Foxtons Group plc Board has declared a final dividend of 0.7p per share, making a total in respect of 2022 of 0.9p per share under their policy of returning 35% to 40% of profit after tax in ordinary dividends. In 2022 they bought back 14.8 million shares through their share buyback programme at a cost of £4.9 million. The Board will review the continuation of the programme, bearing in mind their other capital needs, once the current authority, of which £1.1 million was unspent at 31 December 2022, is fully utilised.
Other financial highlights include:
Revenue up 11% to £140.3m with growth across all businesses: +17% in Lettings, +1% in Sales and +8% in Financial Services. 65% of revenue generated from non-cyclical, recurring activities.
D&G Lettings, acquired in March 2021, delivered £5.3m of operating profit in 2022 and a 35% return on capital. £10.6m invested in Lettings acquisitions in 2022.
Adjusted operating profit up 56% to £13.9m and profit before tax up 115% to £11.9m reflecting high levels of operating leverage driving strong revenue to profit conversion.
Net free cash flow of £7.7m (2021: £6.6m) and year end net cash of £12.0m (2021: £19.4m).
