11th Dec 2020 11:40
(Alliance News) - Foxtons Group PLC on Friday reported revenue increases during the past two months and has appointed broker Numis Securities Ltd to manage its share buyback programme.
The London-based estate agency's revenue in October and November was GBP14.8 million, which was up 2% from 2019's figure of GBP14.5 million, with sales revenue up by 11% at GBP4.5 million from GBP4.9 million as exchanges gather momentum.
However, Foxtons's revenue for the 11 months to November-end was GBP83.6 million, which was down 15% from GP98.0 million the year prior.
As a result of recent revenue increases, the company forecasts a 2020 adjusted operating profit GBP1.0 million to GBP1.5 million compared to a GBP700,000 loss the year prior. The company's cash balance at December 31 is expected to be in excess of GBP30 million.
Foxtons has appointed broker Numis to manage share buyback programme to purchase up to GBP3.0 million shares on its behalf for the period ending March 2, 2021 or when a maximum of GBP3.0 million has been reached.
Additionally, Foxtons raised GBP22 million of gross proceeds via a placing in April to support itself through the Covid-19 pandemic. Since then, the company said it has been able to acquire three lettings books for GBP4.6 million, which has achieved "encouraging" trading and is likely to result in "growing the business, improving profitability and delivering strong financial returns," it said.
Foxtons plans to announce its full-year results on March 2, 2021.
Shares in Foxtons were up 0.5% at 44.20 pence in London on Friday.
By Zoe Wickens; [email protected]
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