Foxtons Group PLC Trading Update (3252F)
May 17 2017 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 3252F
Foxtons Group PLC
17 May 2017
FOXTONS GROUP PLC
Q1-2017 - Trading Update
17 May 2017
Foxtons plc (LSE: FOXT), London's leading estate agency, issues
the following trading update for the quarter ended 31 March 2017
ahead of its AGM today.
During the first quarter Foxtons performance has been in line
with the Board's expectations. Group revenue was GBP28.7m compared
to GBP38.4m in the first quarter last year and GBP26.4m in the
fourth quarter of 2016. This quarterly performance is set against
the record sales volumes in the first quarter last year when a
number of transactions were brought forward ahead of the stamp duty
surcharge on buy-to-let investments and second homes. Our first
quarter revenues comprised property sales commissions of GBP11.1m
(2016: GBP20.0m), lettings revenues of GBP15.5m (2016: GBP15.8m),
and mortgage broking fees of GBP2.1m (2016: GBP2.6m).
Foxtons holds a net cash position with no debt.
Foxtons will announce its interim results on 27 July 2017.
Contacts
Foxtons Group plc
Jenny Matthews, Investor Relations Manager +44 20 7893 6484
Tulchan Communications LLP
Peter Hewer / Jessica Reid +44 20 7353 4200
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.
About Foxtons Group plc
Foxtons is a multi-award-winning estate agency. It was founded
in 1981 with the first branch opened in Notting Hill Gate. Today
with 67 branches, the Group
focuses on the higher-volume, higher-value property markets in
London.
The Company is able to generate high margins through its
business model, which combines:
-- A strong, single brand;
-- High levels of centralisation allowing low cost expansion of branches;
-- An innovative application of technology; and
-- A powerful culture of sales and service through outstanding training and staff development
The Group has a clear strategy to grow profitability by:
-- Targeting higher-volume, higher-value residential property markets in London;
-- Maintaining a balance between sales and lettings;
-- Providing a premium service which supports premium prices;
-- Expanding organically to maximise return on capital; and
-- Positioning itself for sales volume market growth.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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