Foxtons Group announce an unchanged interim dividend of 0.20p per share

DividendMax Ltd.

Foxtons Group announce an unchanged interim dividend of 0.20p per share

The Foxtons Group Board has declared an interim dividend of 0.2p per share (2022: interim dividend of 0.2p per share). Payment will be made on 12 September 2023 to shareholders on the register at close of business on 4 August 2023. The shares will be quoted ex-dividend on 3 August 2023. The Company operates a Dividend Reinvestment Plan ("DRIP"), which is managed by its registrar, Link Group. For shareholders who wish to receive their dividend in the form of shares, the deadline to elect for the DRIP is 18 August 2023.

Other financial highlights include:

Revenue up 9% to £70.9m; adjusted operating profit up 10% to £6.8m. 73% of revenue from non-cyclical, recurring activities. Strong Lettings growth more than offset the expected reduction in H1 Sales volumes.

Lettings revenue up 26% to £49.8m, including £5.6m (+14%) of organic growth and £2.7m of incremental contribution from acquisitions. Operational upgrades delivered market share gains and higher average revenue per transaction.

Atkinson McLeod (acquired March 2023) fully integrated and synergies being realised. Prior acquisitions trading well and delivering returns in line with expectations.

Sales revenue down 19% to £16.9m due to expected lower exchange volumes, reflecting a lower under-offer pipeline at the start of the year, partly mitigated by market share growth.  

Financial Services revenue down 12% to £4.2m as higher refinance volumes were offset by lower new purchase transaction volumes and smaller loan sizes.

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