Foxtons : Preliminary Results 2023

Foxtons Group plc

("Foxtons" or the "Group")

FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023

5 March 2024

Operational turnaround and strengthened operating platform drove market outperformance and adjusted

operating profit growth. On track to deliver medium-term growth target.

Foxtons Group plc (LSE:FOXT), London's leading estate agency, delivered a year of significant progress in 2023. Fee earner headcount investment, upgraded data and technology capabilities, a re-energised culture, and a reinvigorated brand enabled market outperformance in the year1, and underpins the delivery of our medium- term target of £25m to £30m adjusted operating profit.

	2023	2022	Change
Continuing operations2:
Revenue	£147.1m	£140.3m	+5%
Adjusted EBITDA3	£17.5m	£16.5m	+6%
Adjusted operating profit4	£14.3m	£13.9m	+2%
Profit before tax5	£7.9m	£11.9m	(34%)
Adjusted earnings per share (basic)6	3.0p	3.1p	(3%)
Earnings per share (basic)	1.8p	3.0p	(40%)
Total Group7:
Net free cash (outflow)/inflow8	(£0.1m)	£7.7m	n/a
Total dividend per share	0.9p	0.9p	-

2023 financial highlights:

• Revenue up 5% to £147.1m and adjusted operating profit up 2% to £14.3m. Growth delivered despite a significantly weaker sales market and headcount investment required to rebuild core capabilities.
• Lettings revenue, representing c.70% of total revenue, up 16% to £101.2m as organic and acquisitive growth strategies are delivered. Two acquisitions completed in 2023, adding over 2,800 tenancies.
• Sales revenue down 14% to £37.2m as challenging market conditions were partially mitigated by market share driven outperformance of the wider London market, which was down over 24% on value9.
• Financial Services revenue down 14% to £8.8m as weaker new purchase mortgage volumes were partially offset by non-cyclical and recurring refinance volumes.
• Adjusted operating profit up 2% to £14.3m and adjusted EBITDA up 6% to £17.5m. Lettings adjusted operating profit growth offset an adjusted operating loss in Sales which reflected depressed volumes and fee earner investment to drive future growth.
• Profit before tax down 34% to £7.9m after charging £4.5m of adjusted items primarily relating to the integration of Ludlow Thompson and branch network consolidation, unlocking £3m of annualised synergies from 2024. Adjusted profit before tax up 3% at £12.4m (2022: £12.0m).
• Net free cash outflow of £0.1m reflecting £13.9m of Lettings acquisition spend, £10.8m of working capital investment as shorter landlord billing terms are introduced to improve competitiveness and portfolio retention, £2.7m of dividends paid, and £1.1m of share buybacks.

Operational highlights:

• Operational upgrades identified in March 2023 delivered at pace and ahead of expectations: rebuilding fee earner levels, rebuilding core technology and data capabilities, and reenergising Foxtons' culture.

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• Strengthened the Foxtons Operating Platform - the leading platform in estate agency underpinned by unmatched technology and data capabilities. Provides the foundations for long-term growth, both organically and through consolidation of the highly fragmented sector.
• The Foxtons Operating Platform supported significant year-on-year market share growth1 across all three businesses in 2023. Lettings: +16%, Sales: +21% and Financial Services: +11%.
• Foxtons reclaimed the number 1 estate agency position in London, and is now the largest Lettings estate agency brand in the UK and was the fastest growing large UK estate agency brand in 2023.10
• Launched new "Get it done with London's number one" campaign to drive customer consideration.

Platform is powered by five areas of competitive advantage which were significantly strengthened in 2023:

• Technology platform: an end-to-end, fully integrated, and internally developed CRM and workflow system powering all aspects of the Foxtons business. In 2023, Foxtons developed the UK's first fully digital end-to- end lettings platform, alongside reviewing and optimising processes to drive productivity.
• Data platform: developed and launched in 2023, the platform combines leading infrastructure, databases built up over 20 years, real-time market data, and advanced data science and analytics. The platform powers marketing, stock acquisition, matching buyers and renters to properties and internal performance reporting.
• Brand: the leading brand in London estate agency with the highest levels of brand recognition in a highly fragmented market. In 2023, the Group significantly drove increased levels of customer consideration by overhauling its marketing approach and introducing new customer marketing campaigns.
• Hub and spoke: Foxtons operates a hub and spoke model with a network of branches supported by specialised sales and operational support teams, to drive productivity and service levels. In 2023, Foxtons streamlined its branch footprint by 5% and began investing in a new out-of-London property management centre of excellence to drive service levels and unlock synergies in Foxtons' operating cost base.
• People, culture and training: a focus on training and retaining the best estate agents alongside a unique high performance culture promoting delivery of customer results with the highest levels of service. In 2023, the Group rebuilt its culture including delivering a ten-fold increase in in-person training and improving fee earner attrition rates by 11% and tenure by 9%.

