Foxtons announces £3m share buyback programme

https://www.sharecast.com/news/news-and-announcements/foxtons-raises-full-year-expectations-after-strong-q3--11150106.htmlLondon estate agent Foxtons has announced the start of a share buyback of up to £3m, in line with its policy of returning excess cash to shareholders.

The proposed buyback will be funded from accumulated cash resources.

"After considering the strength of the group's balance sheet, forecast liquidity, timing of further lettings portfolio acquisitions and the prevailing share price, the board has decided to accelerate the return of excess capital to shareholders through the buyback announced today," it said.

It noted that year to date, £3m of shares have been bought back and £8.7m of cash invested in lettings portfolio acquisitions.

Broker Numis has been appointed to manage the share buyback programme.

Last week, Foxtons lifted its full-year expectations following a strong third quarter, sending shares in the company surging.

At 1010 GMT, the shares were up 3.3% at 31p.