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1. ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES
1.1 General Information
Foxtons Group plc (\u2018the Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006.
The address of the Company\u2019s registered office is Building 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN. The
principal activity of the Company and its subsidiaries (collectively, \u201cthe Group\u201d) is the provision of services to the residential
property market in the UK.
These financial statements are presented in pounds sterling which is the currency of the primary economic environment in
which the Group operates.
1.2 Compliance with International Financial Reporting Standards
The financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The accounting policies set out below have been applied in preparing the financial statements for the years ended
31 December 2024 and 2025.
1.3 Basis of Preparation
These financial statements have been prepared on the historical cost basis as modified by items held at fair value through other
comprehensive income. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.
1.4 Basis of Consolidation
The financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to
affect its returns.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
1.5 Climate Change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context
of the climate-related risks identified in the Group\u2019s Task Force on Climate-Related Financial Disclosures. These considerations
did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the
conclusion that climate-related risks are not material to the Group and are not expected to have a significant impact on the
Group\u2019s short-term or medium-term cash flows including those considered in the going concern and viability assessments,
impairment assessments of the carrying value of non-current assets and the estimates of future profitability used in our
assessment of the recoverability of deferred tax assets.
1.6 Business Combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group
to obtain control of a subsidiary is calculated as the sum of the acquisition date fair values of assets transferred, liabilities
incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a
contingent consideration arrangement. Acquisition costs are expensed as incurred.
Assets acquired and liabilities assumed are generally measured at their acquisition date fair values.
1.7 Going Concern Going concern assessment The financial statements of the Group have been prepared on a going concern basis as the Directors have satisfied themselves that, at the time of approving the financial statements, the Group will have adequate resources to continue in operation for a period of at least 12 months from the date of approval of the consolidated financial statements. The assessment has taken into consideration the Group\u2019s financial position, liquidity requirements, recent trading performance and the outcome of reverse stress testing which determines the point at which the Group could be considered to fail without taking further mitigating actions or raising additional funds, over an 18-month forecast period to August 2027. At 31 December 2025, the Group was in a net current asset position of \u00a32.4 million (2024: \u00a35.2 million net current liability) and a net debt position of \u00a316.9 million (2024: \u00a312.7 million), which includes a \u00a322.5 million drawdown on the Group\u2019s \u00a340.0 million revolving credit facility (\u2018RCF\u2019) used to fund the Group\u2019s acquisition strategy, working capital requirements and shareholder returns. The facility has been extended during the year up to \u00a340 million and expires in June 2028. For RCF terms refer to Note 16. Reverse stress scenario In assessing the Group\u2019s ability to continue as a going concern, the Directors have stress tested the Group\u2019s cash flow forecasts using a reverse stress scenario which incorporates a severe deterioration in market conditions. Reverse stress testing seeks to determine the point at which the Group could be considered to fail without taking further mitigating actions or raising additional funds. For the purposes of the reverse stress test, the point of failure has been defined as the point at which the Group breaches its RCF covenants. The reverse stress scenario has taken into consideration the revenue characteristics of the Group, specifically the transactional nature of Sales revenue, which contrasts to the recurring and non-cyclical nature of Lettings revenue. The scenario assumes a severe macro-economic downturn from April 2026 to August 2027 which heavily impacts Sales and Financial Services revenues since these streams are most sensitive to changes in the macro-economic environment. Additionally, Lettings revenues have been assumed to be impacted despite their resilient nature. The key assumptions are summarised below: \u2022 An 18% reduction in sales market transactions and an 8% reduction in Lettings volumes compared in 2025. For context, an 18% reduction in sales market transactions would see transaction volumes return to those levels seen in 2009 following the Global Financial Crisis. Sales market share is also reduced in the reverse stress scenario by 10% compared to 2025. \u2022 Additionally, the scenario incorporates a 10% reduction in Lettings average revenue per transaction from current levels, further reducing revenues. \u2022 Under the scenario, it is assumed management would take mitigating action to reduce discretionary spending and right size fee earner headcount to reflect market conditions. The modelled actions include: reducing front office headcount in line with the revenue reductions; reducing discretionary spend such as marketing; and pausing management bonuses. In the unlikely event of the reverse stress scenario, the Group forecasts it would breach the RCF\u2019s leverage covenant (refer to Note 16 for details of the covenants) in March 2027. Under such a scenario, further mitigating actions that could be taken, but not included in the reverse stress scenario, include further reducing discretionary spend, further rationalising headcount, pausing capital expenditure, seeking agreement to defer lease payments or raising additional funds. 1.8 Adoption of New and Revised Standards The following standards and amendments to published standards, effective in future accounting periods, have been endorsed by the UK Endorsement Board: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments The above amendments, which have an effective date of 1 January 2026, include guidance on derecognition of financial liabilities and on assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance-linked features, and require disclosures related to the effect of contractual terms that could change cash flows based on certain contingent events. The above amendments are not expected to have a material impact on the Group\u2019s financial statements. IFRS 18 Presentation and Disclosure in Financial Statements The above new standard requires all items of income and expense in a reporting period to be classified within operating, investing, financing, income taxes or discontinued operations categories. The standard also requires financial statements to include reconciliations between management-defined performance measures and their most directly comparable subtotal required by IFRS, which the Group currently includes in Note 26. Management will review the impact of IFRS 18 ahead of its effective date of 1 January 2027. