Foxtons Group plc (FOXT) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining the Foxton's 2025 half-year results presentation. I'm joined by Chris Hough, Group CFO, and we will answer any questions at the end of the call. We have a streamlined presentation today following the in-depth look at the business at our capital markets presentation last month. This morning, I'll take you through some of the key financial and operational highlights to provide an update on London's lettings and sales markets. Chris will then talk you through the numbers and I will finish with an update on operational progress in the half, followed by some detail on July trading and outlook for the rest of the year. The business I took over when I rejoined Foxton's in September 22 was very different to the one we are today. Following a forensic operational review, we undertook a massive rebuilding exercise over 23 and 24. to completely turn around the business. And that work is really paying off. We are now firmly in the next stage of growth and I could not be more excited about the momentum we're building. And that progress can be seen in our results for the first half. We delivered 10% revenue growth and 31% profit growth. Revenue growth was delivered through another half of lettings growth plus a 25% growth in sales as the business capitalized on Q1 volumes that were boosted ahead of the stamp duty deadline. Driving margins is a key area of focus and we delivered profit growth through a focus on higher margin activities, delivering returns from our acquisitions and keeping a tight control on costs without impacting top line growth. Following our strategic rebuild over the last three years, today Foxton's is first and foremost a lettings focused business. In total, non-cyclical and reoccurring activities generated two-th...