27th Jan 2015 07:52
LONDON (Alliance News) - Foxtons Group PLC Tuesday said it intends to pay a final and a further special dividend amounting to GBP14.5 million, equivalent to 5.16 pence per share net, as the estate agency reported that it expects its full-year adjusted earnings before interest, tax, depreciation and amortisation to be lower than that reported last year.
The proposed final and special dividend mean that Foxtons' total dividend payment for 2014 will amount to GBP27.3 million, equivalent to 9.70 pence per share net.
In a statement, Foxtons said it anticipates that full-year adjusted EBITDA to be in the region of GBP46 million, compared with GBP49.6 million last year. Adjusted EBITDA margin is expected to be above 30%. The group had previously warned that it expected full-year adjusted EBITDA to be lower than last year's showing.
The group said that fourth-quarter revenue was down 12.1% against the comparative period last year, as lower property sales commission more than offset growth in lettings commission. Full-year revenue was up 3.4%, Foxtons said.
According to Foxtons, the residential property sales market continues to be subdued in central London, with volumes consistent with those seen in late 2012 and early 2013.
"The long term fundamentals of the London market remain sound. We are firmly committed to our organic growth strategy which will see between five and ten new branches each year. All our new branches are performing as we expected, with many of those branches located in areas outside the centre of London showing growth and having average selling prices that benefit from the recent stamp duty changes," Foxtons said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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