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year are not expected to have any other material impacts on the Group\u2019s financial statements. 1.9 Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, when performance obligations are met, net of discounts (if any) and VAT. Revenue is generated from the Group\u2019s operations which are wholly based in the UK. Rendering of services Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, a five-step process is taken for recognising revenue from contracts with customers. The process consists of: 1) Identifying the contract(s) with a customer; 2) Identifying the performance obligations in the contract; 3) Determining the transaction price; 4) Allocating the transaction price to the performance obligation(s); and 5) Recognising revenue when a performance obligation has been satisfied. The Group generates revenue from customers, the majority of which are based in the UK, from three main revenue streams: Lettings; Sales; and Financial Services. For all revenue streams where the performance obligation is satisfied over time, the customer simultaneously receives and consumes the benefits provided by the Group as it performs the services. The point at which transfer of control of services to customers for each performance obligation is deemed to be met, and consequently the revenue recognition point for each performance obligation, is in line with the criteria outlined below. Lettings Revenue Streams Revenue is recognised as follows for the Lettings revenue streams: (i) Commission for securing a tenancy for the landlord The Group satisfies its performance obligation at the point the tenancy is secured and recognises initial Lettings commission at this point. The initial Lettings commission is determined by applying the contractual commission percentages to the value of the rental over the non-cancellable period. Once the non-cancellable period has passed, and the contract can be terminated in accordance with the break clause, the contract is accounted for as a rolling contract with optional renewals. Contract assets represent the accrual of revenue beyond amounts invoiced for contracts where invoicing only covers part of the non-cancellable contract period, and contract liabilities represent amounts invoiced for contracts where invoicing has extended past the non-cancellable contract period. This commission is recognised over time in line with the contract between the Group and the landlord which has been determined to be a cancellable contract, due to the landlord having the ability to cancel the contract at any time once the non-cancellable period has passed. If the contract is cancelled, the Group refunds any initial commissions paid by the landlord on a pro-rata basis. (ii) Commission for collecting rent on behalf of the landlord Commission for rent collection services is recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation, measured using a mark-up on the estimated costs allocated to the provision of the service. (iii) Commission for managing the tenancy on behalf of the landlord Property management services are recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation. Sales Revenue Streams Revenue is recognised as follows for the Sales revenue streams: (i) Commission for residential property sales Commission earned on residential property sales is recognised at a point in time upon the exchange of contracts for such sales. (ii) Commission for residential off-plan property sales For contracts relating to new homes sold off-plan, the Group\u2019s commission is variable and dependent on the off-plan sale successfully completing. At the point of exchange of contract, management makes an assessment of the amount and probability of revenue expected to be received. Variable consideration is estimated using the expected value methodology to predict the amount of consideration the Group will be entitled to. The estimate is determined with reference to historical and forecast information. Estimates are constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur once any uncertainty is subsequently resolved. Constraints are determined with reference to factors outside the Group\u2019s control and the length of time between point of exchange of contracts and completion of the sale. Financial Services Revenue Streams Commission earned on financial services is recognised at a point in time, when either insurance policies go on risk or when mortgage contracts complete. Income from other services is recognised in the period or periods when the services are provided. Commission is recognised at fair value which takes account of expected future cancellations. Interest Income The Group deposits its cash with reputable financial institutions. Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. The Group earns interest income on its own funds which is presented as finance income. The Group also earns interest on client monies which is presented within Lettings revenue given the collection and holding of client monies (deposits for tenancy agreements) is an integral part of the lettings service provided to landlords. 1.10 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently receivable/payable is based on taxable profit for the period and any adjustments in respect to prior periods. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and amended to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. 1.11 Goodwill and Goodwill Impairment Goodwill arising in a business combination is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity over the net of the fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (CGUs), or groups of CGUs as applicable, expected to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period. 1.12 Other Intangible Assets Development costs that are directly attributable to the design and testing of identifiable software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads. Intangible assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction. Amortisation of an asset is recognised from the time it is available for use. Intangible assets, other than goodwill, are stated at cost less accumulated amortisation and impairment losses. Intangible assets include the Foxtons brand which is considered to have an indefinite economic life because of the institutional nature of the brand and the Group\u2019s commitment to develop and enhance its value. The carrying value of the brand is subject to an annual impairment review, and adjusted to its recoverable amount if required. Amortisation of customer contracts and software is included within other operating costs in the consolidated income statement, and is recognised on a straight-line basis as follows: Customer contracts and relationships Estimated life of the contracts/relationships Software 20% straight-line 1.13 Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised so as to write off the cost of assets (other than land and assets under construction) less their residual values over their useful lives, using the straight-line method, on the following bases: Leasehold improvements Over the term of the lease (typical lease terms range from five years to 15 years) Fixtures, fittings and equipment Between 20% and 25% straight-line Motor vehicles 25% straight-line The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the consolidated income statement. 