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Foxtons battles Catalist criticism with renewed growth plan

Foxtons to hold event today for investors and analysts to set out how it intends to grow the business after a disastrous few years.

Nigel Lewis

foxtons

Foxtons has come out fighting after stinging criticism of its performance last week by Robin Paterson’s Catalist Partners.

This included comments that it had ‘lost its way’ in recent years and that it should expand its branch network outside London.

The estate agency is holding a virtual event at 2pm today for institutional investors and analysts that will see CEO Nic Budden and members of the senior team reveal how they intend to grow the company.

nick budden foxtons“Foxtons has enormous potential and we are delighted to be able to set out our growth plans,” says Budden (pictured).

“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.”

This will focus on how technology and data science is supporting its objectives to reinforce market leadership, diversify revenue streams and grow profits.

The company has also released another trading update just six weeks after its previous one, another indication that Budden and his senior team have been unsettled by Catalist’s comments.

Its trading update says Foxtons’ sales commission pipeline has continued to grow since mid-April and is now 65% ahead of last year and 17% up on the New Year.

“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,” says Budden.

June 3, 2021

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