Profits and turnover rise at Foxtons as it waits for new CEO

The revival of Foxtons continues apace with the firm’s latest interim results for the first half of 2022 revealing a rise in revenue and profits.

This follows a tumultuous few months for the company following the exit of its COO Patrick Franco in April and CEO Nic Budden in May.

Foxtons will son be led by former Chestertons CEO Guy Gittins (left) who was named its new CEO and is currently working his notice period at his former employer.

He will no doubt be relieved that revenue is up 3% to £65.1 million and pre-tax profits up 13% to £6.2 million.

Commenting on the results, Chairman Nigel Rich (main pic) says: “In the first six months of the year we have made significant progress against our plans to reset the business and get back on the front foot.

To this end I am very much looking forward to welcoming Guy Gittins, the former CEO of Chestertons, as CEO in September this year.

Acquisitions

The increased profits and turnover will in part be down to its acquisition of several businesses over the past 18 months including, most recently, Douglas & Gordon.

“We enter the second half with a tightening grip on costs, a focus on sales intensity, and an improved ability to generate revenue from prudent investment in negotiators and financial services advisers,” adds Rich.

“There remains much to do, but the heart of Foxtons is strong, and we are well placed to accelerate profit growth and realise the potential of the business.”