Foxtons Group PLC Capital Markets Day and Trading Update (6432A)

TIDMFOXT

RNS Number : 6432A

Foxtons Group PLC

03 June 2021

FOXTONS GROUP PLC (the "Group" or "Foxtons")

Capital Markets Day and Trading Update

3 June 2021

Capital Markets Day

Foxtons Group plc (LSE: FOXT), London's leading estate agency, will today hold a virtual Capital Markets Day for institutional investors and analysts.

The event will be led by Nic Budden, Chief Executive Officer, and members of the senior management team who will provide a comprehensive update on the Group's growth strategy with a focus on how technology and data science is supporting its objectives to reinforce market leadership, diversify revenue streams and grow profits. A Q&A session will follow the presentation, hosted by Foxtons Chairman, Ian Barlow. The event will start at 14:00 BST and is expected to conclude at 16:00 BST.

Joining instructions for the live event, which will include an opportunity to ask questions, are included in the following link: www.foxtonsgroup.co.uk/investors/capital-markets/ . A copy of the Capital Markets Day presentation will also be made available at the same link at the start of the event.

Trading Update

Since the Group's Trading Update on 14 April 2021, trading momentum within the business has continued to be strong. Following a 49% increase in Foxtons Q1 sales revenue versus both 2020 and 2019, the sales commission pipeline has continued to grow and is now 65% ahead of last year and 17% up on 1 January 2021(1) . As a result of the strong trading momentum, adjusted operating profit for the first half of the year is expected to be significantly ahead of both 2020 and 2019.

No further trading information will be disclosed during the event.

Nic Budden, Group Chief Executive Officer said:

"Foxtons has enormous potential and we are delighted to be able to set out our growth plans. For over 40 years we have operated through the ups and downs of the sales market cycle and emerge from the unprecedented challenges of 2020 a more efficient and capable business. Our customer proposition is unique and the investments we have made in technology and data science capabilities give us competitive advantage and a solid platform for growth.

2021 has started extremely well with strong trading and the biggest acquisition in our history.

We look out on significant opportunity to grow and have a clear plan to take advantage of it. Foxtons has a history of being a highly profitable business and when I reflect on the actions we have taken together with the opportunity and improving market conditions I am confident we can deliver significant shareholder value in the coming years."

(1) To ensure comparability over time, the trading information provided excludes the contribution from Douglas & Gordon Estate Agents Limited which was acquired on 1 March 2021.

For further information, please contact:

 
 Foxtons Group plc 
 Richard Harris, Chief Financial        [phone] [e-mail] 
  Officer 
  Muhammad Patel, Investor Relations 
                                       ============================================= 
 
 Sanctuary Counsel 
                                       ============================================= 
                                        [phone] / +44 7918 
 Robert Morgan / Rachel Miller           606 667 
                                       ============================================= 
 

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June 03, 2021 02:00 ET (06:00 GMT)