Foxtons Group PLC Trading Statement (6989R)
31 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMFOXT
RNS Number : 6989R
Foxtons Group PLC
31 October 2019
FOXTONS GROUP PLC
Q3 TRADING UPDATE
Thursday 31 October 2019
Foxtons plc (LSE: FOXT), London's leading estate agency, today
issues its trading update for the third quarter ended 30 September
2019.
Group revenue for the third quarter was down 7% to GBP32.5m (Q3
2018: GBP35.1m). This takes Group revenue for the first nine months
of the year to GBP83.6m, down 5% on the prior year (2018:
GBP88.1m).
Lettings
Improvements to our lettings offer and our decision to not
increase fees to landlords following the tenant fee ban has enabled
us to grow market share, improve revenue from landlords and
increase the penetration of our property management services.
Notwithstanding this pleasing progress, as expected the tenant fee
ban which came into force on 1 June 2019, resulted in lower revenue
for Q3, down 4%, to GBP22.1m (Q3 2018: GBP23.1m).
Sales
Ongoing political uncertainty continued to weigh on volumes and
prices in the London residential sales market. A combination of
lower volumes, falling prices and fewer high value sales meant that
sales revenue for the quarter was down 15% to GBP8.4m (Q3 2018:
GBP9.9m). We believe this to be a resilient performance given the
market backdrop.
Mortgage
Revenue in our mortgage business, Alexander Hall, was in line
with the same period last year at GBP2.1m (Q3 2018: GBP2.1m).
We remain focused on cost control in order to limit the impact
of lower revenue on profitability. Cash flow remained healthy in
the period, with current cash balances at the same level as this
time last year. The Group continues to have no external
borrowings.
Nic Budden, CEO, said:
"Overall, this was a resilient performance set against the
London sales market which continues to deteriorate and the impact
of the tenant fee ban on our lettings business. We are encouraged
by landlords' reaction to our improved lettings offer and are
confident we can continue to gain share in the London lettings
market. We continue to manage costs tightly to ensure the business
is well-placed to withstand this prolonged market downturn and are
confident that this, coupled with our improved overall offer,
positions us well for the future."
Foxtons will issue a pre-close trading update in January 2020
ahead of its full year results at the end of February 2020.
For further information, please contact:
Foxtons Group plc
Richard Harris, Chief Financial +44 20 7893 6261 investor@foxtonsgroup.co.uk
Officer
Muhammad Patel, Investor Relations
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Teneo
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Robert Morgan / Anthony Di Natale +44 7557 413 275
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END
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