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Well, the total volume before this morning's trades was..........
14,782,440
Which is roughly 5% of the company give or take !!
Bring on the RNS holding !!
Ok, we saw a little bit of volume on Q3 day last week and just over a million shares traded on Friday officially, not a lot going on with Gittins playing down the numbers again, or so we thought ?
Now take a look what's being reported on the Yahoo business website, a bit more than a million shares traded on Friday me thinks :-
https://uk.finance.yahoo.com/quote/FOXT.L?p=FOXT.L&.tsrc=fin-srch
And the usual boring drivel from Porsche knob end appears on another chat. zZZZ
4 quid in 2013 to 37p today, not even the 10pc club….. just shocking, seems almost anything listed in the brexit basket case U.K. has been cut in half then cut in half again…or in the case of these, basically vaporised….nightmare year coming up with U.K. likely needing an IMF bailout…will see these down to .18p.
Big buy at a premium price.
I've a small amount of these.
CV
It must be by design.
This is a bit like a game of Cluedo, and all will be revealed in due course.
Gittins. In the Estate Agents with the Digital Portal!
Whilst my copy and paste comment a few days ago referring to the latest Q3 numbers was delivered 'tongue-in-cheek' I wasn't expecting it to be taken literally but then again its what we've come to expect from Gittins & Co. for the last 9 months or so.
As I commented in July, the numbers are being played down once again although to be fair to the Foxtons' management and in point 7 of the interim statement it does state the following.....
.......' Consensus expectations for Foxtons Group plc, being the average of forecasts for the year ending 31 December 2023 provided by analysts covering the Group, is revenue of £141.5m and adjusted operating profit of £11.8m'.
It should be noted that there are only 3 analysts supposedly covering the stock and they've all just tinkered with last years full set of numbers, again a complete waste of our time. These are not management delivered numbers !
What should be noted however and again no mention of this in the statement but Q3 turnover figure was the best performance by the company since its inauguration to the market back in 2013 when the following year its Q3 turnover figure was £112.7m and in 2015 Q3 reported £114.5m (9 months) !!
Similarly with lettings recording its best ever 9 months at £81.3m and even financial services coming in at £6.6m for the year to date beats the figure of £5.9m reported for Q3 back in 2015.
Market always concentrates on sales but we are now in a 5% interest rate environment and not a 0-1% interest arena, how many home owners can afford a 0-1% mortgage on a £500,000 property when earning £40,000 a year ??? Yes, quite a lot !!
Now how many of them will have to re-mortgage when their current deal expires in a year or two and now have to finance a £500,000 mortgage at 5-6% ??? How many of them can afford a £20,000- £30,000 increase in their mortgage costs ?? Er, not many !!
And this will be the norm for quite some time yet.
Going forward, whilst the US Hedge funds and Banks are still looking to pick up stock, maybe another Friday tree-shake tomorrow perhaps, Foxtons can now look forward to the Chancellor's Autumn Statement in a few weeks time.
Its election year next year, so expect the Chancellor to pull out all the stops, especially for first time buyers, the removal of Stamp Duty, Help-to-Buy incentives, Build-to-rent homes, help with legal fees (just add it on to the principal) and who knows maybe a cut in Corporation Tax Duties.
Yes, the Q3 statement was extremely dull to put it mildly (by design ?) but keep buying on those MM manipulated dips and tree-shakes !!!
I tend to agree.
It's alright throwing champagne bottles around, issuing shiny new motors and sabre rattling etc., but even in the current economic environment the latest numbers leave one feeling that there are a few things not quite stacking up. Increased headcount certainly doesn't come cheap ...
A an industry veteran of more than 30 years across large companies what the RNS fails to mention of course is the cost of the turnaround plan. Its unlikely we will see nay improvement next year so all eyes on the bottom line-apart form this chap Gittens it seems -worrying
They did £31.5m in Q4 LY.
But you're right, citing a Q4 number of £26.7m to take us to the FY concensus is barely credible ...
Spot on. If they are in line with analyst consensus as they report then it infers revenue of only 26m in Q4. If my adding is correct they dd 46m in Q4 last year. Even if saes rev is down lettings should be compensating to a greater extent.
I think there is a great big under call here.
And I don't understand why ...
