Foxtons Group PLC Covid-19 Update (8111N)
26 Mayo 2020 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 8111N
Foxtons Group PLC
26 May 2020
FOXTONS GROUP PLC (the "Company" or "Foxtons")
Covid-19 UPDATE
26 May 2020
Foxtons Group plc (LSE: FOXT, the Company), London's leading
estate agency is today issuing a further update on the evolving
impact of the Covid-19 pandemic on the Company.
Approach to Branch Re-opening
Following the recent Government announcement on the re-opening
of the housing market, the Company plans to start re-opening its
branches over the course of this week, with all branches expected
to open by 1 June 2020. We will be bringing furloughed employees
back to work on a gradual basis from the same date.
The safety and well-being of our employees and customers is of
paramount importance to the Company. We have undertaken
comprehensive risk assessments at all of our branches as well as
our head office in consultation with employee representatives. Each
of our workplaces has now been modified to be in line with recent
guidance issued by both the government and Propertymark, the estate
agency industry body.
The additional measures implemented in our branches include:
social distancing procedures throughout; enhanced hygiene and
office cleans; and, mandatory Covid-19 training for all employees
to engage appropriately with customers.
Physical viewings and valuations will recommence over the same
timeframe under tightly controlled conditions with social
distancing in place. Customers will be encouraged to view
properties virtually in the first instance, and for any physical
viewings to meet directly at the property. There will be a
restriction on the number of people attending viewings with
participants only able to attend if they confirm in advance they
are not infected or displaying symptoms of Covid-19. Foxtons agents
will be using appropriate PPE including hand sanitiser, face
coverings and gloves when visiting properties.
A number of employees will continue to work from home where it
is possible to do so effectively.
Business Performance
The business has continued to support customers online and over
the telephone since the lockdown period began. Commissions earned
in the eight weeks between Monday 23 March 2020 and Friday 15 May
were down 44% on the prior year. Lettings commissions have proven
to be more resilient than sales commissions, down 40% and 61%,
respectively. Mortgage broking revenues were down 2%.
Following the successful completion of the share placing of
equity capital on 17 April, the Company ended April with a net cash
balance excluding lease liabilities of GBP37.1m.
It is still too early to predict what the full impact of the
Covid-19 pandemic will be on Foxtons' full year results. There
remains significant uncertainty over how long the London
residential sales and lettings market will continue to be impacted
by the pandemic. Nonetheless, the Board is pleased with the
resilience that the business has shown given such a disruptive
backdrop.
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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Zoe Watt +44 7713 157561
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END
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