London estate agency Foxtons has given its new finance chief a ‘golden hello’ after the company revealed that it has rewarded Richard Harris 300,000 ordinary shares.
Based on its current share price of 51.6p this makes the optioned stock worth £153,000.
Harris arrived to take the Chief Financial Officer seat in May from electronics firm Laird after his predecessor, Mark Berry, left by ‘mutual agreement’ for personal reasons at the end of July.
As part of the deal, Berry was given three months’ salary in lieu of any bonus earned during the 2019 financial year.
Harris is being given the stock under the company’s Group Share Option Plan and will have to wait five years before he can exercise his right to sell them.
He now sits on a board that still has a huge mountain to climb. Although its most recent results revealed a stabilising rather than free-falling sales business, and improved performance within its lettings division, it’s a shadow of its former self.
The company’s share price has plummeted over the past five years from £2.67p a share to its current level, not helped by a string of gloomy half and full-year results that revealed significant reductions in turnover and profit as the London market contracted. Earlier this year the company recorded its first loss since 2013.
Foxtons’ most recent results released at the end of last month revealed revenues down by 3.5% to £51.1 million and losses deepening to £3.2 million.