Foxtons Group has begun to buy back £3 million in shares as it starts to return excess cash to shareholders.

The estate agent decided to accelerate its cash return to investors after considering the strength of the Group’s balance sheet, forecast liquidity, timing of further lettings portfolio acquisitions and the prevailing share price.

It said the buyback would be funded from accumulated cash resources.

NUMIS

The Company has appointed its broker Numis Securities to manage the share buyback programme to repurchase Ordinary Shares on its behalf, up to a maximum aggregate consideration of £3m and subject to certain other set parameters.

Share purchases will take place in open market transactions and will be held in treasury.

The Company will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Company as they occur.

REVENUE

Last month Foxtons has revealed revenue figures up 25% in the third quarter as the London agency continues to thrive.

Revenue increased from £35.1m last year to £43.8m in the three months up 30 September.

The company reported revenue rose to £108.9m, up £10.4m, or 11% on 2021, for the nine months ended 30 September.

Shares in the Group at 10:30 GMT were up 1.00 pence or 3.33% at 31.0 pence.