2024 trading and outlook

• Trading in January and February in line with expectations.
• Lettings is expected to remain resilient with the business continuing to display strong recurring and non- cyclical characteristics. Lettings market supply and demand dynamics have normalised, with increased levels of available rental stock and fewer tenants registering for each available rental property compared to 2023. As expected, year-on-year rental growth has moderated with rental prices remaining at elevated levels. Through our leading market position, and by leveraging the Foxtons Operating Platform, the improved supply of available rental properties provides a good opportunity to deliver organic market share growth.
• In Sales, continued market outperformance, alongside some recovery in buyer demand levels as mortgage rates have begun to reduce, has resulted in a 31% year-on-year increase in the value of the under offer pipeline at the end of February. The growth in the value of the under-offer pipeline is expected to deliver good year-on-year revenue growth in the first half of the year, with further growth expected in the second half if mortgage rates continue to stabilise and pent-up demand is released.
• In Financial Services, improved new buyer demand, alongside good levels of non-cyclical refinance activity, has supported 16% growth in the value of the Financial Services pipeline.
• By leveraging the operational capabilities of the Foxtons Operating Platform, alongside increased levels of contribution as fee earners hired in 2023 mature, the Group is on track to deliver another year of growth in 2024 and to deliver against our £25m to £30m adjusted operating profit target over the medium-term.

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Guy Gittins, Chief Executive Officer, said:

"2023 was a year in which Foxtons has been fundamentally transformed. We have achieved a lot in a short space of time by making improvements across the business and Foxtons is now in much better shape than the company I inherited 18 months ago.

"We have restored Foxtons' competitive advantages by investing in core capabilities, growing fee earners and reinvigorating our culture and this has been achieved ahead of schedule. As a result, Foxtons was the UK's fastest growing large lettings and sales agency brand in the UK in 2023 and reclaimed its position as London's leading estate agency.

"Most importantly, we have rebuilt and strengthened the Foxtons Operating Platform. The platform is a unique, industry-leading and proprietary asset which will underpin our future growth and, due to its scalability, will provide Foxtons with the capability to expand and consolidate across our industry.

"Our strategy to deliver growth through sales market cycles by delivering Lettings growth is working, delivering resilient earnings for the year despite a weak sales market and the investment we made in fee earners. We are on track against our medium-term target of delivering £25m to £30m of adjusted operating profit, through organic and acquisitive growth and supported by improving market conditions."

For further information, please contact:
Foxtons Group plc	[e-mail]
Chris Hough, Chief Financial Officer	+44	20 7893 6261
Muhammad Patel, Investor Relations
TB Cardew	[e-mail]
Will Baldwin-Charles / Olivia Rosser	+44	7834 524833 / [phone]

The Company will present a live webcast at 9:00am (GMT) for analysts and investors. To access you will be required to pre‐register using the following link: https://secure.emincote.com/client/foxtons/foxtons006

The presentation will also be broadcast via conference call. To access you will be required to pre‐register using the following link: https://secure.emincote.com/client/foxtons/foxtons006/vip_connect

1. Outperformance on a market share basis. Calculated as Foxtons' share of Lettings instruction volumes in 2022 vs 2023, Sales exchange volumes in 2022 vs 2023 and Financial Services share of total mortgage underwriting for the period January - December 2022 vs January - November 2023. Source: TwentyCi, UK Finance
2. Both 2022 and 2023 results are presented on a continuing operations basis and exclude the results of the D&G Sales business (disposed of on 11 February 2022).
3. Adjusted EBITDA represents the profit before tax before finance income, non-IFRS 16 finance costs, other gains, depreciation of property, plant and equipment (but after IFRS 16 depreciation), amortisation, share-based payment charges and adjusted items. Adjusted EBITDA excludes share-based payment charges (2023: £1.0 million; 2022: £0.9 million) in order to be consistent with the definition of adjusted EBITDA used to calculate the Group's revolving credit facility covenants.

