foxtons share price
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Latest property news
How the once mighty HAS fallen: Foxtons share price drops to all-time low of just 62p
The share price of Foxtons, once lauded as the fastest-growing and most successful estate agency in the UK, yesterday sunk to an all-time low of 62p, only 3p shy of the sector’s lowest-value stock, Hunters. Foxtons’ shares have been haemorrhaging value since early April this year following a series of unremittingly gloomy trading updates that have revealed dramatic year-on-year plummets in profits and turnover. Its most recent update last month revealed that market conditions in the capital remained “very challenging”. Group revenues for the first three months of 2018 were £24.5 million, down from £28.7 million during the same period the year before. All parts of its business including sales, lettings and mortgage lending saw dropping revenues. This has led to many City investors ditching the company’s shares, which peaked in March 2014 at £3.89 when the company held an unassailable and increasingly dominant position in what was then a booming London market. foxtons share price Its current share price represents an 86% reduction from this peak following yesterday’s 4% drop in its share price. It’s been a bad few weeks for the company. Last month a national newspaper ran an unflattering story about a landlord’s experience with two nightmare…
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Latest property news
Foxtons results reveal lower revenues AGAIN, but share price rises
Revenues at London agent Foxtons are down again, its latest trading statement has revealed. Results for its third quarter of trading this year ending September 31st reveal that revenues were down by £2.4m or 6% to £35.1m year on year, a better performance that its previous results for the first six months of the year, during which profits plunged by £10m. But the company’s total revenues for the year-to-date were also down, from £106.3m in 2016 to £93.7m this year. It isn’t all bad news – the company says its lettings business has picked up during the third quarter of trading and only shrank by £400,000 to £22.5m. Most of the lost revenues were at its sales operation, which reduced from £12.3m to £10.3m year-on-year as London’s property market suffers as the carnage wreaked by the recent Stamp Duty changes for vendors and landlords continues. Revenues at its mortgage arm – Alexander Hall – were flat at £2.3m. “This was a resilient third quarter performance when set against the challenging conditions in the London property market,” says Foxtons CEO Nic Budden(pictured, left). “We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings…
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