26th May 2020 10:22
(Alliance News) - Foxtons Group PLC on Tuesday said that while it has continued to operate over the phone and online during the lockdown in the UK, business has dropped compared to a year ago.
The estate agent said that for the eight weeks between March 23 to May 15, total commissions earned were down by 44% year-on-year with letting commissions falling by 40%, and sales commissions by 61%. Mortgage broking revenue was down 2%.
Foxtons said it plans to begin re-opening its branches by Friday, adding that it expects all branches to be open by June 1. Furloughed employees will be brought back to work on the same date and safety measures - such as social distancing procedures, enhanced office cleans, and mandatory Covid-19 training - will be implemented.
Physical viewings and valuations are expected to resume, with customers and staff expected to follow safety guidelines. Agents will be provided with personal protection equipment including hand sanitiser, face coverings and gloves when visiting properties.
Looking ahead, Foxtons said that while its outlook remains uncertain in relation to annual results and trading performance, it is "pleased" with the resilience of the business during the Covid-19 disruption.
As at the end of April, Foxtons had cash of GBP37.1 million.
The stock was trading 3.1% higher at 43.09 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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