4 Adjusted operating profit is defined as profit before tax for the period before finance income, finance cost, other gains/(losses) and adjusted items. Refer to Note 2 of the financial statements for a reconciliation of the measure to statutory measures.

1. Proft before tax includes £4.5 million of adjusted item charges primarily reflecting one-off charges relating to the integration of the Ludlow Thompson acquisition. On an adjusted basis, adjusted profit before tax is up 3% at £12.4 million (2022: £12.0 million).
2. Adjusted earnings per share is defined as earnings per share excluding the impact of adjusted items. Refer to Note 6 of the financial statements for a reconciliation between earnings per share and adjusted earnings per share.
3. Total Group includes results from both continuing operations and discontinued operations.
4. Net free cash flow is defined as net cash from operating activities less repayment of IFRS 16 lease liabilities and net cash generated/used in investing activities, excluding the acquisition of subsidiaries (net of any cash acquired), divestments and purchases of investments.
5. Total market value reflects 22% decrease in exchange volumes and 2.4% reduction in average price. Source: TwentyCi, Nationwide House Price Index.
6. Market share growth of new lettings and sales instructions amongst the UK's 10 largest estate agency brands (with reference to instruction market share) in 2023 vs 2022. Source: TwentyCi

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About

Founded in 1981, Foxtons is London's leading estate agency and largest lettings agency brand, with a portfolio of over 28,000 tenancies. The Group operates from a network of interconnected, single-brand branches and offers a range of residential property services across three business segments: Lettings, Sales and Financial Services.

The Group's strategy is to accelerate growth, and deliver £25m to £30m adjusted operating profit in the medium- term, by focusing on non-cyclical and recurring revenues from Lettings and Financial Services refinance activities, supplemented by market share growth in Sales.

Growth is underpinned by the Foxtons Operating Platform, the most comprehensive and advanced platform in UK estate agency. The platform was strengthened through 2023 and leverages the Group's competitive advantages in data and technology; the Foxtons brand, its hub and spoke operating model and, its people, culture and training.

By fully leveraging the platform, the Group will drive significant growth; both organically through market share gains and by strengthening Foxtons' position as an effective sector consolidator, to deliver significant profit growth and value for shareholders. The Group's strategic priorities are:

• Lettings organic growth: Focus on winning new property instructions, with speed to market and high quality landlord service to drive revenue growth.
• Lettings acquisitive growth: Acquire, integrate and service high quality lettings portfolios.
• Sales market share growth: Reinvigorating the Foxtons brand and increasing sales headcount to grow addressable market share.
• Financial Services revenue growth: Increasing adviser headcount, with improving productivity and cross sell to drive revenue growth.

To find out more, please visit www.foxtonsgroup.co.uk

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PERFORMANCE AT A GLANCE
Year ended 31 December	2023	2022	Change
Income statement (from continuing operations1)
Revenue	£147.1m	£140.3m	+5%
Adjusted EBITDA2	£17.5m	£16.5m	+6%
Adjusted operating profit2	£14.3m	£13.9m	+2%
Adjusted operating profit margin2	9.7%	9.9%	(20 bps)
Profit before tax	£7.9m	£11.9m	(34%)
Earnings per share (from continuing operations1)
Basic earnings per share	1.8p	3.0p	(40%)
Adjusted basic earnings per share2	3.0p	3.1p	(3%)
Dividends
Interim dividend per share	0.2p	0.2p	-
Final dividend per share	0.7p	0.7p	-
Net (debt)/cash and net free cash flow
Net (debt)/cash2	(£6.8m)	£12.0m	(£18.8m)
Net cash from operating activities3	£15.7m	£23.9m	(35%)
Net free cash (outflow)/inflow2,3	(£0.1m)	£7.7m	n/a
Segmental metrics (from continuing operations1)
Lettings revenue	£101.2m	£86.9m	+16%
Lettings volumes	19,334	20,640	(6%)
Average revenue per lettings transaction	£5,234	£4,210	+24%
Sales revenue	£37.2m	£43.2m	(14%)
Sales volumes	2,871	3,215	(11%)
Average revenue per sales transaction	£12,942	£13,431	(4%)
Financial services revenue	£8.8m	£10.2m	(14%)
Financial services volumes	5,033	5,003	+1%
Average revenue per Financial Services	£1,745	£2,043	(15%)
transaction

1. Both 2022 and 2023 results are presented on a continuing operations basis and exclude the results of the D&G Sales business (disposed of on 11 February 2022).
2. These measures are APMs used by the Group and are defined, and purpose explained within Note 16.
3. Net cash from operating activities and net free cash flow includes continuing and discontinued operations.

