Three developing stories at the UK stock market open.
1. Strong property sales see Foxtons profits jump 38%
Estate agency Foxtons LON:FOXT has this morning published full year results, with revenues up 11% and operating profits some 38% higher. That’s triggered a 30% uplift in the dividend payment with income from sales flattering following significant market share gains. The company’s “under offer” pipeline is at its strongest level ever and there’s no drag being observed as the stamp duty changes edge closer, either. Medium term objectives remain on track.
2. Market weakness now abating, but profits fall and dividends cut at Ibstock
Building products manufacturer Ibstock LON:IBST also has full year numbers out today, but a subdued underlying market has taken a toll. Revenues are down 10%, pre-tax profits are off 30% and the dividend is being close on halved. However sales in the early part of 2025 do reflect some improvement in demand and are ahead of the comparative, whilst capital investment has also served to improve efficiency both in terms of cost and production rates. The early momentum is expected to continue building as the year maps out.
3. Games Workshop indicates FY profit upgrade
Another short – if impactful – trading statement from Games Workshop LON:GAW noting that the performance in January and February has been ahead of expectations, leading management to note that full year pre-tax group profits to 1st June are also set to come in ahead of forecasts.
