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And still it goes on ...
https://www.landlordzone.co.uk/news/new-rents-still-rising-fast-in-london-as-up-to-38-tenants-chase-each-property/
Current number of properties sstc on Foxtons website is today 715. This is the highest figure since September 2022.
However, the number under offer has dropped to the lowest since March 2023.
First Friday of the month and before the new school term starts in earnest this week after the Summer holidays lull and what did the market achieve, well it looks like another agency cross trade but a smaller amount of 289,000 shares printed this morning.
And the stock has recovered all of its 'Tree Shake' Friday losses, quelle surprise, even a blindfolded cyclops could have seen that coming !!
Will we see another tree shake, I very much doubt it, the market whilst testing the water for sellers was reluctant to drop the stock below 35p for too long as the buyers came in.
In addition, Foxtons are holding a recruitment evening today and at one point last week around 65 jobs at Foxtons were advertised, across ALL divisions !!
And finally, Divi in this week, so more shares in the pot !
Lovely !!!!
With sales continuing to drift downward and a flalttening lettings revenue in H2 diffcult to see much change in the SP
Still always happy to pick some up sub 36p.
It's all relative fresh fish arriving at Purpelnricks are down c 40%
New management are making a good job of promoting the brand . Getting to work on some of the under performimg branches
It would be reassuring to see some of the directors buying shares on Monday morning. Let’s see
Thanks for that. I do struggle with understanding that side of things. Price has recoverd somewhat, but I have to say it had me worried for a moment there.
The '3440' algo sell trade has been executed via the order book untold times since 10.00am and all the buy trades of the stock have been conducted outside of the order book as far as I can see. The stock has done over 180 trades already today, that is the most for some time !!
No short positions in Foxtons and no-one selling, so just more 'me-to-you-you-to-me' games via the MMs to get the price down for reasons I'm sure we'll find out soon enough !!
We're off almost 4p (over 10%) surely that's not on volume of 3400? I have to say I'm unclear on your thoughts 5eight
Its an 'algo' trade of 3440 shares, obviously the Yanks are it again, just have a look at the intra-day chart, explains it all.
This afternoon's session could be very interesting ahead of the weekend !
I've been checking the RNS's and there's nothing I can see to justifies the drop today. Anyone any idea why we're off so much?
PE looks for sustainable cash flows they can borrow against. With the size of FOXT rental book I think it's still a possibility. Your right tho' its not the open goal for PE that it once would have been
Ctd.
With finance rates at lofty levels, private equity/buyout firms are now seriously crunching numbers when over the last ten years they didn't blink an eyelid, could it be that Foxtons may be not succumb to these lot but be subject to a hostile bid from a rival instead ???
I posted this about a month ago and since then we have seen many poor and extremely dire sales figures coming from SpicerHaart, Winkworths and Savills just to name a few and just this week we saw yet another estate agent shutting up shop on a few of its branches :-
'Arun Estates is to close six London branches under the Douglas Allen brand name from next week, with the majority of staff to be let go.
We are told that the offices to close are situated in Ilford, Chingford, East Ham, Barkingside, Chigwell, and Wanstead.'
Just search Douglas Allen for the article in full.
I also had a look at one of the websites listing companies that have filed (or are due to file) for administration and the one below lists 20 Estate Agents/Letting Business that have gone to the wall in just the last month alone.
From what I can see nothing would be of interest to Foxtons that's for sure but it is worth taking a look, just type Real Estate in the 'Business Sectors' field :-
https://www.administrationlist.co.uk/
And finally, I have been looking at the Rightmove half year results and those dire numbers from Savills a few weeks ago,
Rightmove now have a market cap as of this morning of £4.6bn and Savills £1.2bn, Rightmove reported H1 profits of £133m vs £122m in 2022, Savills reported H1 profits of £6m this year compared to just over £50m for H1 2022 and had a net cash balance of £12.9m for H1 2023 vs £149 m at the same stage last year.
Oh dear.
And there was me thinking for the last year that Foxtons had 'private equity buyout' written all over it !!!
Also H1 rev was more c70% from lettings, so even if sales rev is down by say 20% a strong showing in lettings will easily pick up the slack. If YOY H1-H2 profit comparators are in line between 22 and 23 then all should be well.
What I cant figure out is why the market thinks the outlook at this company is the same now as it was when that destroyer of capital Budden and his board of stooges was in charge!
There is some room for optimism on the sales side, Sain.
31/8/2023 Number of properties for sale 7105
31/8/2022 Number of properties for sale 5567
...so sales inventory is considerably higher now than this time last year at Foxtons.
Number or properties under offer went berserk in early summer this year, but just hasn't translated into higher numbers going sstc. So I can only assume that many deals have fallen through. I reckon in the last month, the number or properties under offer has fallen by 15% to 20%
Sales on the slide but lettings holding up.
Well certainly an impressive lettings week which took place in H1.
Yet Gittins has acknowledged how well the lettings team are performing
"Our Lettings business continued its growth trajectory, with double digit organic growth delivered in a competitive market."