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CHAIRMAN'S STATEMENT

Following his appointment in September 2022, 2023 was Guy Gittins' first full year as CEO. Under his leadership it was a transformational year for the business, putting Foxtons firmly on the front foot with fee earner headcount rebuilt across the business, the culture re-energised, the data and technology capabilities upgraded, and the brand reinvigorated.

Significant changes to the culture within the Company have improved employee retention and motivation leading to better customer service and enabling us to reclaim our leading position in our sector of the market.

Helped by a series of acquisitions since 2020, around 70% of the Group's revenues are now derived from the Lettings business, creating a more recurring and resilient earnings stream, and lessening the impact of the volatility of the sales market. In addition, much effort has been made to successfully rebuild the market share of our Sales business, which should lead to better results going forward.

Building new data capabilities onto Foxtons' technology platform has been a major focus in order to deliver a competitive advantage and unlock the latent value in Foxtons' unique database, which has been built up over the last 20 years. The platform drives fee earner productivity, enables organic market share growth, and due to its scalability facilitates the efficient integration of lettings acquisitions.

Market and financials

The sales market was challenging in 2023 as a consequence of high interest rates and their effect on the mortgage market. As a result, sales transaction volumes in London were down 22% compared with 2022. In contrast, the lettings market was strong due a high level of tenant demand and shortage of stock leading to a sustained rise in rental levels in the year.

Revenue was up 5% to £147.1 million, with Lettings delivering £101.2 million, and surpassing the £100 million milestone for the first time. Adjusted operating profit increased marginally from £13.9 million to £14.3 million. The revenue increase was greater than the profit increase largely due to the costs of rebuilding our capabilities across the organisation.

As a result of using debt to fund our latest lettings acquisition, we ended the year with net debt of £6.8 million (2022: £12.0 million net cash). In addition to £13.9 million spent on acquisitions, changes in our billing practices to improve our competitiveness in the lettings market resulted in a negative movement in our working capital of £10.8 million as explained in the Financial Review on page 19.

In June the Group's revolving credit facility was refinanced and the new facility provides £20 million of committed borrowing capacity until June 2026, with an option to extend for two years thereafter. The terms have remained materially the same as the previous facility.

Dividends and share buybacks

With more recurrent and resilient earnings, as a result of the investments in lettings businesses, the Board has decided to adopt a progressive dividend policy with respect to the 2024 financial year. The aim being to offer a reliable and growing income stream to investors whilst still being able to maintain our current capital allocation policy.

For 2023, the Board is proposing a final dividend of 0.7p per share under the existing policy, the same as the final dividend for 2022. Under the new policy we would expect total dividends paid in 2024 and 2025 to at least maintain the level paid in 2022 and 2023.

£1.1 million of share buybacks were completed during the year at an average price of 38p per share. The Board will continue to keep share buybacks under review in the context of other potential uses of capital.

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Board

Annette Andrews and Jack Callaway joined the Board in February 2023. Annette chairs the Remuneration Committee and brings considerable knowledge of people management and related remuneration skills to her role. Jack is a very experienced investment banker with M&A expertise. Their respective skills are invaluable to the Board and the Company.

Medium-term outlook

I am confident that there is significant further progress that Foxtons can and will make, due to the management leadership, the scalable technology platform, the customer database, and the prominence of the brand. We will continue to drive organic growth in Lettings, supplemented by further acquisitions. And, as the market share of Sales increases, so will its contribution to the Group's results with Financial Services also a beneficiary from the greater number of sales transactions. We firmly believe that we are on track to deliver £25 million to £30 million of adjusted operating profit over the medium-term.

Nigel Rich CBE

Chairman

4 March 2024

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CHIEF EXECUTIVE'S REVIEW

2023 was a year of significant turnaround and growth for Foxtons, as operational upgrades and investment in the Foxtons Operating Platform drove good operational and financial progress despite a significantly weaker sales market backdrop, highlighting the Group's increased resilience.

Upon joining the business 18 months ago, I initiated an operational review which, as reported in March 2023, revealed just how much of the Foxtons' competitive edge had been eroded. Operational upgrades have been delivered at pace and ahead of the planned timeframes, demonstrating the talent and commitment within the business. Consequently, 2023 was a year of investing in core capabilities, building fee earners to an appropriate level and reigniting the culture to attract, develop and retain the best talent.

