Foxtons Group PLC Q1 Trading Update (3631V)
14 Abril 2021 - 1:00AM
UK Regulatory
TIDMFOXT
RNS Number : 3631V
Foxtons Group PLC
14 April 2021
FOXTONS GROUP PLC (the "Group" or "Foxtons")
Q1 Trading Update
14 April 2021
Foxtons Group plc (LSE: FOXT), London's leading estate agency,
issues the following trading update for the quarter ended 31 March
2021.
The Group has started the year well, delivering strong revenue
growth and advancing its strategy through the acquisition of
leading London agent Douglas & Gordon at the start of March and
making further investment in data and technology.
Group revenue in the quarter was GBP28.5m, up 24% on the same
period last year (Q1 2020: GBP23.0m).
Lettings revenue was up 6% to GBP14.8m (Q1 2020: GBP13.9m).
Rents in London remained under pressure during the period,
declining by around 12%, but were offset by increased volumes. The
newly acquired Douglas & Gordon business contributed GBP1.0m of
lettings revenue from the date of acquisition.
Sales revenue was up 60% to GBP11.4m (Q1 2020: GBP7.1m)
reflecting continued acceleration in volume growth and a
contribution of GBP0.8m from Douglas & Gordon. At the same time
as delivering materially higher levels of exchanges during the
quarter, the sales commission pipeline has continued to grow
through the period.
Mortgage broking revenue was up 20% to GBP2.3m (Q1 2020:
GBP1.9m) with the increase driven by new purchase activity.
The Group's net cash position, excluding lease liabilities, at
31 March 2021 was GBP22.3m after the GBP14.25m acquisition of
Douglas & Gordon.
Shortly after the close of the quarter, the Group completed a
GBP3m investment in Boomin, the next generation property site,
which continues Foxtons strategy of remaining at the forefront of
technological transformation in the property sector.
Commenting on today's announcement, Nic Budden, Group Chief
Executive Officer said:
"I am delighted with the start we have made to the year, which
is the best first quarter's trading in some time. The acquisition
of Douglas & Gordon, the largest acquisition in our history,
represents an acceleration of the Group's strategy and is a
business with significant potential. Our recent investment in
Boomin demonstrates our commitment to remain at the forefront of
technology. As we look forward, the strong trading momentum is
expected to continue through the second quarter and together with
tight cost control gives us confidence that operating profit for
the first half will be significantly higher than last year".
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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Sanctuary Counsel
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+44 7557 413 275 / +44 7918
Robert Morgan / Rachel Miller 606 667
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April 14, 2021 02:00 ET (06:00 GMT)
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