Foxtons Group plc (FOXT) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining the Foxton's 2023 full year 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. This presentation is a fraction longer than usual, but it is incredibly important to highlight just how much we've achieved in a short space of time. In my eyes, we've delivered over three years of progress in just 12 months. starting on slide five, where I will run through the key highlights for the year. First, we delivered revenue and profit growth in the year as growth in lettings mitigated a significantly weaker sales market and investments to rebuild our competitive advantages. Operationally, we delivered at pace and ahead of schedule. The Foxton's operating platform has been strengthened and we drove outperformance in the year which positions us for long term growth. In 2023, the platform drove a level of market share growth unheard of for a business of our size. Growth was delivered across all areas of our business and pleasingly for a London only estate agent, Foxton's was both the UK's fastest growing large estate agency and also the UK's largest lettings brand. The platform also drives growth from lettings acquisitions through top line revenue growth and the application of cost synergies to deliver ROIs in excess of 25%. With over 3,600 agents in London alone, we have a great opportunity to drive growth by consolidating our highly fragmented sector. Since joining, our renewed strategy has been to deliver growth in non-cyclical lettings revenue. Over the past few years, we've transformed the group's financial profile, and today, Foxton's is a far more robust business, delivering growth no matter what the external sales market. Finally...