Foxtons Group PLC Trading Update (1058H)
13 November 2018 - 6:00PM
UK Regulatory
TIDMFOXT
RNS Number : 1058H
Foxtons Group PLC
13 November 2018
Foxtons Group plc
Q3 TRADING UPDATE
Tuesday 13 November 2018
Foxtons Group plc (LSE: FOXT), London's leading estate agency,
issues its trading update for the quarter ended 30 September
2018.
The Group delivered a solid third quarter performance as the
trends set out in July continued through the period. Group revenue
was flat year on year at GBP35.1m (2017: GBP35.1m), taking total
revenue for the nine months ended 30 September 2018 to GBP88.1m
(2017: GBP93.7m).
Lettings revenue was GBP23.1m (2017: GBP22.5m), as our enhanced
offer and improved resourcing enabled us to capitalise on demand in
what remains an attractive market.
Sales revenue in the quarter was marginally lower at GBP9.9m
(2017: GBP10.3m), which is a solid performance amidst ongoing
reduced transaction levels. Revenues in our mortgage broking
business, Alexander Hall, were GBP2.1m (2017: GBP2.3m).
Cash flow was as expected in the period, and trading throughout
October was in line with Q3 performance levels.
We remain focused on driving efficiency and ensuring we have a
cost base which reflects market conditions and recognises that our
technology now allows us to serve customers with an extended branch
reach. Accordingly we reviewed all of our sites and have recently
closed six branches: four on the outskirts of our network
(Beckenham, Enfield, Loughton, and Ruislip), Park Lane and Barnes.
We continue to cover over 85% of London from 61 branches and have
no current plans for further closures.
Nic Budden, CEO, said:
"This was a solid quarter in a challenging market. Whether it's
securing a premium valuation for a house sale or letting a property
to a quality tenant, we know our customers value exceptional
service that delivers results and this is how we differentiate
ourselves. We are managing the business for the current market
conditions and remain confident in our long-term prospects."
Foxtons will issue a post close update in January 2019 ahead of
full year results in February 2019.
For further information, please contact:
Foxtons Group plc
Mark Berry, Chief Financial
Officer
Muhammad Patel, Investor Relations +44 20 7893 6261
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Teneo Blue Rubicon
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Robert Morgan / Laura Stewart +44 20 7420 3194
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END
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