Foxtons Group - Strong performance and market share gains
Q1 revenue growth of 8% reflects good underlying growth and M&A in lettings, as well as robust sales and mortgage markets. In sales, Foxtons has taken market share despite the y-o-y decline in revenue and Q2 has started well, with an 8% increase in the under-offer pipeline. Furthermore, additional income streams are developing well and Foxtons has identified c £8m of M&A investment so far this year, highlighting strategic progress. We retain our underlying assumptions and our 128p per share valuation.Foxtons Group is a holding company. Through its subsidiaries, Co. is engaged in providing residential property sales and lettings services through its network of branches. Co. provides independent mortgage advice and other related services through its mortgage broker, Alexander Hall Associates Limited. Co. has three business segments: sales, which generates commission on sales of residential property; lettings, which earns fees from the letting and management of residential properties; and mortgage broking, which receives commission from the arrangement of mortgages and related products under contracts with financial service providers and receives administration fees from clients.
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