When Revenues YTD Q3 F'22 were £108.9m, and FY'22 was £140.3 ...
Then if YTD Q3 F'22 Revenues are £114.8m, how can the 'concensus' FY 23 number of £141.5m be anywhere near realistic?!
Hmm I don’t understand how lettings organic growth is only 2%, when surely rental prices are up much more than that.
So nothing wrong with broadly flat in Q3 but Q4 is forecasted to be less than last year in line with the general market
That looks self evident with sales being hard won.
Nothing flagged up about auctions which as its a fee share with a third party just a useful string to the bow
Maybe more interesting if they become self -propelling
With 78 properties currently on the market by that method of sale not really a significant addition to revenue stream but maybe that will change if they tap into some insolvency work
I posted on here sometime ago about the collaboration between BidX1 and Foxtons and how landlords are now turning to auctions to get rid of their properties asap as rising interest rates bite.
No mention of breaking sales records in the interim statement with regards to the Auction team at Foxtons and BidX1 but maybe tomorrow Gittins might finally share the news with the wider audience.
In the meantime, just check this out :-
https://www.linkedin.com/posts/bidxone-property-investment-platform_onlineauctions-foxtons-bidx1-activity-7122596512341073920-5V8-?trk=public_profile_like_view
Great piece.
There is no doubt FOXT is now undervalued. Got to be a bid target at these levels...
It looks as though it will be increasingly hard for Gittins to play down the figures this time round, especially after the interview last week published on The Negotiator website (I've only seen it this morning !), here's a snippet :-
'......The changes made over the last year are already yielding considerable results. As confirmed by Rightmove last month, Foxtons agreed sales were up 61% in September, against a market backdrop of just 8%.
We’ve also been the fastest growing agent with regard to market share over the last six months, regaining our title as London’s largest lettings and sales agent (according to TwentyCI data, H1 2023 v H1 2022 market share and market share growth of New Instructions at a brand level).
As for year two, with everything we’ve put in motion it’s going to be even bigger and even better.'
And the story in full :-
https://thenegotiator.co.uk/foxtons-chief-why-were-were-in-pole-position-again/
Not long to go now !!
Looking at the last available accounts for Chestertons, they are about half the size of Foxtons business. So using todays news as a benchmark, Foxt should be valued at about £200m (compared with current mkt cap of £110m.
Certainly either the Chestertons news, and / or the imminent announcement of the Q3 numbers has given a filip to the SP ... Onwards and upwards.
And its most likely that Gittins will be mentioned in a few papers in the morning after steering Chestertons to its most profitable time in its history before he left as CEO in the Summer of last year after his 10 year reign at the company.
What else is in store for the sector this week...........hmmmm !!
Indeed, another merger/takeover in the sector that's rapidly consolidating !!
https://thenegotiator.co.uk/chestertons-bought-by-french-property-group/
….by a French group for £100m
Sure its not all doom and gloom and Foxys are making a good fist of things yet there are a number of branches with less than 20% of inventory away
October is usually the last busy month before February and the mortgage rate increases are only just appearing in monthly bank statements
Happy to be proved wrong of course
There are grounds for optimism regarding Q4, Sain.
We’re already nearly one month into Q4, and the number of properties sstc on Foxtons website is the highest since September 2022.
By my reckoning, Foxtons have over 1400 properties which are under offer, and should be completing in q4 or early Q1.
The number of properties currently for sale is about 25% higher than this time last year.
….so not all doom and gloom. But the outlook was much more positive in the summer period.
I’m expecting the update next week to announce Q3 revenues of 50m, but the outlook for 2024 is uncertain. Pretty much every update in recent years has been similar to that.
Good luck everybody
Gratification deferred .
Yet Q4 is likely to be a different story .
Fresh instructions are few and far between but there is not a fat lot Gittins can do about that.
Savills ?
More likely to be flashing the cash in Europe filing gaps than considering any resi agency purchases in UK.
Although you would have thought Winkies would be a good fit being quite "tweedy"
Still suffering from indigestion after writing off their investment in Yopa
They won't be repeating that exercise again .
Should imagine that Foxys and Dexters have had a chinwag over whether or not there is any merit in a marriage. it would certainly give Dexters a listed platform and an exit for Robin Paterson
Keep hold of those golden vouchers you can't rule it out