Latest news with #GuyGittins
Times
6 days ago
- Business
- Times
Foxtons to expand beyond London into high-value commuter markets
Foxtons is preparing to take its green Minis, sharply dressed sales reps and punchy house price valuations to more towns beyond the M25. London's biggest estate and lettings agent has told shareholders and City analysts that it wants to accelerate its expansion beyond the capital and into more 'high-value commuter markets'. Over the past year Foxtons has sought a foothold in Reading and Watford after snapping up local agents in those two markets, but its chief executive, Guy Gittins, expects more deal-making over the coming months. It is part of his plan to hit the ambitious new growth targets that he revealed on Wednesday. Over the next few years he expects Foxtons to increase its operating profit to £50 million, which is more than twice that delivered in 2024. Sam Cullen, a housing industry analyst at Peel Hunt, said making more acquisitions would be the 'key driver' of the growth that Foxtons is hoping for. The previous 'medium-term' target, set out two years ago, was to get adjusted operating profits up to at least £28 million. Foxtons said the updated target 'reflects the significant progress made to date [and] the scale of the opportunity ahead'. • Business live blog: Trump tells Powell he should have cut rates Since Gittins took over in September 2022 there has been a relentless focus on maximising Foxtons' vast pool of data and bringing back the sales culture he enjoyed in the early Noughties as a trainee at the company. At the head office in Chiswick there are now leader boards ranking workers' performances, upbeat music plays throughout, and there are flashing lights and whooping when someone presses the big red button in the middle of the office after closing a deal. Gittins has said it is all about 'celebrating success'. The changes have undoubtedly improved the company's financial performance: market share has increased, last year's profits were more than double what they were in 2022 and the share price is up almost 80 per cent. It has not been smooth sailing, however. Earlier this year a number of current and former staff told Bloomberg that 'a culture of sexual harassment, antisemitism, racism and bullying' exists within some Foxtons' branches. Gittins said in March that he was 'saddened' by the experiences reported by some of his colleagues. 'We don't tolerate that sort of behaviour,' he said. 'Ultimately, like many businesses in the modern world, Foxtons is on a journey. While very solid progress has been made, there's more to do.' More investments in people and culture, which 'are at the heart of estate agency', have been promised with the hope that will 'further strengthen Foxtons' competitive advantages and support continued growth'. 'We have more than doubled our profit since 2021 and our ambition is to double it again in this next phase of growth,' Gittins told a capital markets day at the London Stock Exchange on Wednesday. 'We have a clear and scalable strategy, an industry-leading operating platform and a commitment to delivering outstanding results for our customers through reliable, high-quality service. I'm excited about the opportunity ahead.' Foxtons shares fell by ⅓p, or 0.5 per cent, to close at 65p on Wednesday.
Time of India
23-04-2025
- Business
- Time of India
Britain: Foxtons' revenue jumps to 24% in Q1 2025
British real estate agency Foxtons reported a 24% jump in its first-quarter revenue on Wednesday, driven by a surge in buyers rushing to beat the end of the UK's tax relief for buying new and affordable homes . The expiration of temporary tax incentives for affordable homes and first-time buyers at the end of March spurred potential buyers to accelerate their plans in the months prior. However, Foxtons said that with many completions accelerated due to the relief deadline, its sales pipeline entering the second quarter was around 10% lower than last year. British housing demand has been weighed down by slower-than-expected interest rate cuts , inflationary pressures and economic uncertainty from a global trade war even as estate agencies and homebuilders have been cautiously optimistic about a recovery. "Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year," Foxtons Chief Executive Officer Guy Gittins said. The London-focused agency posted group revenue of 44.1 million pounds ($58.68 million) for the three-month period ended March 31, with sales revenue growth of 73% and lettings revenue growth of 5%.
