Foxtons has unveiled the next phase of its growth strategy with a bold new ambition to more than double profits and deliver £50 million in adjusted operating profit in the medium term.
The announcement was made yesterday during a Capital Markets Event hosted at the London Stock Exchange.
The estate agency group, which operates across London and surrounding markets, told investors and analysts that its strategy is now firmly geared towards scaling its operations and capitalising on recurring revenue streams.
The new target significantly exceeds the £28m to £33m range set out in 2023 and more than doubles the £24.5m adjusted operating profit delivered in 2024.
TECH-ENABLED PLATFORM
At the heart of the firm’s renewed push is its tech-enabled Foxtons Operating Platform – an integrated ecosystem built to deliver scale, efficiency, and service excellence across sales, lettings and financial services.
The business said it is committed to enhancing its platform with new AI capabilities and data tools to increase conversion, improve lead scoring, and boost customer retention.
PROFIT DOUBLED
In a statement to investors, CEO Guy Gittins (main picture) said: “Today, we set out stage two of our growth plan, building on the strong progress we’ve made over the past few years to reshape the business.
“We have more than doubled our profit since 2021 and our ambition is to double it again in this next phase of growth, and accordingly we have set out a new target to deliver £50m of adjusted operating profit in the medium term.
“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, and I’m confident we have the right strategy, people and the best technology-led platform in the industry to power our future growth and create long term value for shareholders.”
Foxtons also confirmed that it would ramp up bolt-on acquisitions in core London locations while expanding into high-value commuter markets. Meanwhile, new digital Lettings capabilities, AI sentiment tracking, and real-time feedback systems are expected to deepen client relationships and enhance lifetime value.
The group’s event was also broadcast virtually via the LSE’s Spark Live platform and included a Q&A session with senior leadership.