1.14 Impairment of Tangible and Intangible Assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets (in relation to goodwill, refer to section 1.11 for details of the goodwill impairment policy) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in the consolidated income statement. 1.15 Leases The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases for low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. a) Lease liability: The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using an incremental borrowing rate which is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Lease payments included in the measurement of the lease liability primarily comprise fixed lease payments. The lease liability is presented across separate lines (current and non-current) in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying assets. b) Right-of-use assets: Right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss in line with the Group\u2019s existing impairment accounting policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in other operating costs in the consolidated income statement. The Group as lessor The Group acts as an intermediate sub-lessor for certain properties. The Group accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. 1.16 Cash and Cash Equivalents Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is equal to their fair value. Cash and cash equivalents excludes client monies since these funds belong to tenants (refer to Note 24 for details of the client monies held by the Group). 1.17 Financial Instruments Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. a) Financial assets The financial assets held by the Group are classified, at initial recognition, and subsequently measured at amortised cost or at fair value through other comprehensive income (OCI). All financial assets are recognised and derecognised on a trade date where the purchase or sale of the financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus transaction costs. For purposes of subsequent measurement, the financial assets held by the Group are classified in two categories: \u2022 Financial assets at amortised cost (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) All financial assets, other than cash and cash equivalents and investments classified as fair value through OCI, are measured at amortised cost using the effective interest rate (EIR) method, except for short-term receivables when the recognition of interest would be immaterial, and are subject to impairment. Impairment of financial assets For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established an ECL model that is based on its historical credit loss experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Further information on the ECLs for trade receivables is given in Note 14. The ECLs against contract assets are measured through a consideration of historic rental defaults, adjusted for forward-looking market factors that align to those of the debtors' ECLs, and applied based on the expected year of maturity. Investments in unlisted shares On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as fair value through OCI (unless held for trading). The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are recognised through OCI. Dividends on these investments are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. The Group recognises its non-listed equity investments as fair value through OCI. b) Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. Financial liabilities Financial liabilities are initially measured at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate (EIR) method, with interest expense recognised on an effective yield basis. The EIR method is used in calculating the amortised cost of a financial liability and for allocating interest expense over the relevant period. The EIR is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate of the obligation can be made. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. A provision for restructuring is recognised when management has a formal plan for the restructuring that identifies that portion of the business and principal locations that will be affected in detail and timing, and has raised an expectation among those affected that it will proceed with the restructuring. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. 1.18 Share-Based Payments Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 25. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. 1.19 Alternative Performance Measures and Adjusted Items Alternative performance measures (APMs) In reporting financial information the Group presents APMs which are not defined or specified under the requirements of IFRS. The Group believes that the presentation of APMs provides stakeholders with additional and helpful information on the performance of the business, but does not consider them to be a substitute for or superior to IFRS measures. APMs are also used to enhance the comparability of information between reporting periods, by adjusting for factors which affect IFRS measures, to aid users in understanding the Group\u2019s performance. The Group\u2019s APMs are defined, explained and reconciled to the nearest statutory measure within Notes 2 and 26. Adjusted items Adjusted operating profit, adjusted operating profit margin, adjusted EBITDA, adjusted EBITDA margin, adjusted profit before tax and adjusted earnings per share, exclude amortisation of acquired intangibles and adjusted items. Adjusted items include costs or revenues which due to their size and incidence require separate disclosure in the financial statements to reflect management\u2019s view of the underlying performance of the Group and allow comparability of performance from one period to another. Adjusted items include restructuring and impairment charges, significant acquisition costs and any other significant exceptional items. Current period charges/credits relating to prior period adjusted items, for example a change in estimate of adjusted items provisions, are presented as adjusted items to ensure consistency across reporting periods. 2024 non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items (see Note 26), as these relate to forfeited incentives from his former employer and do not represent underlying performance. Refer to Note 4 for further information of the adjusted items recognised in the year. 1.20 Critical Accounting Judgements and Key Sources of Estimation Uncertainty In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting judgements in applying the Group\u2019s accounting policies Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated financial statements are detailed below. \u2022 Useful economic life of the brand intangible asset The Company completed the acquisition of 100% of the equity of Foxtons Intermediate Holdings Limited on 30 March 2010. The Directors identified one material intangible asset: the Foxtons brand, which was deemed to have an indefinite life as there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. This judgement continues to be appropriate noting the Group\u2019s intention and the ability to maintain the brand intangible asset so that there is no foreseeable limit on the period over which the asset is expected to generate net cash inflows. Refer to Note 9 for further consideration of the carrying value of the brand intangible asset. Key sources