Foxtons first quarter core earnings jump 44 percent
LONDON, April 29 (Reuters) - Property agency Foxtons posted a 44 percent jump in first-quarter core earnings on Tuesday, helped by strong sales turnover in the buoyant London housing market.
The company, an icon of the London property market with its fleet of staff-driven Mini Cooper cars, said first-quarter adjusted earnings before interest, taxes, depreciation and amortisation was 10.9 million pounds ($18.32 million), driven by a 19.2 percent increase in group turnover compared to last year.
"Turnover is well up on the comparative period and margins have been further enhanced as we continue to benefit from the roll out of our centralised business model," Chairman Gerry Watts said.
"As of today our pipeline is well ahead of last year and gives us confidence in the results for the half year," he said. ($1 = 0.5950 British Pounds) (Reporting by Brenda Goh; editing by Kate Holton)