Famed for those ubiquitous green and yellow Minis plying the crowded streets, the business has had its challenges in recent years. But the latest update shows a distinct change in its fortunes. Results for the first half of the year demonstrated gains in all the right places, with CEO Guy Gittens justifiably trumpeting his turnaround plan.
Revenues were up 11 per cent; pre-tax profits grew by 24 per cent; the usual array of “adjusted” numbers showed similar gains. Gittens has earned the right to be smug. Perhaps key to the Foxtons Group’s success is the ability to keep hold of staff. Average revenue per fee earner was up 6 per cent. The same metric showed a 15 per cent rise per branch.
The work culture at Foxtons – the company describes itself online as “based on a work hard, play hard ethic”, providing “generous rewards for outstanding individuals” – might not be for everyone. But there is a certain sort of person that thrives in it. The ability to hold on to the best of these people in a tight labour market should not be underestimated.
This story is from the July 31, 2024 edition of The Independent.
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This story is from the July 31, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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