of estimation uncertainty Key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period, are discussed below. \u2022 Impairment of intangibles with an indefinite life Determining whether intangibles with an indefinite life are impaired requires an estimation of the value in use of the CGUs to which intangible assets with an indefinite life (i.e. the Foxtons brand) have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the CGUs and a suitable discount rate in order to calculate present value. The carrying amount of the Foxtons brand is \u00a399 million. The key source of estimation uncertainty relates to the forecast cash flows used to determine the value in use. Sensitivity analysis is provided in Note 9. \u2022 Contract asset expected credit loss provision As disclosed in Note 17, the Group\u2019s contract asset balance at 31 December 2025 is \u00a327.1 million (2024: \u00a324.2 million), of which \u00a326.9 million (2024: \u00a323.9 million) relates to unbilled Lettings commission. Under the requirements of IFRS 9 \u2018Financial Instruments\u2019, management estimates an expected credit loss (ECL) provision to capture the recoverability risk of the gross unbilled Lettings commission. The Lettings contract asset provision is \u00a32.4 million at 31 December 2025 (2024: \u00a32.5 million). The provision is estimated with reference to historical loss rates and forward-looking loss estimates. Since the estimates are relatively sensitive to change, the contract asset ECL provision rate has been identified as a key source of estimation uncertainty. Sensitivity analysis is provided in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "1.1 General Information Foxtons Group plc (\u2018the Company\u2019) is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the Company\u2019s registered office is Building 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN. The principal activity of the Company and its subsidiaries (collectively, \u201cthe Group\u201d) is the provision of services to the residential property market in the UK. These financial statements are presented in pounds sterling which is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "Foxtons Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "Foxtons Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Building 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "The principal activity of the Company and its subsidiaries (collectively, \u201cthe Group\u201d) is the provision of services to the residential property market in the UK. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "These financial statements are presented in pounds sterling which is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "1.2 Compliance with International Financial Reporting Standards The financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The accounting policies set out below have been applied in preparing the financial statements for the years ended 31 December 2024 and 2025. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "1.3 Basis of Preparation These financial statements have been prepared on the historical cost basis as modified by items held at fair value through other comprehensive income. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "1.4 Basis of Consolidation The financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "1.5 Climate Change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate-related risks identified in the Group\u2019s Task Force on Climate-Related Financial Disclosures. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate-related risks are not material to the Group and are not expected to have a significant impact on the Group\u2019s short-term or medium-term cash flows including those considered in the going concern and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets. ", "dimensions": { "concept": "foxtonsgroupplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "1.6 Business Combinations The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition date fair values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
1.7 Going Concern
Going concern assessment
The financial statements of the Group have been prepared on a going concern basis as the Directors have satisfied themselves
that, at the time of approving the financial statements, the Group will have adequate resources to continue in operation for a
period of at least 12 months from the date of approval of the consolidated financial statements. The assessment has taken into
consideration the Group\u2019s financial position, liquidity requirements, recent trading performance and the outcome of reverse
stress testing which determines the point at which the Group could be considered to fail without taking further mitigating
actions or raising additional funds, over an 18-month forecast period to August 2027.
At 31 December 2025, the Group was in a net current asset position of \u00a32.4 million (2024: \u00a35.2 million net current liability)
and a net debt position of \u00a316.9 million (2024: \u00a312.7 million), which includes a \u00a322.5 million drawdown on the Group\u2019s
\u00a340.0 million revolving credit facility (\u2018RCF\u2019) used to fund the Group\u2019s acquisition strategy, working capital requirements and
shareholder returns. The facility has been extended during the year up to \u00a340 million and expires in June 2028. For RCF terms
refer to Note 16.
Reverse stress scenario
In assessing the Group\u2019s ability to continue as a going concern, the Directors have stress tested the Group\u2019s cash flow forecasts
using a reverse stress scenario which incorporates a severe deterioration in market conditions. Reverse stress testing seeks to
determine the point at which the Group could be considered to fail without taking further mitigating actions or raising
additional funds. For the purposes of the reverse stress test, the point of failure has been defined as the point at which the
Group breaches its RCF covenants.
The reverse stress scenario has taken into consideration the revenue characteristics of the Group, specifically the transactional
nature of Sales revenue, which contrasts to the recurring and non-cyclical nature of Lettings revenue. The scenario assumes a
severe macro-economic downturn from April 2026 to August 2027 which heavily impacts Sales and Financial Services
revenues since these streams are most sensitive to changes in the macro-economic environment. Additionally, Lettings
revenues have been assumed to be impacted despite their resilient nature. The key assumptions are summarised below:
\u2022 An 18% reduction in sales market transactions and an 8% reduction in Lettings volumes compared in 2025. For context,
an 18% reduction in sales market transactions would see transaction volumes return to those levels seen in 2009
following the Global Financial Crisis. Sales market share is also reduced in the reverse stress scenario by 10% compared
to 2025.
\u2022 Additionally, the scenario incorporates a 10% reduction in Lettings average revenue per transaction from current levels,
further reducing revenues.
\u2022 Under the scenario, it is assumed management would take mitigating action to reduce discretionary spending and right
size fee earner headcount to reflect market conditions. The modelled actions include: reducing front office headcount in
line with the revenue reductions; reducing discretionary spend such as marketing; and pausing management bonuses.
