Foxtons Group Reports Q2 Earnings Amid Challenging Market Conditions
Foxtons Group (LON:FOXT) reported weaker first-half performance in its second-quarter earnings call. Revenue fell by 3%, and adjusted operating profit dropped significantly to £8.9 million, driven by declining London sales volumes, high borrowing costs, and disruption from the Renters' Rights Act implemented on May 1. Despite these challenges, lettings operations showed resilience with a portfolio of 32,000 tenancies and recurring revenue now accounting for 69% of total income. Management noted that tenant-led terminations initially offset growth but had moderated by June and July. The company also announced £4.5 million in annualized cost savings. Foxtons maintained its full-year adjusted operating profit guidance between £17 million–£19 million, with expectations for stronger performance in the second half of 2026.
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