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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
Heading back to 40p methinks, no momentum.
That sounds like good news to me.
For interest rates, I suspect they will come down. Fed is mulling 3 x 0.25% interest rate drops in 2024 (that comes 2 weeks after them saying they are not considering the question of dropping interest rates). I suspect UK will do the same.
After reading my posts this afternoon Mr Gittins has kindly updated his insta account in order for me to post on here a video of the 2023 Foxtons Christmas party :-
https://www.instagram.com/property_guy_gittins/
Here was my post a few days back :-
'Ditto that, 2024 could be another record year for Foxtons as interest rates 'normalise' ahead of a UK General election and rents stabilise.
Remember Gittins down played both the interims in the Summer and the last quarter trading statement where records were being broken left, right and centre !!
Will he finally come clean about Foxtons come 2024 and tell everyone exactly how well the company is performing ???
Well, now take a look a this on his linkedin page and how all the staff at Foxtons 'down played' 2023 :-
'Tonight’s the night… The legendary Foxtons Christmas party!'
'Over 1300 people have worked tirelessly all year, to make sure we’ve delivered for our clients and each other.
Time to celebrate one of the most amazing years in recent history, with lots of records, broken along along the way!' 💥💥💥💥🚀
https://www.linkedin.com/posts/guygittins_tonights-the-night-the-legendary-foxtons-activity-7139042116952846337-r30G
Expect rates to stay unchanged and that numpty to announce possibly an easing of interest rate policy come next year (general election year).
Basically he just needs to copy and paste what the FED said last night, just like that 'transitory' nonsense speech a couple of years back.
All good for Estate Agents and house builders though come next year !
As I have said on here numerous times, Foxtons are poised to clean up in EVERY area of their business !!!
Long & strong !!
I'm getting over excited. Thought we might get over 46 today
I guess there could be all sorts of reasons for not shouting too loudly, but maybe one of them is the fear of a tax raid by Hunt. I hope we get a good run up from here. I'm hoping that we see the price rise to the 58 area or above.
Ditto that, 2024 could be another record year for Foxtons as interest rates 'normalise' ahead of a UK General election and rents stabilise.
Remember Gittins down played both the interims in the Summer and the last quarter trading statement where records were being broken left, right and centre !!
Will he finally come clean about Foxtons come 2024 and tell everyone exactly how well the company is performing ???
It looks to be pushing up the SP again at the moment 58, looks good. Slow and steady. It's currently breaking up through previous highs
And throw in an agency cross trade of 583,000 shares at 44.625 (mid price) at 15:27pm yesterday afternoon.
I mentioned on 30/10/23 about the volume in Foxtons shares pre 08.00am that morning, the volume some 42.6m shares traded ahead of the opening.
Well, I have kept a record of the pre-opening of Foxtons shares since Sept just in case of any huge volumes being reported outside of the normal trading reporting requirements and here's my findings so far :-
11/09 - 308,000
12/09 - 501,000
14/09 - 1,100,000
18/09 - 640,000
20/09 - 370,000
21/09 - 391,000
22/09 - 3,157,000 (I posted about this volume on the same morning)
30/10 - 14,782,440 (I posted about this amount as well)
31/10 - 5,800,000
14/11 - 42.6m (I also posted on the same day)
17/11 - 1.2m
29/11 - 650,000
08/12 - 560,000
and this morning around 1.5m shares were traded pre 08.00am
As I mentioned on here before where all this volume is being executed is outside of our resources but the total so far is around 25% of the company being traded on a 'stealth' basis !!
Someone out there is slowly building a nice stake in Foxtons for peanuts courtesy of the MM's and their collaboration in keeping the stock at low prices all year !
You are always going to lose the star players because Foxtons are unable to offer them any equity in the business
The best aren't going to be satisfied being salarymen and answereble to a set of BODS
They don't seem to have got around to offering share options to keep people vested
Interesting, he was there through the bad times and the more recent improvements. The market has not yet disaproved of his promotion.
No idea Stupmy but they've lost a big cheese today :-
https://thenegotiator.co.uk/luxury-london-agency-swoops-again-and-poaches-foxtons-highflyer/
More interest this afternoon from buyers. Something happening?
That would be nice!
Cluttons very much a mini Savills but less residetiallyy orientated. Old school very professional wth a wealth of imstitutional clienst Were one of the first highend agencies to set up offices abroad
Yet they are highly geared to commercial Current London residential stock for sale is just 106 Unlikely to be rolling out a branch network to take on Foxtons
I wonder if 2024 will be the year when one ofthe hustlers tables a bid of 90p for Foxtons ?
Following on from yesterday, Cluttons residential have announced a management buyout of the company this morning :-
https://propertyindustryeye.com/partners-complete-management-buyout-at-258-year-old-estate-agency/
We've seen all the latest merger and acquisitions in the last month or so and expect the activity in the sector to move forward a gear or two as we move into 2024.
I mentioned the collaborations between house builders and estate agents some weeks back after Dexters spending spree and it appears that Foxtons and Berkeley Homes are ramping things up a notch as well.
Take a look at the nice office and promo in Camden (get that salesperson to sort out his trousers !!)
https://www.linkedin.com/company/foxtons