Foxtons’ shares stuttered downwards on Friday after the firm announced its results for the first half of this year.
The shares opened at 120p but finished at 111p after Foxtons revealed a 42% fall in pre-tax profits and the scrapping of its special dividend, costing £8.5m last year.
Foxtons is also to slow its rate of expansion.
The shares are now worth half their 230p float price in September 2013, and Foxtons is no longer in the FTSE 250.
Analyst Gavin Jago of Peel Hunt said: “When the London market does recover, we continue to believe Foxtons is not best placed to capture the upside.”
Friday’s gloomy half-year results from Foxtons followed Countrywide’s results a day earlier, which also showed a fall in profits and contained a warning that its full-year profit performance will not match that of last year.
Countrywide’s shares were also among the fallers on Friday, down 5% to finish at 250p.
LSL, which has already issued a profits warning, is due to report to the City tomorrow.
Comments (2)
Purple bricks still continue to be worth a lot even with these forcasts,,crazy ftse.
Year Ending
Revenue (£m)
Pre-tax (£m)
EPS
P/E
PEG
EPS Grth.
Div
Yield
2015-04-30
3.39
-5.44
-357.00p
0.0
0.0
n/a
n/a
0.0%
2016-04-30
18.60
-11.90
-12.00p
-14.4
0.0
n/a
n/a
0.0%
Forecast
Year Ending
Revenue (£m)
Pre-tax (£m)
EPS
P/E
PEG
EPS Grth.
Div
Yield
2017-04-30
44.56
1.01
-0.14p
0.0
n/a
0%
0.00p
0.0%
2018-04-30
68.55
11.82
3.99p
29.7
n/a
0%
0.13p
0.1%
No surprise here except their lettings dept is 10% down..thats a problem for a company that finds 50% of its revenue form lettings.