Foxtons Group plc (FOXT) Q2 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.352 -- 00:00:05.557 Good morning everyone and thank you for joining the Foxton's 2024 half-year results 00:00:05.557 -- 00:00:10.863 presentation. I'm joined by Chris Huff, our group CFO, and we look forward to answering 00:00:10.863 -- 00:00:15.528 any questions at the end of the call. Before moving on to the body of the presentation, 00:00:15.528 -- 00:00:21.033 it's worth taking a minute to recap on the Foxton's journey over the last 24 months 00:00:21.033 -- 00:00:24.677 to really put these results into context. 00:00:24.677 -- 00:00:30.360 The group saw a multi-year period of underperformance from 2016 to 2022, 00:00:30.360 -- 00:00:35.527 including a significant market share loss, no organic 00:00:35.527 -- 00:00:40.795 growth in lettings, and underinvestment in the business, all while focusing on the wrong 00:00:40.795 -- 00:00:42.878 strategic priorities. 00:00:42.878 -- 00:00:47.745 Consequently, the business's financial performance suffered as reflected in the share 00:00:47.745 -- 00:00:52.913 price. Since then, the business has changed significantly, led by 00:00:52.913 -- 00:00:57.917 a refreshed executive team, chairman, and board of directors. 00:00:57.980 -- 00:01:03.288 And at the beginning of 2023, I presented and implemented an operational 00:01:03.288 -- 00:01:08.776 turnaround plan, including a new set of strategic priorities with a medium term target 00:01:08.776 -- 00:01:14.942 to deliver 25 to 30 million pounds of adjusted operating profit. 00:01:15.305 -- 00:01:17.809 Throughout 2023, we rebuilt 00:01:17.809 -- 00:01:22.876 the Foxton's operating platform, strengthening some areas and building entirely 00:01:22.876 -- 00:01:26.061 new capabilities in others. 00:01:26.061 -- 00:01:31.352 With the rebuilding stage complete, we a...