Foxtons’ results
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Latest property news
Foxtons admits ‘operational failings’ held sales back
New CEO Guy Gittins says improvements are needed to deal with failings that 'have throttled historical performance'.
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Is Foxtons out of the woods? Results show perkier performance
Revenues and profits are up for 2022 with strong performances from sales, lettings and financial services, the firm's trading update says.
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Foxtons returns to pre-tax profit after swingeing cost cuts
Company saw revenue drop by £13.4 million in 2020, offset only by paring back operating costs by £15.9 million.
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Foxtons results reveal tanking profits but confident dismissal of online competitors
Foxtons has revealed its worse full-year results since 2013 including profits before tax which tanked by 65% year-on-year. Its Annual Report and Accounts for 2017 also reveal that revenue decreased by 11.4% and earnings per share by 67%, while its margin dropped to 12.8%, down from over 35% in 2013. That year its profits before tax were £38.9 million, but in 2017 were just £6.5 million. Despite its poor results, both its CEO Nic Budden and CFO Mark Berry received bonuses, although they were lower than in 2016. Budden (pictured, left) was paid a package worth £914,000 last year including a bonus of £218,000 while Berry was paid £490,000 including a bonus of £153,000. Foxtons results document blames the poor performance squarely on its sales operation, which Foxtons says has been battered by the sluggish property markets inside the M25/London area. Sales revenue fell by 23% year-on-year during 2017. This, it says, is largely due to a lack of confidence among buyers and vendors caused by the ongoing Brexit process. But Foxtons also says the 2016 changes to Stamp Duty continue to depress volumes. But unlike most of its competitors, Foxtons continues to focus on developing its own in-house online…
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Foxtons reports profits down by 43% last year as London market pain continues
Foxtons’ results for 2017 are out and the company says its group turnover, profits and both sales and lettings revenues were down year-on-year but that it has some “strategic initiatives” up its sleeves due to be revealed next week. The company’s profits took the hardest knock. They dropped from £24.6 million in 2016 to £15 million last year, or 43%, as sales within London’s multi-million pound streets remain quiet despite hopes that the exchange rate would persaude more foreigners to buy into the capital’s bricks and mortar. Revenues from its sales operation dropped by nearly 24% year-on-year from £55 million to £42 million, although the crash in volumes within the capital appears to have eased during the final three months of year. But the company says it expects the pain in London to continue. Unlike last week’s Countrywide results which saw disappointing figures for both sides of its core business, Foxtons’ lettings operation continues to deliver at least only moderate revenue reductions – down last year by just 3%. Struggling performance But, despite the weak business performance, CEO Nic Budden appears to be dodging City, investor and board calls for fresh leadership. The company blames its struggling performance on the…
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