20th Mar 2020 09:34
(Alliance News) - Foxtons Group PLC said on Friday it expects trading in the next few months to be hurt by the Covid-19 outbreak.
The west London-based estate agent said that although trading in the first 11 weeks of 2020 was in line with expectations, measures taken by the UK government to combat the spread of the virus as well as a "significantly weakened" economic outlook, will result in an "inevitable material disruption" to trading.
Foxtons said that while it is unable to predict the extent to which the outbreak would hurt its annual results, it has a strong balance sheet. It added that it has fully drawn down its GBP5 million revolving credit facility and now has an available cash balance of GBP21 million.
"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," Foxtons said.
The stock was trading 13% higher at 37.17 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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