mark berry
-
Latest property news
Foxtons to cut bonuses to its top directors following shareholder revolt
Foxtons is to change the bonus scheme for its top team following a shareholder revolt at its most recent Annual General Meeting. Over a fifth of shareholders rebelled and voted against the company’s remuneration committee report on May 20th. This had recommended that if Foxtons achieves its ‘maximum performance’ this year CEO Nic Budden will be paid £1.74 million and CFO Mark Berry £779,000 through a mixture of a £300,000 base salary, a variable element and a long-term ‘bonus’. Although the shareholder revolt was not enough to defeat the recommendations, it showed that shareholders were unhappy with such a generous reward scheme when the company is struggling. Its latest quarterly results released two weeks ago showed revenue down 7% to £32.5 million for the three months to September, taking its total revenue for the year to £88.1 million, a reduction of 5% on the previous year. Concerns raised “In our AGM Statement the Board acknowledged the concerns raised by shareholders regarding the FY2018 bonus outcomes and the impact this had on the level of support for the resolution approving our 2018 Annual Report on Remuneration,” a company statements says. The committee has now suggested a new bonus scheme that will…
Read More » -
Latest property news
Fifth of Foxtons’ shareholders revolt over pay structure for senior directors
For a second year in a row investors in the ailing estate agency have shown their displeasure at the pay packages of executives.
Read More » -
Latest property news
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…
Read More »
