Portfolio

Foxtons expects 'material disruption' to trading from Covid-19

By Michele Maatouk

Date: Friday 20 Mar 2020

Foxtons expects 'material disruption' to trading from Covid-19

(Sharecast News) - Foxtons said on Friday that the coronavirus outbreak will cause material disruption to trading.
The estate agent said business performance in the first 11 weeks of the financial year has been in line with the board's expectations and consistent with the update given at the full-year results in February 2020.

"However, the company notes the necessary defensive measures taken by the government affecting London and the UK along with the significantly weakened economic outlook.

"It is too early to predict what the impact of Covid-19 will be on Foxtons' full year results. However, we do anticipate an inevitable material disruption to trading in the coming months."

The company insisted it was in a strong position and continues to manage a strong balance sheet. It has fully drawn down its ?5m revolving credit facility and has a current available cash balance of ?21m.

"The board is currently evaluating a number of actions to preserve cash and will take all necessary steps to balance these measures with preserving the long term capacity of the business."

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