Foxtons reveals big sales leap - and ignores investor criticism

In a trading statement this morning Foxtons has revealed that following a 49 per cent increase in sales revenue in the first quarter of the year, the trend has now accelerated - the firm says its commission pipeline is 65 per cent ahead of this time in 2020.

Nic Budden, group chief executive officer, says: "Foxtons has enormous potential and we are delighted to be able to set out our growth plans. For over 40 years we have operated through the ups and downs of the sales market cycle and emerge from the unprecedented challenges of 2020 a more efficient and capable business. 

“Our customer proposition is unique and the investments we have made in technology and data science capabilities give us competitive advantage and a solid platform for growth. 2021 has started extremely well with strong trading and the biggest acquisition in our history.

“We look out on significant opportunity to grow and have a clear plan to take advantage of it. Foxtons has a history of being a highly profitable business and when I reflect on the actions we have taken together with the opportunity and improving market conditions I am confident we can deliver significant shareholder value in the coming years.”

This morning’s anouncement made no reference to a statement earlier this week by a Foxtons investor - Catalist, which is run by Sothebys Interational franchise owner and industry figure Robin Paterson - which urged the agency to ‘go national’. 

The listed company currently has a market capitalisation of £190 million, a drop of 60 per cent on its value around five years ago.

Catalist is urging it expand into cities such as Ascot, Chichester, Salisbury, Exeter, Norwich, Manchester, Cambridge, Oxford and York. 

The company currently has only two branches outside the M25, at  Guildford and Woking.