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The Foxtons boss marked his return to the broker in style as he stated he was on track to meet his targets for the year.
Guy Gittins, who joined the group as a junior in 2002 before leaving in 2006, became chief executive last month after stints at rival brands Chestertons and Savills (down 0.4 percent, or 3.5p, to 836p). .
With a booming rental market in London compensating for a slowdown among buyers as mortgage costs skyrocketed, he vowed to ‘get Foxtons back on their feet’ despite an uncertain background amid economic and political challenges.
Promise: With a booming London rental market offsetting a slowdown among buyers as mortgage costs rise, Guy Gittins vowed to ‘get Foxtons back on their feet’
“Foxtons is part of the fabric of London life and I am absolutely delighted to be back, at the head of the best real estate agency in London and filled with the same excitement, anticipation and enthusiasm I had nearly 20 years ago,” said gittins.
Sales rose 25 percent in the three months to September to £43.8 million.
Foxtons said it expects full-year earnings to “be ahead of our previous expectations.” Shares rose 6.6 percent or 1.9 pence to 30.75 pence. The FTSE 100 rose 0.25 percent or 17.62 points to 7073.69, but the FTSE 250 slipped 0.13 percent or 23.97 points to 18,081.92.
Mining shares were below the cosh, with Anglo American falling 2 percent, or 56.5p, to 2716p after a mixed update on production for the year. The group warned that nickel, iron ore and coal would be at the lower end of forecasts, although production of metals from the diamond, copper and platinum group remained on track.
Anglo American’s outlook came after production was largely flat in the three months to September, with gains in diamond and coal offsetting slumps elsewhere. While the sector suffered a decline in commodity prices, Rio Tinto fell 3.7 percent, or 179p, to 4664p, Glencore fell 2.9 percent, or 14.9p, to 501p, Antofagasta fell 0.7 percent, or 9p, to 1218.5p and Ferrexpo fell 2.5 percent, or 2.8p, to 107.3p.
HSBC gained 1.4 percent, or 6.2p, to 450.15p after Deutsche Bank raised its group price target from 570p to 650p.
Engineer Renishaw fell 3.3 percent, or 124p, to 3590p after a slump in semiconductor and electronics orders.
At Indivior, shares fell 1.2 percent or 19p to 1588p, despite the pharmaceutical company raising its revenue outlook for the year, while earnings are expected to be “modestly higher” than in 2021.
There was also some good news for car dealership company Inchcape, which added 1.9 percent or 13.5% to 739p after saying profits for the year are expected to exceed a previous forecast of between £350m and £370m.
Park Plaza’s parent company, PPHE Hotel Group, rose 2.1 percent, or 25p, to 1240p as it celebrated strong demand during the London and Croatian summer season. The group’s turnover rose 71.1 per cent in the three months to September to £129.6 million.
Meanwhile, DeepVerge, which earlier this month said it was struggling to repay a large loan, raised £10 million to bolster its balance sheet. Shares of the tech company fell 10 percent, or 0.25 pence, to 2.25 pence.
Demand in the global oil and gas industry helped energy services company Hunting drive higher sales and profits, while also providing optimistic outlook for this year and 2023. Shares rose 5.3 percent, or 12.5 pence, to 250, 5 pence.
Beverage company C&C Group fell 3 percent, or 5p, to 160.5p as it warned that the rising cost of living and pressure on consumer spending would continue to take their toll for the rest of the year.
But the creator of Bulmers and Magners said it was focused on preparing for a Christmas period without Covid restrictions and next month’s World Cup in Qatar.
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