Since those interims, I like to think that many outsiders looking in can now see that Foxtons are doing extremely well compared to their peers and how about this posted in July from one of the lettings Managing Directors just before Mr Gittins downplayed the interims :-
'....... Celebrating our record ever Lettings week of over £2.6m really is the icing on the cake and it has opened doors to places, people and experiences that I only dreamed of when I crossed the Severn bridge in 2003.'
Yep, just one week !!
Did Gittins mention this in the interims of course not, or did he just acknowledge the lettings Manager Director behind the scenes so as not to raise eyebrows in the investment community, see what you think :-
https://www.linkedin.com/posts/guygittins_wegetitdone-foxtons-activity-7073049595836018688-pMUe
Yes great news to see that the branches in SSW Sector have been performing well relatively . Let's hope that continues
It's clear that the culture change at Foxtons has had a positive impact
Yet the market is challenging inventory & transaction levels are falling generally which will impact on H2
Purplebricks for exanple have seen a c40% drop off in fresh fish arriving in August compared to August 2022 Appreciate they are no yardstick but nevertheless.
Definitely a mixed picture amongst the Foxtons branches on sales progressions . Hackney and Wapping North of the river sales are becoming increasingly hard won & others treading water on the sales front .Others holding their own
Difficult to see how Foxtons are going to be able to improve sales revenue with fresh instructions hard to come by in H2. Happy of course to be proved wrong.
You must be joking !!!
I have mentioned the success of the Foxtons Auction team during the last quarter, their best since 2016 and here's just more evidence that Foxtons are continuing to do extremely well during August in both their rentals and sales divisions in the South and South West of London as an example :-
' Our biggest 'ever' week and record August for offers agreed in sales!' &
'A record month in New Malden & Sutton lettings under the amazing leadership of Suganth Wimalendran'
The liknedin article in full :-
https://www.linkedin.com/posts/james-stevenson-8a626b154_foxtons-wegetitdone-careers-activity-7102566853306114048-oZdB?trk=public_profile_share_view
Certainly upbeat those gushing reviews on Linkedin.
Unsurprisingly those car upgardes going to the Lettings team which as 58s flags up becoming inceasingly important
for revenue as sales continue to languish .
Still they can only play the market they are given and no complaints about the team.
it does seem that they have succesfully avoided any further fallout from the negative publicity the property management department received a few years back. .
The BTR market is a field they need to farm and become the go to London agent for the new breed of instituttional owners.
I would have hoped for more acqusition news spreading out from Lomdon and regionally and no doubt that is yet to come .
Winkworths have been very successful in establishing hubs around Norwich and Bournemouth .
Sales are still hard to get and expect revenue to continue to fall in H2 reliant on Lettings to pick up any slack
Noticeable that some of the more expensibe postcodes those under offer or SSTC have dropped off
Fulham Broadway have a hefty sales inventory of 131 (acc. to ZPL ) with just 16 showing either U/O or SSTC
Likewise Earls Court 87 with just 6 .
That won't be buying the sales team new cars .
Happy enough but I don't expect much upward trajectory in the SP for sometime but happy to be proved wrong
And just one more Linkedin post :-
'......Year to date these superstars have delivered record organic revenue and volume growth in lettings and in a testing sales market generated double digit market share growth for both sales and new instructions. '
And in full :-
https://www.linkedin.com/posts/james-stevenson-8a626b154_wegetitdone-foxtons-activity-7093256231942811648-BKQg?trk=public_profile_like_view
25 trades executed in the market this morning of which two were buys , 24 shares @ 39.9025 and 3 shares 39.70.
Brilliant stuff, more of those big buys again please this afternoon !! :))
And further signs that Foxtons are doing exceedingly well despite all the gloom and doom surrounding the property market sector currently :-
'Today we welcomed 18 Foxtons Superstars to HQ where they picked up their new target cars, having worked relentlessly this year to deliver the right deal for hundreds of our clients.
We followed Alexandra Elliott dropping off her car to pick up her first target car (a new electric MINI Cooper), while Jack Cuthbert and Sofia Reis were both returning to pick up the keys to their next target car, following some phenomenal results in 2023 already.
Part of the joy that this special morning brings to me is knowing what a fantastic job my team has done for our clients and remembering how much this acknowledgment from the business meant to me in my early career. Congratulations everyone! '
And the link and video :-
https://www.linkedin.com/posts/foxtons_congratulation-to-everyone-who-picked-up-activity-7097575110793940992-89PF
Needs a bit of attention, lets see what I can find out !
Courtesy of the property eye industry website , rents are marching on regardless :-
'Figures from the latest Foxtons’ Letting Market Index show that average weekly rent in the capital in July 2023 was 12% higher than July 2022.
Analysis of London data also showed a 6% increase in new listings compared to the previous year.'
“We’ve seen expected growth and are now into a more consistent busy market we normally see at this time of year. As such, the market will remain highly competitive through summer.”
And the article in full :-
https://propertyindustryeye.com/london-rents-up-12-foxtons/