In the unlikely event of the reverse stress scenario, the Group forecasts it would breach the RCF\u2019s leverage covenant (refer to
Note 16 for details of the covenants) in March 2027. Under such a scenario, further mitigating actions that could be taken, but
not included in the reverse stress scenario, include further reducing discretionary spend, further rationalising headcount,
pausing capital expenditure, seeking agreement to defer lease payments or raising additional funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
1.8 Adoption of New and Revised Standards
The following standards and amendments to published standards, effective in future accounting periods, have been endorsed
by the UK Endorsement Board:
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments
The above amendments, which have an effective date of 1 January 2026, include guidance on derecognition of financial
liabilities and on assessing contractual cash flow characteristics of financial assets, including those with environmental, social
and governance-linked features, and require disclosures related to the effect of contractual terms that could change cash flows
based on certain contingent events. The above amendments are not expected to have a material impact on the Group\u2019s
financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements
The above new standard requires all items of income and expense in a reporting period to be classified within operating,
investing, financing, income taxes or discontinued operations categories. The standard also requires financial statements to
include reconciliations between management-defined performance measures and their most directly comparable subtotal
required by IFRS, which the Group currently includes in Note 26. Management will review the impact of IFRS 18 ahead of its
effective date of 1 January 2027.
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the
effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year are
not expected to have any other material impacts on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "The following standards and amendments to published standards, effective in future accounting periods, have been endorsed by the UK Endorsement Board: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments The above amendments, which have an effective date of 1 January 2026, include guidance on derecognition of financial liabilities and on assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance-linked features, and require disclosures related to the effect of contractual terms that could change cash flows based on certain contingent events. The above amendments are not expected to have a material impact on the Group\u2019s financial statements. IFRS 18 Presentation and Disclosure in Financial Statements The above new standard requires all items of income and expense in a reporting period to be classified within operating, investing, financing, income taxes or discontinued operations categories. The standard also requires financial statements to include reconciliations between management-defined performance measures and their most directly comparable subtotal required by IFRS, which the Group currently includes in Note 26. Management will review the impact of IFRS 18 ahead of its effective date of 1 January 2027. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year are not expected to have any other material impacts on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
1.9 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for
services provided in the normal course of business, when performance obligations are met, net of discounts (if any) and VAT.
Revenue is generated from the Group\u2019s operations which are wholly based in the UK.
Rendering of services
Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, a five-step process is taken for recognising revenue from contracts
with customers. The process consists of: 1) Identifying the contract(s) with a customer; 2) Identifying the performance
obligations in the contract; 3) Determining the transaction price; 4) Allocating the transaction price to the performance
obligation(s); and 5) Recognising revenue when a performance obligation has been satisfied.
The Group generates revenue from customers, the majority of which are based in the UK, from three main revenue streams:
Lettings; Sales; and Financial Services. For all revenue streams where the performance obligation is satisfied over time, the
customer simultaneously receives and consumes the benefits provided by the Group as it performs the services.
The point at which transfer of control of services to customers for each performance obligation is deemed to be met, and
consequently the revenue recognition point for each performance obligation, is in line with the criteria outlined below.
Lettings Revenue Streams
Revenue is recognised as follows for the Lettings revenue streams:
(i) Commission for securing a tenancy for the landlord
The Group satisfies its performance obligation at the point the tenancy is secured and recognises initial Lettings
commission at this point. The initial Lettings commission is determined by applying the contractual commission
percentages to the value of the rental over the non-cancellable period. Once the non-cancellable period has passed,
and the contract can be terminated in accordance with the break clause, the contract is accounted for as a rolling
contract with optional renewals.
Contract assets represent the accrual of revenue beyond amounts invoiced for contracts where invoicing only covers part
of the non-cancellable contract period, and contract liabilities represent amounts invoiced for contracts where invoicing
has extended past the non-cancellable contract period.
This commission is recognised over time in line with the contract between the Group and the landlord which has been
determined to be a cancellable contract, due to the landlord having the ability to cancel the contract at any time once
the non-cancellable period has passed. If the contract is cancelled, the Group refunds any initial commissions paid by
the landlord on a pro-rata basis.
(ii) Commission for collecting rent on behalf of the landlord
Commission for rent collection services is recognised over the life of the contract on a straight-line basis which is in line
with the satisfaction of the performance obligation, measured using a mark-up on the estimated costs allocated to the
provision of the service.
(iii) Commission for managing the tenancy on behalf of the landlord
Property management services are recognised over the life of the contract on a straight-line basis which is in line with
the satisfaction of the performance obligation.
Sales Revenue Streams
Revenue is recognised as follows for the Sales revenue streams:
(i) Commission for residential property sales
Commission earned on residential property sales is recognised at a point in time upon the exchange of contracts for
such sales.
(ii) Commission for residential off-plan property sales
For contracts relating to new homes sold off-plan, the Group\u2019s commission is variable and dependent on the off-plan sale
successfully completing. At the point of exchange of contract, management makes an assessment of the amount and
probability of revenue expected to be received.
