The Foxtons Board has declared an interim dividend of 0.22p per share (2023: interim dividend of 0.20p per share). Payment will be made on 16 September 2024 to shareholders on the register at close of business on 9 August 2024. The shares will be quoted ex-dividend on 8 August 2024. 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 23 August 2024.
Other financial highlights include:
Revenue up 11% to £78.5m as all three businesses delivered growth in the half:
Lettings revenue up 5% to £52.4m.
Sales revenue up 28% to £21.6m.
Financial Services revenue up 7% to £4.5m.
Adjusted EBITDA up 25% to £10.5m, adjusted operating profit up 24% to £8.5m and profit before tax up 24% to £7.5m.
Net free cash outflow of £0.9m in-line with expected seasonality. Improved cash generation versus H1 2023 and more normalised working capital movements as the impact of shorter landlord billing eases.
RCF increased from £20m to £30m and maturity extended to June 2027 to support the Group's organic and inorganic growth strategy.
