Business
Trading Update
Trading Update.
About this update from Foxtons Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4954Q\n Foxtons Group PLC\n 28 October 2021\n \n \n \n \n FOXTONS GROUP PLC (the \"Group\" or \"Foxtons\")\n \n \n TRADING UPDATE\n \n \n 28 October 2021\n \n \n Foxtons Group plc (LSE: FOXT), London's leading estate agency, today issues its trading update for the nine months ended 30 September 2021. \n \n \n Current Trading\n \n \n Foxtons has delivered a strong performance across all business areas with revenues for the period well ahead of the prior year and 2019, reflecting the continued successful implementation of its strategy alongside recovering sales and lettings markets. \n \n \n Group Revenue Summary\n \n \n \n \n \n \n Nine months ended 30 September 2021\n \n \n \n \n 2021\n \n \n \n \n 2020\n \n \n \n \n % change\n \n \n \n \n 2019\n \n \n \n \n % change\n \n \n \n \n \n \n Lettings\n \n \n \n \n 58.0\n \n \n \n \n 45.2\n \n \n \n \n 28%\n \n \n \n \n 53.7\n \n \n \n \n 8%\n \n \n \n \n \n \n Sales\n \n \n \n \n 38.3\n \n \n \n \n 17.9\n \n \n \n \n 114%\n \n \n \n \n 23.8\n \n \n \n \n 61%\n \n \n \n \n \n \n Mortgage broking\n \n \n \n \n 7.2\n \n \n \n \n 5.8\n \n \n \n \n 25%\n \n \n \n \n 6.0\n \n \n \n \n 19%\n \n \n \n \n \n \n Group revenue\n \n \n \n \n 103.6\n \n \n \n \n 68.9\n \n \n \n \n 50%\n \n \n \n \n 83.5\n \n \n \n \n 24%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lettings\n \n \n Lettings revenue was up 28% to £58.0m for the nine month period (2020: £45.2m, 2019: £53.7m) including a £7.1m contribution from Douglas & Gordon (\"D&G\"). Excluding the impact of D&G, volumes were up 11% on last year and average revenue per deal was broadly flat. \n \n \n As a result of the Covid-19 lockdowns in 2020 and the early part of 2021, the lettings market in London started the third quarter with an excess supply of listings and with rents in the first half of the year down 9% on pre-pandemic levels. This trend has largely reversed during the quarter, with lettings listings now at historically low levels and rents having returned to pre-pandemic levels in August and September. \n \n \n Sales\n \n \n Sales revenue was up 114% to £38.3m (2020: £17.9m, 2019: £23.8m), reflecting positive trading momentum in the residential sales market this year and a £4.8m contribution from D&G.\n \n \n At the end of Septemb...