Foxtons Group PLC Trading Statement (3444B)
30 Gennaio 2020 - 08:00AM
UK Regulatory
TIDMFOXT
RNS Number : 3444B
Foxtons Group PLC
30 January 2020
FOXTONS GROUP PLC
UNAUDITED FULL YEAR TRADING UPDATE
Thursday 30 January 2020
Foxtons Group plc (LSE: FOXT), London's leading estate agency,
today issues its unaudited full year trading update for the year
ended 31 December 2019.
Group revenue for the full year was circa GBP107m, down 4% on
the prior year (2018: GBP111.5m). This robust performance in
difficult market conditions was due to improved Sales market share
and growth in revenues from landlords.
Including the impact of the tenant fee ban (GBP2.7m), Lettings
revenue fell 2% to circa GBP66m (2018: GBP67m), driven by our
decision not to increase fees in response to the ban. Revenue from
landlords continued to benefit from the wide-ranging improvements
we have made to our Lettings offer.
Sales revenue fell by 10% to circa GBP33m (2018: GBP36m) as
transaction volumes were impacted by ongoing political uncertainty,
particularly at the higher end of the market.
Mortgage revenue grew by 3%, with strong growth in re-mortgages
outweighing lower new mortgage volumes.
During December, Foxtons closed four underperforming branches
whose territories can be well served by other branches in the
Foxtons network; additionally, Foxtons has taken an impairment
charge on a number of low profitability branches. Together these
will result in a one-off charge of around GBP6m in 2019, the vast
majority of which is non-cash.
The resilient revenue performance, including a stronger end to
the year, combined with continued control of operating costs means
Adjusted EBITDA(1) post-IFRS 16 is expected to be in the range
GBP13.0m to GBP13.5m (Adjusted EBITDA pre-IFRS 16 GBP2.0m to
GBP2.5m). The Group's cash balance at the end of the year was
GBP15.5m (2018: GBP17.9m).
Foxtons intends to issue its full year results on 28 February
2020.
Nic Budden, CEO, said:
"Our team should feel pleased to have delivered a solid
performance in difficult market conditions as political uncertainty
played a significant role in suppressing an already weak sales
market. Looking forward, with the uncertainty of the general
election removed, early signs are that the sales market may improve
during 2020 and our sales pipeline is ahead of last year. It is,
however, too early to predict how the market will behave during the
year with structural issues like affordability and stamp duty
continuing to act as a brake on sales volumes. Competition in the
lettings market remains fierce. Overall though Foxtons has
successfully navigated a very difficult period and is well placed
to benefit from any lasting improvement in market conditions."
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 20 7420 3194
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(1) Adjusted EBITDA is defined by the Group as profit before
tax, finance costs, finance income, other gains/losses,
depreciation, amortisation, profit on disposal of fixed assets,
share--based payments and Adjusted items.
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END
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