A lot has been achieved in a short space of time, as the business has embraced change and developed a sense of urgency in execution. We delivered record Lettings revenue of over £100 million and significantly grew market share across all our businesses; Lettings market share of instructions grew 16%, Sales market share of exchanges grew 21% and Financial Services share of mortgage underwriting grew 11%. Foxtons is now the largest lettings estate agency brand in the UK and was the fastest growing large UK lettings and sales estate agency brand in 2023.

Key aspects of the business have now been transformed, and most significantly, we have strengthened the Foxtons Operating Platform, the most comprehensive and advanced platform in UK estate agency underpinned by leading technology and data capabilities. The platform is a key driver of our future growth and strengthens Foxtons' position as an effective sector consolidator.

At the start of 2023, I set out my vision to once again make Foxtons London's go-to agent and deliver £25 million to £30 million of adjusted operating profit in the medium-term. Our progress is on track, and with improving market conditions, I am confident we will deliver our medium-term profit target through organic and acquisitive growth.

2023 market conditions

The Lettings market in London remains attractive, as high levels of demand underpin rents and create a valuable non-cyclical and recurring market dynamic. Rental prices rose in the first half of 2023, as high levels of tenant demand outstripped supply, driving price growth. This dynamic eased in the second half of 2023, as stock levels increased and tenant demand normalised, with rental price growth moderating, albeit at elevated levels.

In comparison, the sales market remained weak through 2023, as the impact of the September 2022 mini- budget, higher interest rates and a weaker macroeconomic backdrop weighed on buyer demand and affordability levels. The sales market in London was over 24% lower in value versus the prior year and reflected a 22% reduction in transaction volumes and a 2.4% reduction in average prices. In fact, transaction volumes were at some of the lowest levels since 2008 and 2020, years impacted by the Global Financial Crisis and the Covid-19 market shutdown respectively. More positively, with mortgage rates starting to dip below 4% towards the end of the year there was an increase in buyer demand, reflecting high levels of pent-up demand in the market.

Financial results

The business delivered a modest increase in adjusted operating profit, despite a much weaker sales market and investments in rebuilding core capabilities, driven by the enhanced size of our Lettings business which provides more recurring and non-cyclical earnings.

Revenue was up 5% to £147.1 million and adjusted operating profit was up 2% to £14.3 million. Profit before tax was down 34% to £7.9 million, but up 3% to £12.4 million on an adjusted basis which excludes one-off restructuring charges. The cost savings associated with the restructuring charges will provide annualised cost savings of c.£3 million as the Group delivers acquisition synergies and consolidates certain branches within the Foxtons network. Net debt at the end of the period was £6.8 million reflecting our decision to utilise debt to accelerate our acquisition strategy.

Lettings revenue was up 16% to £101.2 million, and at an improved margin of 26%, delivered £25.8 million of adjusted operating profit. Operational improvements, including increased cross-sell of higher value property

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management services and a focus on securing longer tenancies, alongside higher rental prices, increased organic revenue by 7%. £3.9 million of incremental acquisition revenue, alongside the delivery of cost synergies, and £4.1 million of additional interest on client monies also contributed to revenue and earnings growth.

Significant market share gains were delivered in Sales, outperforming a challenging market which was down over 24% in value. Against this backdrop, Sales revenue was down c.14% versus 2022. Sales made an adjusted operating loss of £10 million due to lower revenues and investment in fee earner headcount to rebuild capacity and bench strength. With the right number of fee earners now in the business, and significantly better fee earner retention, the Sales business has a clear path to profitability under improving market conditions and increasing levels of market share.

Financial Services revenue was 14% lower at £8.8 million as non-cyclical and recurring refinance mortgage volumes and market share gains partially mitigated lower purchase mortgage volumes.

Delivering our strategic priorities

Our strategy is to deliver long-term growth by growing non-cyclical and recurring Lettings revenues, both organically and through acquisition, alongside returning the Sales business to profitability. By doing so, our target is to deliver £25 million to £30 million of adjusted operating profit in the medium-term and create significant shareholder value.

Whilst significant progress has already been made, and the Group is on track with delivery of its medium-term profit target, fundamentally 2023 was a year of rebuilding for the business. I am confident further growth lies ahead, as we fully leverage the capabilities of the unique Foxtons Operating Platform.