Variable consideration is estimated using the expected value methodology to predict the amount of consideration the
Group will be entitled to. The estimate is determined with reference to historical and forecast information.
Estimates are constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative
revenue recognised will not occur once any uncertainty is subsequently resolved. Constraints are determined with
reference to factors outside the Group\u2019s control and the length of time between point of exchange of contracts and
completion of the sale.
Financial Services Revenue Streams
Commission earned on financial services is recognised at a point in time, when either insurance policies go on risk or when
mortgage contracts complete. Income from other services is recognised in the period or periods when the services are
provided. Commission is recognised at fair value which takes account of expected future cancellations.
Interest Income
The Group deposits its cash with reputable financial institutions. Interest income is recognised when it is probable that the
economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate applicable. The Group earns interest
income on its own funds which is presented as finance income. The Group also earns interest on client monies which is
presented within Lettings revenue given the collection and holding of client monies (deposits for tenancy agreements) is
an integral part of the lettings service provided to landlords.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": " Lettings Revenue Streams Revenue is recognised as follows for the Lettings revenue streams: (i) Commission for securing a tenancy for the landlord The Group satisfies its performance obligation at the point the tenancy is secured and recognises initial Lettings commission at this point. The initial Lettings commission is determined by applying the contractual commission percentages to the value of the rental over the non-cancellable period. Once the non-cancellable period has passed, and the contract can be terminated in accordance with the break clause, the contract is accounted for as a rolling contract with optional renewals. Contract assets represent the accrual of revenue beyond amounts invoiced for contracts where invoicing only covers part of the non-cancellable contract period, and contract liabilities represent amounts invoiced for contracts where invoicing has extended past the non-cancellable contract period. This commission is recognised over time in line with the contract between the Group and the landlord which has been determined to be a cancellable contract, due to the landlord having the ability to cancel the contract at any time once the non-cancellable period has passed. If the contract is cancelled, the Group refunds any initial commissions paid by the landlord on a pro-rata basis. (ii) Commission for collecting rent on behalf of the landlord Commission for rent collection services is recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation, measured using a mark-up on the estimated costs allocated to the provision of the service. (iii) Commission for managing the tenancy on behalf of the landlord Property management services are recognised over the life of the contract on a straight-line basis which is in line with the satisfaction of the performance obligation. Sales Revenue Streams Revenue is recognised as follows for the Sales revenue streams: (i) Commission for residential property sales Commission earned on residential property sales is recognised at a point in time upon the exchange of contracts for such sales. (ii) Commission for residential off-plan property sales For contracts relating to new homes sold off-plan, the Group\u2019s commission is variable and dependent on the off-plan sale successfully completing. At the point of exchange of contract, management makes an assessment of the amount and probability of revenue expected to be received. Variable consideration is estimated using the expected value methodology to predict the amount of consideration the Group will be entitled to. The estimate is determined with reference to historical and forecast information. Estimates are constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur once any uncertainty is subsequently resolved. Constraints are determined with reference to factors outside the Group\u2019s control and the length of time between point of exchange of contracts and completion of the sale. Financial Services Revenue Streams Commission earned on financial services is recognised at a point in time, when either insurance policies go on risk or when mortgage contracts complete. Income from other services is recognised in the period or periods when the services are provided. Commission is recognised at fair value which takes account of expected future cancellations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": " Interest Income The Group deposits its cash with reputable financial institutions. Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. The Group earns interest income on its own funds which is presented as finance income. The Group also earns interest on client monies which is presented within Lettings revenue given the collection and holding of client monies (deposits for tenancy agreements) is an integral part of the lettings service provided to landlords. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
1.10 Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently receivable/payable is based on taxable profit for the period and any adjustments in respect to prior periods.
Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that
are taxable or deductible in other periods and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from
the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments except where the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and amended to the extent that it is
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax
is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other
comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income
or equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and amended to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
1.11 Goodwill and Goodwill Impairment
Goodwill arising in a business combination is recognised as an asset at the date that control is acquired. Goodwill is measured
as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
fair value of the acquirer\u2019s previously held equity interest (if any) in the entity over the net of the fair value of the identifiable
assets acquired and the liabilities assumed.
Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill
is allocated to each of the Group\u2019s cash-generating units (CGUs), or groups of CGUs as applicable, expected to benefit from
the synergies of the combination. CGUs to which goodwill has been allocated are tested for impairment annually, or more
frequently when there is an indication that the CGU may be impaired. If the recoverable amount of the CGU is less than its
carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU
and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment
loss recognised for goodwill is not reversed in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "1.11 Goodwill and Goodwill Impairment Goodwill arising in a business combination is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity over the net of the fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (CGUs), or groups of CGUs as applicable, expected to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the CGU may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period. 1.12 Other Intangible Assets Development costs that are directly attributable to the design and testing of identifiable software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads. Intangible assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction. Amortisation of an asset is recognised from the time it is available for use. Intangible assets, other than goodwill, are stated at cost less accumulated amortisation and impairment losses. Intangible assets include the Foxtons brand which is considered to have an indefinite economic life because of the institutional nature of the brand and the Group\u2019s commitment to develop and enhance its value. The carrying value of the brand is subject to an annual impairment review, and adjusted to its recoverable amount if required. Amortisation of customer contracts and software is included within other operating costs in the consolidated income statement, and is recognised on a straight-line basis as follows: Customer contracts and relationships Estimated life of the contracts/relationships Software 20% straight-line ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
1.12 Other Intangible Assets
Development costs that are directly attributable to the design and testing of identifiable software products controlled by
the Group are recognised as intangible assets when the project or process is technically and commercially feasible.
