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I mentioned that the Foxtons website hadn't been updated with any new news articles since 1st September and low and behold three articles magically appear this morning supposedly dated 18th, 25th and today 29th September.
Tree-shake this afternoon perhaps ??
And I wonder who else is reading this forum ??
Yes indeed... even Gittins himself has done a disappearing act!
Just looking back at some of the recent Friday trading sessions in Foxtons shares, on the day of the interims less than 200,000 shares traded in total after the RNS of Thursday 27/07, the day after some 1.4m shares traded on the Friday.
We had that smash and grab or 'tree-shake' if you like a few Fridays back which didn't amount to a great deal, just more 'me-to-you-you-to-me' games amongst the market makers. Over 280 trades, the most in Foxtons shares this year amassing just over 1m shares in total traded that day and not a single seller took fright !
And just last Friday, official volume for the stock was around 170,000 shares at the close but when searching around the unofficial volume in Foxtons shares was actually 3,157,000 !!
So the game play is well and truly on, so expect more market maker fun and games today especially as its the last Friday of Q3 !
In addition, its interesting to note that all the staff at Foxtons have suddenly gone quiet on that Linked-in forum, no-one throwing champagne bottles around, no-one picking up gleaming new cars and no-one boasting how well they've been doing this last quarter. Has Gittins told everyone to clam up !!
Even the Foxtons website hasn't been updated in any categories since the first day of the month when previously it was updated every other week !
Nothing to see here............hmmm ????
…..and now a director buys lol. They must be reading these post haha
Lack of director share buys suggests there are plans being considered but not yet made public, doesn’t it
They must be targeting someone .Looking at current sales inventories Dexters are right on their tail Foxtons : 6918 Dexters 5193 Winkworths with a wider remit 5818
No buy backs since May. Talk of organic growth in the rental business. Suggests there is some kind of plan for the cash. Bumper dividend?
"I wonder what they're gonna do with all that cash that must be building up."
Treading carefully .
If nothing else the history of corporate estate agencies has shown us that expanding by paying cash (especially borrowed) for existing businesses rarely works out well for the buyer.
Countrywide a classic case where revenue evaporated faster than the ink drying on the fat cheques clutched by the outgoing equity partners . Payments little more than golden goodbyes for past deals done never repeated once that mane goes off the door .
Some selective purchases in the regions hopefully with a mixture of cash and shares to keep the fee earners on the premises and some organic incremental roll outs & maybe purchasimg some letting inventories .
Looks like the Q3 revenues will break £50m. That compares with £43m for Q3 last year, and £37m in 2021. So very solid. Its anybody's guess what they will say about Q4 prospects...as Sain has said, the sales market has gone quiet (but not much quieter than this time last year)
I wonder what they're gonna do with all that cash that must be building up. I think this years operating profit will surpass the Boards medium term objective of £25m.
Looks like Friday's total volume 'unofficially' was 3,157,000 shares . Good to see the game play is gathering even more momentum as we approach the interims.
Looks like yet another one of those large 'off exchange' trades went through late Friday, around 2.5m shares. Let's see if it's still kept hush hush this morning.
The market is challenging and sales are hard won .The new regime certainly has instilled a boost in morale amongst the troops which is welcome.
Let's hope the young blades will enhance reputation
Personally I would prefer to see staff awarded share optrions as part of their remuneration package to keep them vested.
Yawksha
Yet those figures you flag up are barely keeping the lights on These branches should have £350k+ worth of sales fees in progress
It's not all gloom & doom sain ...
Hounslow 7 of 62 under offer
Sloane Sq 10 of 99
Wapping 2 of 75
Earls Ct 9 of 97
All from the numbers scrolling down just the first page of listings.
Agreed not shooting lights out, but these are very diverse markets and they include significant new build properties.
Numbers are better elsewhere, and with mortgage rates now subject to increasing competition across lenders, I believe there is room for optimism ...
Yes thank goodness for letting fees .
Some of the branches are a virtual sales desert. Not enough sales to fill the tank of Felicity's Mini
Hounslow ;Wapping Sloane Square Earls Court treading water
Lettings
“Compared to July, demand rose, supply fell and prices remained consistently high.
Yet unfortunately that means with a shortage of supply unlikely u to see a revenue increase
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