The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Remember this quote back in October in Foxtons' Q3 Statement, I've mentioned it before but here it is again :-
'...... 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 (adjusted operating profit includes the amortisation of acquired intangibles).'
And now compare this to another gem back in October the previous year 2022 in the Guardian business news and from the 'house broker' no less :-
'.......Singer, Foxtons’ house broker, upped its 2022 forecast for the company by 12% to an adjusted pretax profit of £11.7m, but predicted a drop to £10.4m next year.'....
And to think, they get paid to write that load of nonsense, bet their clients must be extremely happy paying for their services !!
The article in full :-
https://www.theguardian.com/business/2022/oct/27/foxtons-estate-agent-revenues-rise-forecasts-tougher-2023
Okay, like clockwork the Friday tree-shake and it appears that an agency cross trade of 230,000 shares at 48.907 was done at around 13.5pm so expect to see the other side of the trade either after hours today or some time on Monday, its how the games are played by the MM's sadly all above board for them and total market abuse if we tried it !!!
Wow that would be fantastic. If the London market has 20k more transactions, that would equate to an extra 1400 sales for Foxtons, that’s about 16m in extra revenue
Heard him on radio 4 this morning in bullish agent mode predicting London market to have 20k more transactions this year than last.
Not only have Foxtons been smashing it out of the park here at home but their London based Asia Pacific team have also posted a stellar year :-
'What a year it's been! 2023 was filled with rewarding milestones - 3 promotions, hitting car targets thrice, 4 successful overseas business trips, and a remarkable 22% revenue increase. Grateful for an exceptional team at Foxtons New Homes. '.............
And the link in full :-
https://www.linkedin.com/posts/freya-wan-%E4%B8%87%E9%A3%9E-558711a9_foxtonsapac-onwardsandupwards-londonproperty-activity-7147328255128190976-3UnS
Over the last year or so there have been a few tree-shakes in Foxtons shares on a Friday, so perhaps today could be the last and final one although there aren't sellers of the stock just buyers, especially now the company is getting rave reviews all this week and will be no doubt a 'stock for 2024' come the weekend papers tipsters !
Yes we saw yesterday afternoon what the MMs were up to and they're out in numbers again this morning, all good fun !!
Buy the MM's false dip if funds allow of course !
Interesting that the Algo trading has appeared and increased here. Looking at yesterday's trading they mostly appeared as sells. Is someone trying to keep a lid on the recent momentum in order to stake build?
Yep, this time its Rightmove's turn, good for the sector and thus more good news for Foxtons :-
'Record Boxing Day ‘bounce’ for agents claims Rightmove......
Demand also soars with the number of buyers contacting estate agents jumping by 273% between the Christmas Day lull and Boxing Day. '
And the article in full :-
https://thenegotiator.co.uk/boxing-day-sees-record-number-of-sellers-come-to-market-on-rightmove/
The stock was heavily shorted so expect a bounce there and fingers crossed Foxtons can continue from where it left off yesterday, either way its going to be another fun packed day !!!
#Long & Strong
All the signs are there lets see what the delayed prints are like after hours !
:)
From Reuters 3/1/24 at 11:43
** Shares of UK's real estate agent Foxtons Group Plc FOXT jump as much as 13% to 53p, their highest since Oct. 29, 2021
** Co finishes 2023 as the fastest-growing UK agent for both lettings and sales, according to property data and analytics firm TwentyCi
** The London-based firm saw a 36% increase in market share across the UK lettings sector in 2023 compared to the previous year; Co's market share up 28% in the UK sales sector
Torygraph readers have woken up from the weekend rec.
Finally, finally our man Mr. Gittins has admitted how well Foxtons are doing courtesy of this post this morning and hence the rise in the stock ............ :-
'WOW! 2023... what a year and there is so much more on the horizon for 2024!'
I am bursting with pride as I reflect on the remarkable achievements of our incredible team in 2023. It will be etched in our history as one of the most phenomenal ever at Foxtons a testament to the unwavering commitment and hard work of every individual who is a part of the Foxtons family.
Last year was all about rebuilding our position in the industry and I can proudly say we reclaimed our position as London’s number one sales and lettings agency brand. This achievement was a direct result of the dedication and relentless efforts poured in by each person at Foxtons.
Not only this, but we acquired two brilliant agencies, Atkinson McLeod and ludlowthompson meaning team Foxtons is growing to be bigger and better than ever before.
2023 was our best revenue year in almost a decade! Sales made a significant leap forward in market share and our Lettings and Property Management achieved record-breaking revenue. Not forgetting Alexander Hall who finished a fantastic year with the foundation laid for substantial growth this year.
Our achievements were not limited to business alone – we celebrated success on three amazing superstar trips to Courmayeur, Marbella, and Bruges. At our monthly car ceremonies, a record number of new cars were given out to reward the outstanding contributions of our team. We also created the first truly end-to-end digital lettings solution in the UK.
It's clear that Foxtons is poised for even greater success in 2024. We have kick-started the year with our brilliant new campaign, Grab January by the Foxtons. With the team's proven track record of helping people sell their homes faster than the average estate agent, if you're looking to buy, sell or let a property, why not Grab January by the Foxtons and our amazing team of sales and lettings experts will guide you towards your perfect home.
Thank you for all your efforts in 2023 team Foxtons. We have so much more to achieve in 2024.'
And the link :-
https://www.linkedin.com/posts/guygittins_wegetitdone-activity-7148014046477291522-f5vJ?trk=public_profile
Nice !
From a technical view:
Broke out of triangle pattern in November 2023 and is now heading for 70.
