Foxtons has held a special event for investors, revealing a bid to achieve £50m operating profit – more than double its 2024 figure.

The company says its already achieved the first target of its long term growth strategy and yesterday’s Capital Markets Event explained phase two: to grownon-cyclical and recurring lettings revenue, both organically and through acquisitions, alongside enhancing profitability in sales and – perhaps controversially- increasing cross-sell opportunities within Financial Services.

More specifically Foxtons has told existing and future investors it will: 

• Accelerate its acquisition strategy and expand into new markets: The agency will focus on what it calls “bolt-on acquisition opportunities within Foxtons’ core London market” as well as expanding its footprint into new, high value commuter markets.

• Integrating data and AI across the technology stack: The agency is now enhancing its proprietary tech platform with AI to improve decision-making and operational efficiency.

• Driving loyalty across the customer lifecycle: The agency is developing a customer-centric strategy aimed at “increasing customer lifetime value by focusing on long-term customer engagement and retention.”

• People, culture and training: The agency says: “People are at the heart of estate agency, and the group continues to invest in training and culture to support high performance. This focus ensures teams are equipped to deliver exceptional service and remain a key driver of the group’s competitive advantage.”

The company’s chief executive, Guy Gittins, told the event: “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 says its success in recent years is down partly to its operating platform, which it says “comprises unrivalled and market leading technology and data capabilities, its leading brands, unique hub and spoke model and its performance-led and inclusive culture.”