and end on 2 March 2021 - the maximum price paid per share would be no more than the higher tha either 105% of the average middle market closing prices of shares for the five business days preceding any shares being purchased or the higher of the price of the last independent trade and the highest independent bid for shares on the trading venue where the purchase is carried out.
At 9:49am: (LON:FOXT) Foxtons Group PLC share price was 0p at 39p
Story provided by StockMarketWire.com
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