IN BRIEF: Foxtons sets target to more than double adjusted profit

Foxtons Group PLC - London-based real estate and lettings agency - Raises its medium-term target for adjusted operating profit to £50 million from £28 million to £33 million previously. In 2024, adjusted operating profit was £21.6 million, up from £15.7 million in 2023, so the new target would represent a more than doubling in profit. Foxtons is hosting a capital markets day on Wednesday and says the upgraded target reflects ‘the significant progress made to date, the scale of the opportunity ahead and the continued momentum’ toward the original target. ‘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,’ says Chief Executive Officer Guy Gittins.

Current stock price: 65.87 pence for £198.6 million market capitalisation

12-month change: down 5.4%

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