Directly attributable costs that are capitalised as part of the software product include the software development employee
costs and an appropriate portion of relevant overheads.
Intangible assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction.
Amortisation of an asset is recognised from the time it is available for use.
Intangible assets, other than goodwill, are stated at cost less accumulated amortisation and impairment losses.
Intangible assets include the Foxtons brand which is considered to have an indefinite economic life because of the institutional
nature of the brand and the Group\u2019s commitment to develop and enhance its value. The carrying value of the brand is subject
to an annual impairment review, and adjusted to its recoverable amount if required. Amortisation of customer contracts and
software is included within other operating costs in the consolidated income statement, and is recognised on a straight-line
basis as follows:
Customer contracts and relationships Estimated life of the contracts/relationships
Software 20% straight-line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
1.13 Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is recognised so as to write off the cost of assets (other than land and assets under construction) less their
residual values over their useful lives, using the straight-line method, on the following bases:
Leasehold improvements Over the term of the lease (typical lease terms range from five years to 15 years)
Fixtures, fittings and equipment Between 20% and 25% straight-line
Motor vehicles 25% straight-line
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.
The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and
the carrying amount of the asset and is recognised in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "1.13 Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised so as to write off the cost of assets (other than land and assets under construction) less their residual values over their useful lives, using the straight-line method, on the following bases: Leasehold improvements Over the term of the lease (typical lease terms range from five years to 15 years) Fixtures, fittings and equipment Between 20% and 25% straight-line Motor vehicles 25% straight-line The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
1.14 Impairment of Tangible and Intangible Assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets (in relation to
goodwill, refer to section 1.11 for details of the goodwill impairment policy) to determine whether there is any indication
that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated to determine the extent of the impairment loss (if any). An intangible asset with an indefinite useful life is tested
for impairment at least annually and whenever there is an indication that the asset may be impaired.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of
the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in the consolidated
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "1.14 Impairment of Tangible and Intangible Assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets (in relation to goodwill, refer to section 1.11 for details of the goodwill impairment policy) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in the consolidated income statement. Impairment of financial assets For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established an ECL model that is based on its historical credit loss experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Further information on the ECLs for trade receivables is given in Note 14. The ECLs against contract assets are measured through a consideration of historic rental defaults, adjusted for forward-looking market factors that align to those of the debtors' ECLs, and applied based on the expected year of maturity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
1.15 Leases
The Group as lessee
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less) and leases for low value assets. For these leases, the Group
recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another
systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
a) Lease liability: The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using an incremental borrowing rate which is the rate of interest that the lessee
would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of
a similar value to the right-of-use asset in a similar economic environment.
Lease payments included in the measurement of the lease liability primarily comprise fixed lease payments.
The lease liability is presented across separate lines (current and non-current) in the consolidated statement of financial
position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease
liability (using the effective interest rate method) and by reducing the carrying amount to reflect the lease
payments made.
The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the
in-substance fixed lease payments or a change in the assessment to purchase the underlying assets.
b) Right-of-use assets: Right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost
less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease
term and useful life of the underlying asset.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified
impairment loss in line with the Group\u2019s existing impairment accounting policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the
right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that
triggers those payments occurs and are included in other operating costs in the consolidated income statement.
The Group as lessor
The Group acts as an intermediate sub-lessor for certain properties. The Group accounts for the head lease and the sublease as
two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising
from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due
from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net
investment outstanding in respect of the leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
1.16 Cash and Cash Equivalents
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.
The carrying amount of these assets is equal to their fair value. Cash and cash equivalents excludes client monies since these
funds belong to tenants (refer to Note 24 for details of the client monies held by the Group).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
1.17 Financial Instruments
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the
Group becomes party to the contractual provisions of the instrument.
a) Financial assets
The financial assets held by the Group are classified, at initial recognition, and subsequently measured at amortised cost
or at fair value through other comprehensive income (OCI). All financial assets are recognised and derecognised on a
trade date where the purchase or sale of the financial asset is under a contract whose terms require delivery of the
financial asset within the timeframe established by the market concerned.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not
contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs.
For purposes of subsequent measurement, the financial assets held by the Group are classified in two categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
All financial assets, other than cash and cash equivalents and investments classified as fair value through OCI, are
measured at amortised cost using the effective interest rate (EIR) method, except for short-term receivables when the
recognition of interest would be immaterial, and are subject to impairment.
