Foxtons Group plc (FOXT) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.636 Good morning, everyone, and thank you for joining the Foxton's 2025 full year results 00:00:04.636 -- 00:00:09.301 presentation. I'm joined, as always, by Chris Hough, our group CFO, and we will answer 00:00:09.301 -- 00:00:12.344 any questions at the end of the call. 00:00:12.344 -- 00:00:16.288 This morning, I will take you through some of the highlights of 2025, 00:00:16.288 -- 00:00:19.031 provide an update on the London property markets. 00:00:19.031 -- 00:00:22.555 Chris will then talk you through the financials, and I will finish with an update on 00:00:22.555 -- 00:00:29.160 our operational progress in the year, followed by some detail on the outlook for 2026. 00:00:29.680 -- 00:00:35.071 We delivered 5% revenue and EBITDA growth in the year, driven by incremental 00:00:35.071 -- 00:00:40.101 acquisitions revenue and operational progress in areas such as lettings, cross-selling 00:00:40.101 -- 00:00:42.286 and financial services. 00:00:42.286 -- 00:00:46.755 These higher revenues offset the challenging operating environment, including a volatile 00:00:46.755 -- 00:00:52.192 sales market and cost headwinds to deliver flat operating profit. 00:00:52.192 -- 00:00:56.558 These results highlight the resilience of our business as a result of our strategy to 00:00:56.558 -- 00:01:01.084 position Foxton's firmly as a lettings-led business. 00:01:01.084 -- 00:01:04.789 Our portfolio now exceeds 32,000 tenancies, 00:01:04.789 -- 00:01:09.896 which is up over 50% over the last five years, and these tenancies 00:01:09.896 -- 00:01:13.341 generate highly valuable reoccurring revenues. 00:01:13.341 -- 00:01:19.411 In 2025, these revenues generated over two-thirds of group revenue. 00:01:19.411 -- 00:01:24.480 We delivered 80% lettings ma...