Foxtons hails data science and tech for rebuilding sales

Upmarket estate agency chain Foxtons has claimed its investment in data science and technology for a resurgence in business, after revealing that adjusted operating profit for the first half of the year is “significantly ahead” of both 2020 and 2019.

The company, which saw a 49% increase in first-quarter sales revenue compared to both 2020 and 2019, said its sales commission has continued to grow and is now 65% ahead of last year and 17% higher compared to January 1 2021.

Chief executive Nic Budden said: “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.

“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.”

Founded by Jon Hunt in 1981 in Notting Hill, London, as a two-person estate agency, Foxtons was acquired by private equity firm BC Partners in 2007 for £390m. However, the listed company currently has a market capitalisation of £190m, a drop of 60% on its value around five years ago.