Foxtons Group plc (FOXT) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining the Foxton's 2024 full year results presentation. I'm joined by Chris Hough, Group CFO and we look forward to answering any questions at the end of the call. I will take you through some of the key financial and operational highlights and Chris will talk you through the numbers. Since I took over as Foxton CEO just over two years ago, we have achieved a huge amount. We've forensically reviewed every part of the business and identified and fixed the areas that contributed to underperformance prior to my arrival. Significant investment has gone into creating the upgraded Foxton's operating platform, strengthening some areas and building entirely new capabilities in others. And this investment was delivered by our highly dedicated staff across every part of our business. I set out medium term targets for each of our businesses, as well as at group level. We've progressed at pace beyond my expectations and are now well on track to deliver on these targets and in doing so create significant value. With the turnaround now complete, the business is totally focused on delivering growth and accelerating performance to meet our profitability targets. And pleasingly, we can now look forward to the next stage of growth, which will be presented at a capital markets event in the second quarter of this year. Moving now to the key highlights for 2024. We delivered 11% revenue growth and a 38% profit growth, primarily driven by market share gains. This included a substantial 20% increase in sales market share and 12% growth in lettings new business volumes. This level of annual growth is highly unusual in a state agency and really highlights the sophistication and capabilities of the new Foxsons operating platform alongside our leadersh...