Foxtons Group is set to unveil ambitious new financial targets, including a medium-term goal to deliver £50 million of adjusted operating profit – more than double the amount achieved in 2024. ‘Medium term’ is generally considered 2-5 years.

According to chief executive Guy Gittins (pictured), the updated targets are based on significant progress made to date and the scale of opportunity ahead.

In a Capital Markets Event, taking place this morning at the London Stock Exchange, Foxtons will outline the next phase of its growth strategy, with the group maintaining its focus on growing non-cyclical and recurring lettings revenue both organically and through acquisitions.

We have a clear and scalable strategy, an industry-leading operating platform and a commitment to delivering outstanding results.”

Gittins says the company has “more than doubled profit since 2021” and outlines his ambitions to double it again in its next phase of growth. “We have a clear and scalable strategy, an industry-leading operating platform and a commitment to delivering outstanding results for our customers through reliable, high-quality service.”

Key elements of its growth plan include accelerating its acquisition strategy through bolt-on opportunities within its core London market, while also expanding its footprint into new high-value commuter areas outside the Capital.

Market intelligence

The estate agent’s strategy has its proprietary Foxtons Operating Platform at its core, which combines technology, data capabilities powered by over 20 years of market intelligence, brand strength and a scalable hub-and-spoke model that creates operating leverage.

Central to that technology strategy is the integration of artificial intelligence across its technology stack, with initial applications in propensity modelling, lead scoring and customer service systems that it says are already having a commercial impact. Since 2021, it adds, it has been putting data at the heart of its operations, driving consistent market outperformance and establishing itself as a data-led estate agency.

AI focus

The group is now enhancing its estate agency-optimised tech platform with AI to improve decision-making and operational efficiency. It is also developing a customer-centric strategy aimed at increasing customer lifetime value through long-term engagement and retention, including real-time feedback systems, AI sentiment analysis, and a bespoke end-to-end digital lettings platform.

And, after recent scandals, Foxtons says it will ‘continue investing in training and culture to support high performance’.

Gittins concludes: “I’m excited about the opportunity ahead, and I’m confident we have the right strategy, people and the best technology-led platform in the industry to power our future growth and create long-term value for shareholders.”

The Capital Markets Event takes place today (June 4) from 9:30 am to 11:30 am at the London Stock Exchange.