Foxtons getting ‘back on the front foot’, says new CEO

Revenue at Foxtons rose by 25% in Q3, with the estate agent’s new chief executive pledging to tap into “significant unfulfilled potential”. In a trading update this morning, Guy Gittins said he was “excited about leading this reset and determined we can get Foxtons back on the front foot”. Lettings were up 18% to £29.2m and sales up 44% to £11.9m on Q3 2021. Financial services revenue rose by 37% to £2.8m. Total revenue for the nine months to the end of September was up 11% on the previous year, at £108.9m Gittins replaced Nic Budden in September, after stepping down as Chestertons’ CEO earlier in the year. He previously worked at Foxtons between 2002 and 2007. Gittins said: “This quarter has seen continued positive momentum with growth across all areas of the business. Our lettings business performed strongly as we delivered both organic and acquisitive growth. Our investment in sales negotiators, combined with strong buyer demand and a renewed focus on sales intensity has benefitted our sales business.” He added: “We enter Q4 with a less certain sales market backdrop, but cost action taken in H1 and our resilient lettings and financial services businesses leave us positioned to weather further macroeconomic and political challenges.”   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews