Foxtons Group PLC COVID-19 Update (8913G)
20 Marzo 2020 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 8913G
Foxtons Group PLC
20 March 2020
FOXTONS GROUP PLC (the "Company" or "Foxtons")
COVID-19 UPDATE
20 March 2020
Foxtons Group plc (LSE: FOXT), London's leading estate agency
today issues an update on the impact of the COVID-19 virus on the
Company.
The business performance in the first 11 weeks of the financial
year has been in line with the Board's expectations and consistent
with the update given at the full year results at the end February
2020. However, the Company notes the necessary defensive measures
taken by the Government affecting London and the UK along with the
significantly weakened economic outlook.
It is too early to predict what the impact of Covid-19 will be
on Foxtons' full year results. However, we do anticipate an
inevitable material disruption to trading in the coming months.
Foxtons is in a strong position as a market leader and continues
to manage a strong balance sheet. The group has fully drawn down
its GBP5m revolving credit facility, resulting in a current
available cash balance of GBP21m. The Board is currently evaluating
a number of actions to preserve cash and will take all necessary
steps to balance these measures with preserving the long term
capacity of the business.
Further updates will be provided in due course.
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 +44 7557 413275
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March 20, 2020 03:00 ET (07:00 GMT)
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