At the end of 2023, the Group has delivered good progress against its strategic priorities:

1. Lettings organic growth: 7% organic revenue growth in 2023 (excluding growth in interest on client monies), with total Lettings revenue passing the £100 million revenue milestone for the first time in Foxtons' history.

Medium-term target: 3% - 5% revenue CAGR.

2. Lettings acquisitions: Completed the acquisitions of Atkinson McLeod and Ludlow Thompson in 2023, adding over 2,800 new tenancies to the Group's portfolio. Prior acquisitions continue to perform well, delivering 25% average annual return since acquisition. With over 3,600 agents in London, the lettings industry is highly fragmented and so offers significant consolidation opportunities.

Medium-term target: 20%+ return on capital.

3. Sales: Grew sales exchange market share by 21% to 4.1% (2022: 3.4%). Achieving exchange market share of 4.5%, combined with market volumes recovering to more normalised levels, will support the Sales business' return to profitability.

Medium-term target: 4.5%+ exchange market share in the medium-term.

4. Financial Services: 14% revenue decrease resulting from a significantly weaker mortgage market. Operational upgrades delivered in the year include investing in adviser capacity and increasing the cross-sell of Financial Services products across the Group. Financial Services grew its market share of UK underwriting by 11% in the year.

Medium-term target: 7% - 10% revenue CAGR.

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The Foxtons Operating Platform

Through 2023 we have strengthened the Foxtons Operating Platform, a unique and industry-leading platform that underpins our medium-term £25 million to £30 million adjusted operating profit target. This represents a powerful and unique asset to facilitate expansion and industry consolidation in the longer-term.

The platform drives high levels of lead generation, deal excellence and lifetime customer value, whilst also creating high levels of scalability, all key to delivering growth and ensuring we reach our adjusted operating profit target in the shortest space of time.

The Foxtons Operating Platform comprises five key elements:

1. "BOS" (Business Operating System) technology platform

The Foxtons Business Operating System, known as "BOS", is an end-to-end, fully integrated and internally- developed CRM and workflow system powering all aspects of the Foxtons business. BOS is the most advanced technology platform in UK estate agency and is a key driver of innovation, productivity, workforce collaboration and Foxtons' unique competitive culture.

As BOS remains fully internally managed and developed, Foxtons is able is able to deliver process upgrades and new technology products at speed, in contrast to the majority of estate agents which utilise third party systems with limited customisation or new product innovation. This is a significant competitive advantage to the Group and a key route to driving innovation in the sector.

In 2023, the Group continued to strengthen the BOS platform, including developing the UK's first fully digital end-to-end lettings system allowing tenants to complete a Lettings transaction completely digitally, which has been a driver in supporting market share gains in the Lettings business.

2. Foxtons Data Platform

In 2023, we developed and rolled out the Foxtons Data Platform. The platform is industry leading, combining best in class data infrastructure, rich historical databases, real-time market data, and advanced data science capabilities including AI and machine learning plug-ins.

Foxtons databases have been built up over 20 years, with over 1.6 billion data points including customer and property details, transactional data, and in-depth customer behaviour insights. Paired with advanced data science capabilities, the platform is future-fit and provides a long-term competitive advantage. The platform is already driving increased market share of property instructions and deals through data-driven marketing and algorithmic lead-scoring.

In addition, a comprehensive internal reporting suite has been created and implemented across the business, improving visibility of all aspects of estate agency performance and enabling data led decision making. This is driving a cultural shift across the business and is unlocking operational upgrades to drive outperformance and growth.

3. Hub and spoke operating model

Foxtons operates a unique hub and spoke model with a network of inter-connected,single-brand branches supported by specialised sales and operational support teams. This role specialisation drives high levels of branch productivity with fee earners able to focus on results for customers, whilst centralised support functions benefit from economies of scale, optimised processes and best-in-class technology.

Throughout 2023 we forensically reviewed all processes across the business and, supported by our new reporting suites, have initiated an optimisation programme to ensure we are always delivering the best results for customers with the highest levels of service.

As an example, to successfully deliver against our Lettings organic growth strategy, and retain landlords and drive brand loyalty with tenants, we must deliver consistently high levels of property management service excellence. Headcount, training, technology, and core processes have been enhanced in 2023 to support continuous improvement in this important area. New real-time customer experience feedback systems have

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