Foxtons launches £3m share buyback programme

(Sharecast News) - Foxtons Group is return up to £3m to shareholders, the London-listed estate agent confirmed on Monday. Announcing the buyback's commencement, the property group said it had decided to return the cash following a review of its share price, balance sheet, forecast liquidity and timing of further lettings portfolio acquisitions.

It continued: "The property share buyback will be funded using the group's existing cash balances and revolving credit facility.

"Foxtons continues to pursue lettings portfolios acquisition opportunities within its capital allocation framework."

Specialising London's property market, Foxtons operates from a network of branches across the capital. It has three core revenue streams: sales, lettings and mortgage broking.

In July, it posted interim pre-tax profits of £10.2m on revenues of £86.1m. Revenue in the lettings business was 4% higher, at £54.6m, while sales revenue jumped 25%.

As at 1015 BST, shares in Foxtons were up 2% at 56.44p.