Updates

Foxtons - Shares closing in on Â£4

April 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A strong London property market helped Foxtons beat forecasts, thanks to an excellent fourth quarter. Revenues and pretax profit rose 16% and 57% respectively to Â£139m and Â£38.9m while eps was 13.1p, beating forecasts of 10.7p by a quarter. Year-end net cash was Â£23.4m, while Foxtons paid a special dividend of 3.74p on top of its final dividend of 1.7p. Revenues from housing transactions reached Â£67.4m (10% above forecast), with EBITDA margins soaring to 39.1%, powered by a 22% increase in the number of transactions to 3,084, while average prices rose from Â£475,000 to Â£493,000. Market transactions have now risen 90% since 2009 but are still 27% below their previous peak. Foxtons opened seven branches last year, t ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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