Foxtons Group plc (FOXT) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining the Foxen's 2023 interim results presentation. I'm joined by Chris Hough, Group CFO, and we will both be available at the end of the call to answer any questions you may have. To provide an outline of the running order, I will start by giving an overview of our performance in H1 and commentary on the market environment. Chris will then take you through the financials And I will finish with an update on our operational initiatives, an update on delivery against our strategic priorities, and finally some thoughts on trading in July and an outlook for the rest of the year. As everybody is undoubtedly aware, we are operating in a challenging market environment. However, as I laid out in March, there is still significant unfulfilled potential within the business. And whilst this is our first step on the journey, I am excited by the rapid progress that we have made to date. Turning to slide five. On this slide, we've presented some key financial and operational highlights for H1. As you can see, we've made significant progress in a short space of time against a challenging market backdrop, and we are delivering upgrades in our operational capabilities to rebuild our competitive advantages. Operationally, we are delivering change at pace and the business is responding well as evidenced by a much improved performance in H1. Investments in our marketing capabilities and overhauling our estate agency culture grew our market share of new property instructions by a market leading 8% in lettings and an astounding 43% in sales. Property instructions are the lifeblood of estate agency And growth here supports delivery of future market share and revenue growth. In my operational review in March, I highlighted the lack of true organic...