What a difference a dot makes! Foxtons tipped for more success
Wed 20 Nov 2013
Foxtons could be a major beneficiary of a new domain name for the capital .London The new domain name
means that London businesses will be able to rename their websites as .london rather than .co.uk or .com
City analyst Canaccord Genuity thinks this will profit Foxtons and has upgraded the firm from a hold to a buy.
However, Foxtons is unlikely to be the only beneficiary, with a stampede of businesses applying to use the new
domain name, set to go live next spring.
So far, 20,000 businesses and other organisations, ranging from Carnaby Street to Selfridges, have expressed
The domain name has been approved by the body responsible for domain names, ICANN.
The granting of the domain name is seen as a major marketing coup for London. It will need to be renewed every
year for a fee, which London & Partners hope will generate an income stream of millions of pounds which can be
used to promote the capital.
Deputy London mayor Kit Malthouse, who chairs London & Partners, the body that will auction the domain
names, said: Its a huge opportunity for London businesses to market themselves and promote our city across the
world. Canaccord says that if there is still room for Londons residential property market to rise further, then
Foxtons will certainly be a major beneficiary. The firm said: We value Foxtons with reference to its track record of
generating high returns on invested capital, its ability to grow organically and its intention to return its free cash to
shareholders. Foxtons floated in September and has since posted strong results for the first nine months of this
year, with revenue of 41m up 17.9%% on the same period last year.
The new domain names need not and these are purely examples be foxtons.london, winkworth.london or