45-50 was support turned resistance from Jul 2018 to Oct 2019, but today that looks to have been taken out.
Nice move this morning, let's see if it sticks.
Work being done by Foxtons is clearly recognised yet the share price is lagging , making this an opportunity as it seems that 2 share holders who total 10% of the firm are gunning for much higher returns or a sale process. Think I saw a 120p letter last year so this year with the additional value created I suspect 120 would be seen relatively unfavourably . 120 plus then for me please .
I hold and am in the money here thankfully
Yes, there's more :-
Figures reveal UK's fastest growing lettings agency as 2024 starts........
'Foxtons claims it’s reached new heights under its latest management team.'
'The agency has been described as the is fastest growing UK lettings player as well as the fastest growing UK sales estate agent.
Industry consultancy TwentyCi has analysed the market for the first 11.5 months of 2023 before comparing this to the same period of 2022.
It found Foxtons enjoyed a.36 per cent increase in market share across the UK lettings sector in 2023 and across the UK sales market, Foxtons saw 28 per cent growth.
Both figures were well ahead of the next placed agency - Connells.'
And the article in full, ignore the last two paragraphs as that numpty and the Sunday times/city Am rag story gets another mention (Yawn !) :-
https://www.lettingagenttoday.co.uk/breaking-news/2023/12/figures-reveal-uks-fastest-growing-lettings-agency-as-2024-starts
2024 likely to be a busy year for estate agents jostling for position with takeovers , mergers and the continuing depth charging of the onliners .
Yopa is an interesting case in point .They have just filed 2022 accounts where accumulated losses had risen to £97m Yikes!
The FYr just ended Dec 2023 no doubt has sent them over the £100m barrier,
What next ? Now effectively owned by Savills &Daily Mail You beg the question WTF are Savills still there for?Hoping to be swallowed up by Bricks?
December has been disassatrous forPurplelbricks with fresh listings under 1000 & the calendar has seen them spark just over 20k over 30%down from 2022!
Jury is outs on the free offer Can't see Dunstone stomaching anymore losses if things dont improve by the Autumn
At some stage those behind Lomond and Dexters will be looking for a listed home to cash in some chips at some stage i in the future
Looks like an interesting year ahead
Fasten your seat belts
Tomorrow should be a good day for holders. Foxtons is one of the picks for 2024 in todays Daily Telegraph
Firstly a quick reminder of the final results from Foxtons in March 2022 published last year :-
2022 v 2021
Revenue £140.3m v £126.5m +11%
Adjusted operating profit(2) £13.9m v £8.9m +56%
Profit before tax £11.9m v £5.6m +115%
Adjusted earnings per share (basic)(3) 3.1p v 1.9p +63%
Earnings/(loss) per share (basic) 3.0p (0.4p)
Net free cash flow(5) £7.7m v £6.6m +17%
Total dividend per share 0.90p v 0.45p +100%
Foxtons absolutely smashed it in 2022 and despite me banging on how well the company had been doing up to and including Q3 in 2023, we got this gem in the Q3 interim statement back in October :-
' 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 (adjusted operating profit includes the amortisation of acquired intangibles).'
Brilliant stuff eh, I wonder how much bung these lot received for keeping a lid on things ??
I also mentioned that Foxtons were breaking records in every area of the business with the exception of their sales division and now it appears that during the last quarter of 2023 the sales division of the business together with the rest of the company has had its best ever quarter in its history !
Whilst there was no deliberate mention of records being broken in either the Foxtons interim statement in the Summer and its Q3 statement, Mr. Gittins has now finally shouted from the rooftops as well at the Foxtons Christmas party that Foxtons are breaking records left right and centre and they have now become the UK's No.1 lettings and sales estate agency.
And just think, 2024 is set to be an even bigger year yet for the company !
Happy year new year all !
Looks like we’re heading for full year results something like this:
Revenue £150m (increase of 9m)
Operating profit £20m (increase of 5m)
Earnings per share 4.5p (increase of 1.5p). This would justify a sp of about 60p
Good to see Rich topping up. He knows there is more to come, one way or another.
Well the year started off with a whole load of mini coopers and a handful of 'super' cars being awarded and the year is ending with another load of super cars being awarded to Foxtons' staff.
In the words of CEO Guy Gittins (He missed the 's' in Porsche) :-
'As we approach the end of 2023, I'm delighted to share another video of our target car ceremonies (the final two of 2023) as this demonstrates how relentlessly focused we have been on securing the right deals for our clients and customers.
From graduating out of our iconic Foxtons branded MINI Cooper to achieving the epitome of luxury in our Supercar category, every target car achievement truly embodies what has propelled us to be London’s number 1 estate agency brand.
While this is an incredibly special day for everyone, I was particularly pleased to hand Gareth Atkins the keys to his Porche Supercar as it was confirmed that we are the UK's largest lettings agent by volume. What a milestone!
Congratulations everyone who has attended a target car ceremony in 2023, it has been an incredible year, and I can't wait to see even more of you pick up your keys in 2024.'
https://www.linkedin.com/posts/guygittins_foxtons-wegetitdone-activity-7143274351038009344-6Wyg
Feels like a re-rating of the stock is coming soon!
Well okay, a few days early but good to see more positive press again today about the Housing market recovery in 2024. Its in nearly every rag this week and expect more bullish tones as the market commentators look ahead to next year.
So many positives for Foxtons as I have said all year and January come can't quick enough !!
Keep long & strong and let the market sweat the small stuff !!
The number of properties sold on Foxtons website (752) is the highest since September 2021