Foxtons Group PLC Trading Update (8775T)
October 18 2017 - 2:00AM
UK Regulatory
TIDMFOXT
RNS Number : 8775T
Foxtons Group PLC
18 October 2017
FOXTONS GROUP PLC
Q3 TRADING UPDATE
Wednesday 18 October 2017
Foxtons plc (LSE: FOXT), London's leading estate agency, issues
its trading update for the quarter ended 30 September 2017.
The Group's performance during the quarter was in line with the
Board's expectations with total revenue of GBP35.1m (2016:
GBP37.5m), taking total revenue for the nine months ended 30
September 2017 to GBP93.7m (2016: GBP106.3m).
Lettings performance was resilient, with the implementation of
several initiatives driving a modest growth in volumes versus the
prior year. This growth partially offset the expected impact of the
downward pressure on rents across the market, resulting in
quarterly lettings revenue of GBP22.5m (2016: GBP22.9m).
Sales revenue in the quarter was GBP10.3m (2016: GBP12.3m), as
the activity levels we saw at the end of Q2 continued throughout
Q3. Revenues in our mortgage business, Alexander Hall, were in line
with the prior year at GBP2.3m (2016: GBP2.3m).
During the quarter we continued to manage our cost base in line
with our plan. Cash flow also remained strong during the quarter,
supporting a strong balance sheet with no debt.
Nic Budden, CEO, said:
"This was a resilient third quarter performance when set against
the challenging conditions in the London property market. We have
maintained our relentless focus on delivering a leading proposition
for our customers and in our lettings business we are pleased with
the reaction to our recent growth initiatives."
Foxtons will issue a pre-close update in January 2018 ahead of
its full year results in February 2018.
For further information, please contact:
Foxtons Group plc
Jenny Matthews, Investor Relations Manager +44 20 7893 6484
Tulchan Communications LLP
Peter Hewer +44 20 7353 4200
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.
LEI: 5493001HCMG6R1MYKC59
This information is provided by RNS
The company news service from the London Stock Exchange
END
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