Foxtons Group ups dividend as revenue grows
FOXTONS GROUP PLC today announces Trading Update and Dividend Announcement
Foxtons plc, London’s leading estate agency, issues its trading update for the year ended 31 December 2015 ahead of its annual audited results announcement on 8 March 2016.
The Group achieved a solid performance during 2015 with revenue growth across all business segments. Group turnover was up 4% to £150m, despite latest available data showing London property sales transaction levels being some 11% below prior year.
Foxtons sales volumes increased by 4% as a result of market share gains, excellent performance within their New Homes business and the continued successful expansion of their branch network.
Mortgage broker arm Alexander Hall grew revenues by 32 per cent.
The residential lettings business generated over 20,000 transactions during 2015 and is a consistent revenue stream for the Group. As indicated in our Q3 statement, the mix within lettings shifted towards renewals with a record number of tenants extending their tenancies resulting in a lower level of new lettings stock availability in the market.
As for the year ahead Foxtons admits it is too early to predict residential property sales transaction trends for 2016, however the company enters 2016 with an encouraging sales pipeline, a strong lettings book and a proven strategy for further growth through organic branch expansion.
To read trading update in full click here.
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