Foxtons Group plc (FOXT) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining the Foxton's 2024 half-year results presentation. I'm joined by Chris Huff, our group CFO, and we look forward to answering any questions at the end of the call. Before moving on to the body of the presentation, it's worth taking a minute to recap on the Foxton's journey over the last 24 months to really put these results into context. The group saw a multi-year period of underperformance from 2016 to 2022, including a significant market share loss, no organic growth in lettings, and underinvestment in the business, all while focusing on the wrong strategic priorities. Consequently, the business's financial performance suffered as reflected in the share price. Since then, the business has changed significantly, led by a refreshed executive team, chairman, and board of directors. And at the beginning of 2023, I presented and implemented an operational turnaround plan, including a new set of strategic priorities with a medium term target to deliver 25 to 30 million pounds of adjusted operating profit. Throughout 2023, we rebuilt the Foxton's operating platform, strengthening some areas and building entirely new capabilities in others. With the rebuilding stage complete, we are totally focused on delivering growth and accelerating performance to meet our profitability targets. And I firmly believe that these come through in our results today. Moving now to the key highlights for H1. We delivered revenue and profit growth despite the London sales market remaining flat on the historically low levels that we saw last year. Growth has been driven internally by the operational improvements that we have implemented and as our leading position in London and UK estate agency supported significant market outperformance. Particularl...