Daily Mail
23-04-2025
- Business
- Daily Mail
Foxtons revenues surge amid homebuyer stamp duty rush
Foxtons revenue surged at the start of 2025 as the London-based estate agency cashed in on homebuyers flocking to complete before April's stamp duty changes. The group told shareholders on Wednesday it enjoyed its highest quarterly sales revenue since before the Brexit vote in 2016 in the opening three months of the year, with sales up 24 per cent. The ending of temporary tax incentives for affordable homes and first-time buyers at the end of March spurred potential buyers to accelerate their purchases. Foxtons said that with many completions accelerated due to the relief deadline, with its sales pipeline entering the second quarter around 10 per cent ahead of the same point a year ago. Guy Gittins, the group's chief executive, said on Wednesday: 'Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year.' Group revenues came in at £44.1million for the three month period ending 31 March, with sales revenue growth of 73 per cent and lettings revenue growth of 5 per cent. Sales revenue surged to £16.4million, driven by a £5.6million increase in revenue on a like-for-like basis and a further £1.3million of additional revenue from acquisitions in 2024. Gittins added: 'In lettings, we produced another robust performance with revenues up 5 per cent, including contributions from our new offices in the Watford and Reading areas. 'Lettings remains a key area of focus for Foxtons, with high quality non-cyclical and recurring revenues underpinning the Group's financial profile and driving resilient earnings.' Looking ahead, Foxtons said: 'With good momentum within the Sales business, the under-offer pipeline is expected to rebuild over the second quarter. 'The speed and extent of future interest rate reductions will likely determine the number of buyers entering the market, with faster interest rate cuts providing an opportunity for accelerated growth.' Foxtons shares rose 1.28 per cent or 0.73p to 58.03p on Wednesday, having risen around 6 per cent in the last year. Adam Vettese, a market analyst at eToro, said: 'With a backdrop of house prices at record highs in the UK, buyers seem to be anything but put off as they rush to beat the April stamp duty hike and in turn, Foxtons has seen revenue surge by 24 per cent. 'The under-offer pipeline is at its strongest since the 2016 Brexit vote as cooling interest rates have seen home buyers start to shift from the staying-put stance we have seen in recent times.' He added: 'It's fair to say that this quarter will be a one-off and the trajectory of further interest rate cuts will be a telling indicator as this pre-stamp duty rush loses steam. 'Shares have seen modest gains this morning, likely for this reason. Investors eyeing up a UK property market recovery will be looking to see if Foxtons can regain levels seen around the turn of the year, albeit still a long way off historical highs.'
The Guardian
05-03-2025
- Business
- The Guardian
Foxtons boss says firm has ‘more to do' on workplace culture
The chief executive of Foxtons has admitted that the company has 'more to do' on workplace culture, after a report alleging that junior employees at the real estate agent had faced unwanted touching and other forms of harassment. Guy Gittins, who started his career at Foxtons in 2002 and returned as chief executive three years ago, said that the company remained 'steadfast in our commitment to an inclusive, professional and respectful culture', as it reported its full-year results for 2024. His comments follow a report last week by Bloomberg alleging inappropriate behaviour at the company, based on interviews with more than 20 former and current Foxton employees, as well as legal and employment records, emails, screenshots and other documentation. 'Although significant progress has been made over the last two years, including the introduction of mandatory annual respect and inclusion training, strengthened equality, diversity and inclusion policies, and enhanced whistleblowing and speak up processes, there remains more to do,' Gittins said. Gittins said that over the past two years the company had increased the number of female managers by a quarter, improved 'employee engagement', and cited a recent internal staff survey that showed that 81% of employees would recommend Foxtons as a 'great place to work'. He said: 'These initiatives are particularly important to me, and while progress has been made, we recognise there is more we can and should do. We will continue to seek further improvement and progress. We are focused on creating an environment which attracts, motivates and retains a diverse team of talent, that can together deliver excellent customer outcomes.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Foxtons' full-year results showed pre-tax profits doubled to £17.5m last year, while house sales in London have hit their highest level since Brexit in 2016.
The Independent
28-01-2025
- Business
- The Independent
Foxtons sees sales under offer surge to nine-year high
Estate agency Foxtons has seen the number of London properties under offer surge to its highest level since the Brexit vote as first-time buyers rush to complete ahead of stamp duty changes. The London-based chain said its pipeline of under-offer sales started 2025 'significantly' higher than a year earlier and at its highest since 2016, which it hopes will 'underpin' overall revenue growth in the first quarter. 'The growth in the under-offer pipeline is partly driven by first-time buyer activity ahead of increased stamp duty rates from April 2025, which may result in some buyer activity being accelerated into the first quarter of 2025 ahead of the deadline,' Foxtons said. The rush in sales comes ahead of changes to stamp duty that were announced in the Budget, which will see first-time buyer discounts become less generous. We start the year with the highest opening under-offer pipeline since the Brexit vote in 2016 Guy Gittins, Foxtons chief executive From April 1, the 'nil rate' stamp duty threshold for first-time buyers will decrease from £425,000 to £300,000. The wider nil rate threshold will also drop across the board for residential property purchases, from £250,000 down to £125,000. Foxtons added that the sales business was 'well positioned' to return to profitability this year, if the upbeat market conditions continue. 'Early data indicates new buyer activity in 2025 remains above prior year levels, despite recent uncertainty on the interest rate outlook and consumer confidence,' the group said. But it cautioned that buyer demand would be sensitive to the 'speed and extent of future interest rate reductions, with faster interest rate cuts providing an opportunity for accelerated growth'. Overall, the firm saw revenues jump 11% to around £163 million in 2024, with underlying earnings up by about a third to £19 million, both of which it said were better than expected. Sales revenues grew by about 30% over the year, as a 10% rebound in transactions by volume offset broadly flat prices. Lettings sales lifted about 5%, with 11% growth quarter-on-quarter in the final three months, it added. Guy Gittins, chief executive of Foxtons, said: 'We enter 2025 with optimism. 'We expect the lettings business to remain resilient and, in sales, we start the year with the highest opening under-offer pipeline since the Brexit vote in 2016.'
