3rd Feb 2016 07:51
LONDON (Alliance News) - Foxtons Group PLC on Wednesday said its performance improved in the second half of the year and said it will pay a final and further special dividend to shareholders.
The London-focused estate agent said its revenue rose 4.0% overall for 2015 to GBP150.0 million, despite a drop in property sales in London of around 11% amid a sharp cool down in activity in the capital, particularly in the prime, central London market.
Sales volumes for Foxtons rose over the course of the year, helped by its New Homes division and the expansion of its branch network, along with a strong performance from its Alexander Hall mortgage broking unit.
On the lettings front, however, Foxtons said a shift towards renters renewing tenancies rather than moving meant a lower level of lettings stock became available, squeezing this side of its business.
But Foxtons said its overall performance in the second half to the end of December improved on the first, with group adjusted earnings growing substantially against the first half and leaving all of 2015 set to be broadly flat on 2014, when it made GBP46.2 million.
In addition, Foxtons declared a final and further special dividend payout for 2015 totalling 6.23 pence per share, taking its total dividend up to 11.00p, or a 13% rise year-on-year.
Foxtons said that while it remains too early to forecast the residential property sales horizon for 2016, it has entered the new year with a robust sales pipeline in place, a solid lettings book and plans for further branch expansion.
By Sam Unsted; [email protected]; @SamUAtAlliance
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