TRADING UPDATES: Foxtons to cut costs as quarterly revenue falls 10%


Idag, 13:17

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Foxtons Group PLC - London-based estate agency - Revenue drops 10% to GBP39.6 million in the three months to March from GBP44.1 million the year prior. Lettings division revenue rises 4.7%, but Sales division revenue slumps 35%. Foxtons points out that last year's Sales division figure was boosted by elevated volumes ahead of the stamp duty deadline. New buyer activity in the quarter was lower than initially expected, impacted by the Middle East crisis and subsequent increases in mortgage rates and lower mortgage product availability. "To reflect these headwinds, the group is taking action to reposition the Sales business to current market conditions," it says. Foxtons is targeting at least GBP3 million in annualised savings, building on the GBP1.5 million already delivered through the relocation, effective from January. Headcount will be moved to higher growth business in lettings, Foxtons says.

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Lendinvest PLC - London-based platform for property finance - Performance for the financial year to March is expected to be in line with market expectations, despite one-off costs incurred in connection with the group's fifth listed bond issuance. Points to a strong second-half performance, with record levels of lending, continued growth in platform assets, and clear evidence of operating leverage. Momentum accelerated through the fourth quarter, with the business delivering its strongest monthly and quarterly lending performance to date. Total originations are GBP1.44 billion in the financial year, including a record fourth quarter. Leninvest says it enters financial 2027 with its "largest pipeline to date, providing strong visibility on forward lending." Chief Executive Rod Lockhart says: "The second half of the year marks a clear step forward for the business. We have delivered record levels of lending while maintaining disciplined cost control, demonstrating the scalability of our platform."

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Creightons PLC - Peterborough, England-based beauty and wellbeing consumer goods manufacturer - Delivers a "resilient" performance during the financial year to March despite "challenging market conditions and the impact of government legislation," the firm says in a trading statement. Expects full-year revenue to be GBP53.8 million, down slightly from GBP54.1 million the year prior, with pretax profit of GBP2.7 million, down from GBP3.5 million. "Whilst near-term market conditions remain uncertain, the board remains confident in the group's positioning, supported by its category expertise, manufacturing capability and established retail partnerships," it says. Creightons expects to announce full-year results in early July.

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Young & Co's Brewery PLC - London-based pub and hotel operator - Says trading for the 52 weeks to March 30 is expected to be in line with management's expectations after a "strong" performance. Total managed house revenue rises 4.6% for the 52-week period, alongside an increase of 4.7% in like-for-like sales. Young & Co says it is "well-positioned to withstand ongoing uncertainty and deliver profitable growth for the year ahead."

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RWS Holdings PLC - Maidenhead, England-based language services and artificial intelligence solutions provider - Expects revenue to rise 5% year-on-year to GBP360 million in the six months to March, or by 7% at organic constant currency. Projects adjusted pretax profit of GBP24 million, up from GBP18 million a year ago. Flags strong cash generation, notes net debt is GBP33 million at March 31. Looking ahead, RWS expects financial 2026 performance to be in line with market expectations and existing guidance, with "low single digit revenue growth on an [organic constant currency] basis, improving profitability and continued strong free cash flow conversion."

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Oxford Metrics PLC - Oxford, England-based sensing and measurement technology - Reports an improved trading performance in the first six months of financial 2026, ended March. In December, Oxford Metrics changed its accounting reference date to December 31, from September 30. Financial 2026 is therefore an extended 15-month period running from October 1, 2025, to the end of 2026. Expectations for FY26 remain unchanged. For the six months to March, it expects to report revenue of GBP20.7 million compared to GBP20.1 million in the prior year, with a "modestly improved" adjusted pretax loss before tax and interest year-on-year. "Our growing pipeline and planned, targeted product launches give us confidence in further progress through FY26," the company says.

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Carclo PLC - Mitcham, London-based provider of precision components - Overall trading performance in the financial year to March is in line with management expectations, Carclo says in a trading update. Expects full-year revenue of GBP114 million, down on-year from GBP121 million. Highlights a sustained strong performance in key health and safety metrics and says medium-term targets for return on sales and return on capital employed have been achieved. Expects strong year-on-year growth in earnings before interest and tax with net debt of GBP24.0 million, in line with expectations but higher on-year from GBP19.3 million. Reports no supply disruption or material financial impact arising from the Middle East conflict to date.

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By Jeremy Cutler, Alliance News reporter

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