Foxtons Group PLC

XMUN:FXG

Resilient H1: Foxtons said revenue held up relatively well in a tough first half, with group revenue down 3% even as the sales market weakened and the Renters' Rights Act disrupted lettings.

Lettings strength: Lettings remained the core stabilizer, supported by strong tenant demand, growth in build-to-rent, and more landlords taking managed services, although early tenant terminations created a temporary revenue hit.

Sales pressure: The sales business stayed under pressure from weak consumer confidence, higher borrowing costs, and political uncertainty, prompting a detailed review and further restructuring.

Cost action: Management delivered GBP 4.5 million of annualized cost savings in H1 and expects more benefit in H2, helping offset softer trading.

Outlook: Foxtons guided to 2026 adjusted operating profit of GBP 17 million to GBP 19 million, with performance expected to be weighted toward the second half.

M&A focus: The company remains active on acquisitions, especially in Milton Keynes and Birmingham, and said the pipeline is strong as it continues shifting the business toward more recurring revenue.