Foxtons awards senior leadership duo shares worth over £1 million

Foxtons’ two most senior figures have been awarded shares as part of three separate schemes by the company totalling just over £1 million between them.

CEO Guy Gittins and CFO Chris Hough have been granted shares valued at this figure in announcements made to the City, and follow its most recent results.

These revealed that the estate agency, despite a downturn in profits due to the cost of recent acquisitions, saw revenues up by 5% to £147.1 million and adjusted operating profit up 2% to £14.3 million during it most recent financial year.

In 2023 we have driven an enormous amount of change throughout Foxtons.”

Foxtons is both rewarding the duo for the company’s recent revival while part of the share allocation is to incentivise them to take the firm to greater heights.

Three stock allocations grant Gittins shares worth approximately £645,400 and Hough £374,500, based on its recent share prices of between 44p and 53p, depending on the timings of the schemes involved.

Share swop scheme

These are its annual Bonus Banking Plan; Restricted Share Plan and a voluntary but separate RSP scheme which enables both men to turn 10% of their salary into shares.

The RSP schemes see the shares transferred with strings attached including a two-to-three year wait until they can cash them in, while the BBP shares can be accessed immediately.

Managerial responsibilities

The payments have been made public because Gittins and Hough are ’persons discharging managerial responsibilities’ and therefore, must be made known to investors.

The City is ikely to applaud the payouts – earlier this year it was revealed that Foxtons has seen its market share increase by 36% for lettings and 28% for sales, year-on-year.

At the time Gittins said: “In 2023 we have driven an enormous amount of change throughout Foxtons, investing heavily in our people, technology and brand”.