Foxtons Group
FOXT · Main Market · Real Estate · mcap £108m · 37.2p 3 open situations →
Open · 3
2026 Sales recovery
Q1 Sales revenue fell 35% and the market was weaker than expected. In the H1 results Sales revenue was down 13% (against a stamp-duty-boosted comparator) and volumes down 11%. The CEO calls 2026 likely one of the lowest years for London transaction volumes on record. Management keeps optimising the operating model.
- Sales outlook
- Expected to remain subdued amid political uncertainty and a challenging macroeconomic backdrop
- Further action
- Further operational and organisational changes under consideration
- FY26 guidance
- Adjusted operating profit £17m-£19m, weighted to H2
- H1 Sales revenue
- £23.5m, down 13%; volumes 2,113, down 11%
- Drivers
- Domestic political uncertainty, Middle East conflict, higher-than-expected interest rates
- Policy ask
- CEO urges new cabinet to prioritise Stamp Duty reform
Next: further Sales operating model changes under consideration
- 30 Jul 2026 Sales downturn continues; no recovery expected
- 16 Jul 2026 Sales downturn prolonged; no recovery expected
- 23 Apr 2026 Q1 Sales down 35%; market weaker than expected
- 5 Mar 2026 Early 2026 demand still weak
Sales repositioning and cost programme
Follows from 2026 Sales recovery – Sales downturn continues; no recovery expected
Launched in April, the programme has delivered £3.0m of annualised savings, on top of £1.5m from the January HQ move, totalling £4.5m and largely offsetting National Insurance and inflation costs. Only £1.3m benefited H1, with the rest weighted to H2. The Sales operating review is complete and further productivity improvements are planned.
- Programme savings
- £3.0m annualised delivered in H1 2026
- HQ relocation
- £1.5m savings from January 2026 move
- Total savings
- £4.5m annualised in H1
- Next
- Further operational and organisational changes under consideration
- Savings
- £4.5m annualised: £3.0m programme plus £1.5m HQ relocation
- H1 benefit
- £1.3m benefit to adjusted operating profit
Next: H2 delivery of savings; further Sales changes under way
- 30 Jul 2026 £4.5m annualised savings implemented; benefit H2-weighted
- 16 Jul 2026 £3.0m savings delivered; more under consideration
- 23 Apr 2026 Programme under way
Share buyback programme
- 15 Jan 2026 £5.5m returned via two buybacks in 2025
- 23 Oct 2025 Second £3m programme under way
Closed · 1
Company filings. Not investment advice.