Foxtons Group PLC Trading Update (3418O)
May 17 2018 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 3418O
Foxtons Group PLC
17 May 2018
FOXTONS GROUP PLC
Q1 Trading Update
17 May 2018
Ahead of its AGM today Foxtons Group plc (LSE: FOXT), London's
leading estate agency, issues the following trading update.
Conditions in the London property market remain very challenging
with sales volumes lower than prior year. Foxtons entered 2018 with
a lower sales pipeline compared to the same point last year and
this resulted in lower levels of activity in the quarter.
Performance in lettings was impacted by a slow start to January and
the timing of Easter, which had a negative effect on revenue. In
the first quarter of 2018 group revenue was GBP24.5m compared to
GBP28.7m in the first quarter of last year. This comprised sales
revenue of GBP8.2m (2017: GBP11.1m), lettings revenues of GBP14.3m
(2017: GBP15.5m), and Alexander Hall mortgage revenue of GBP2.0m
(2017: GBP2.1m).
Whilst the sales pipeline has begun to improve it remains below
where it was this time last year. The performance of our lettings
business improved towards the end of the quarter and throughout
April.
Foxtons remains in a strong financial position with a net cash
balance.
For further information, please contact:
Foxtons Group plc
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Mark Berry, Chief Financial
Officer +44 20 7893 6484
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Jenny Matthews, Investor
Relations Manager
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Teneo Blue Rubicon
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Robert Morgan / Laura
Stewart +44 20 7420 3194
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About Foxtons Group plc
Foxtons is a multi-award-winning estate agency which was founded
in 1981 with the first branch opened in Notting Hill Gate. Today
with 67 branches, the Group covers most of London providing sales
and lettings services for higher-value properties.
This information is provided by RNS
The company news service from the London Stock Exchange
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