Foxtons this morning reveals its buying and selling assertion protecting its efficiency throughout 2020 – and it’s anticipated there can be a progress report on the takeover of London rival Douglas & Gordon.
Foxtons has snapped up D&G for what seems to be a cut price £14.25m – each companies will run as separate manufacturers and with current administration groups remaining in place
In its most up-to-date buying and selling assertion on efficiency, Foxtons advised shareholders that income for the company was £14.8m in October and November final yr – up two per cent on the identical interval of 2019.
Within this, gross sales income elevated by 11 per cent to £5.4m as, within the phrases of the company, “the conversion of the gross sales pipeline into exchanges gathers momentum.”
However, lettings income was down 1.0 per cent over the identical interval to £8m with the company saying a rise within the quantity of property it let being offset by decreased rents.
Mortgage broking was additionally down 14 per cent on this interval, to simply £1.3m.
At the peak of the pandemic final yr Foxtons furloughed 750 employees and requested excessive paid employees incomes over £40,000 to take a 20 per cent pay minimize in a bid to slash its month-to-month money outflow from £9m to £3m. However, solely 4 fifths of its greater paid employees “accepted” the 20 per cent pay minimize, the company admits.
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