Foxtons to set out plans for growth

Foxtons will today hold a virtual Capital Markets Day for institutional investors and analysts.

The event will be led by Nic Budden, chief executive officer, and members of the senior management team who will provide a comprehensive update on the group’s growth strategy with a focus on how technology and data science is supporting its objectives to reinforce market leadership, diversify revenue streams and grow profits.

A Q&A session will follow the presentation, hosted by Foxtons chairman, Ian Barlow. The event will start at 2pm and is expected to conclude at around 4pm.

Joining instructions for the live event, which will include an opportunity to ask questions, are included here. A copy of the Capital Markets Day presentation will also be made available at the same link at the start of the event.

Trading Update

Since the Group’s Trading Update on 14 April 2021, trading momentum within the business has continued to be strong. Following a 49% increase in Foxtons Q1 sales revenue versus both 2020 and 2019, the sales commission pipeline has continued to grow and is now 65% ahead of last year and 17% up on 1 January 20211. As a result of the strong trading momentum, adjusted operating profit for the first half of the year is expected to be significantly ahead of both 2020 and 2019.

No further trading information will be disclosed during the event.

Budden said: “Foxtons has enormous potential and we are delighted to be able to set out our growth plans. For over 40 years we have operated through the ups and downs of the sales market cycle and emerge from the unprecedented challenges of 2020 a more efficient and capable business. Our customer proposition is unique and the investments we have made in technology and data science capabilities give us competitive advantage and a solid platform for growth.

“2021 has started extremely well with strong trading and the biggest acquisition in our history.
We look out on significant opportunity to grow and have a clear plan to take advantage of it. Foxtons has a history of being a highly profitable business and when I reflect on the actions we have taken together with the opportunity and improving market conditions I am confident we can deliver significant shareholder value in the coming years.”

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2 Comments

  1. Hillofwad71

    Should be a lively Q&A session today

     

    “I am confident we can deliver significant shareholder value in the coming years.”

    Unfortunately, Robin Paterson  thinks othewise as he sets out in no uncertain terms on Catalist ‘swebsite

    “A PATH TO £1BN CAPITAL VALUE

    Recommends a whole plethora of major structural changes

     

    A big believer in incentivising the fee earners offering them some skin in the game and vested to remain on the premises and share the journey .

    Sounds good advice to me rather than  the CEO trosuering a big bonus  at a time the company   has  been struggling

    Should imagine he wasn’t too happy with them shelling out £14.,5m  ahrd cash for Douglas & Gordon  with a whole load of  expensive offices

     

    Thanks very much for the fat cheque say the long term shareholders who are not involved in the business

     

    What about D&G’s CEO Jamie Evans who left Foxtons after 14 yrs after Budden took the hot seat

    No place on the main board for him or major shareoptions How do you keep him sweet otherwise and  not leave with half of the inventory?

     

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    1. AlwaysAnAgent

      Don’t forget that he pocketed his bonus and invested £3m in Boomin from what was essentially £7m of Government funding intended to help bail out struggling firms.

      No integrity whatsoever. Not now, not ever.

       

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