Impairment of financial assets
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses
(ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on
lifetime ECLs at each reporting date. The Group has established an ECL model that is based on its historical credit loss
experience, adjusted for forward-looking market factors specific to the debtors and the economic environment.
Further information on the ECLs for trade receivables is given in Note 14. The ECLs against contract assets are measured
through a consideration of historic rental defaults, adjusted for forward-looking market factors that align to those of the
debtors' ECLs, and applied based on the expected year of maturity.
Investments in unlisted shares
On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as
fair value through OCI (unless held for trading). The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are recognised through OCI.
Dividends on these investments are recognised as other income in the statement of profit or loss when the right of
payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of
the financial asset, in which case, such gains are recorded in OCI.
The Group recognises its non-listed equity investments as fair value through OCI.
b) Financial liabilities and equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of
the contractual arrangement.
Financial liabilities
Financial liabilities are initially measured at fair value, net of transaction costs and are subsequently measured at
amortised cost using the effective interest rate (EIR) method, with interest expense recognised on an effective yield basis.
The EIR method is used in calculating the amortised cost of a financial liability and for allocating interest expense over the
relevant period. The EIR is the rate that exactly discounts estimated future cash payments through the expected life of
the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group
derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle that obligation and a reliable estimate of the obligation can be made.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured
using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the
receivable can be measured reliably.
A provision for restructuring is recognised when management has a formal plan for the restructuring that identifies that
portion of the business and principal locations that will be affected in detail and timing, and has raised an expectation among
those affected that it will proceed with the restructuring.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "a) Financial assets The financial assets held by the Group are classified, at initial recognition, and subsequently measured at amortised cost or at fair value through other comprehensive income (OCI). All financial assets are recognised and derecognised on a trade date where the purchase or sale of the financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus transaction costs. For purposes of subsequent measurement, the financial assets held by the Group are classified in two categories: \u2022 Financial assets at amortised cost (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) All financial assets, other than cash and cash equivalents and investments classified as fair value through OCI, are measured at amortised cost using the effective interest rate (EIR) method, except for short-term receivables when the recognition of interest would be immaterial, and are subject to impairment. Impairment of financial assets For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established an ECL model that is based on its historical credit loss experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Further information on the ECLs for trade receivables is given in Note 14. The ECLs against contract assets are measured through a consideration of historic rental defaults, adjusted for forward-looking market factors that align to those of the debtors' ECLs, and applied based on the expected year of maturity. Investments in unlisted shares On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as fair value through OCI (unless held for trading). The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are recognised through OCI. Dividends on these investments are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. The Group recognises its non-listed equity investments as fair value through OCI. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "Financial liabilities Financial liabilities are initially measured at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate (EIR) method, with interest expense recognised on an effective yield basis. The EIR method is used in calculating the amortised cost of a financial liability and for allocating interest expense over the relevant period. The EIR is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate of the obligation can be made. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. A provision for restructuring is recognised when management has a formal plan for the restructuring that identifies that portion of the business and principal locations that will be affected in detail and timing, and has raised an expectation among those affected that it will proceed with the restructuring. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
1.18 Share-Based Payments
Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date.
The fair value excludes the effect of non-market based vesting conditions. Details regarding the determination of the fair value
of equity-settled share-based transactions are set out in Note 25.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis
over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet
date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of
non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the
consolidated income statement such that the cumulative expense reflects the revised estimate, with a corresponding
adjustment to equity reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
1.19 Alternative Performance Measures and Adjusted Items
Alternative performance measures (APMs)
In reporting financial information the Group presents APMs which are not defined or specified under the requirements of
IFRS. The Group believes that the presentation of APMs provides stakeholders with additional and helpful information on the
performance of the business, but does not consider them to be a substitute for or superior to IFRS measures. APMs are also
used to enhance the comparability of information between reporting periods, by adjusting for factors which affect IFRS
measures, to aid users in understanding the Group\u2019s performance. The Group\u2019s APMs are defined, explained and reconciled
to the nearest statutory measure within Notes 2 and 26.
Adjusted items
Adjusted operating profit, adjusted operating profit margin, adjusted EBITDA, adjusted EBITDA margin, adjusted profit before
tax and adjusted earnings per share, exclude amortisation of acquired intangibles and adjusted items.
Adjusted items include costs or revenues which due to their size and incidence require separate disclosure in the financial
statements to reflect management\u2019s view of the underlying performance of the Group and allow comparability of performance
from one period to another. Adjusted items include restructuring and impairment charges, significant acquisition costs and any
other significant exceptional items. Current period charges/credits relating to prior period adjusted items, for example a change
in estimate of adjusted items provisions, are presented as adjusted items to ensure consistency across reporting periods.
2024 non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items (see Note 26), as
these relate to forfeited incentives from his former employer and do not represent underlying performance.
Refer to Note 4 for further information of the adjusted items recognised in the year.
", "dimensions": { "concept": "foxtonsgroupplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
1.20 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
Critical accounting judgements in applying the Group\u2019s accounting policies
Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated
financial statements are detailed below.
\u2022 Useful economic life of the brand intangible asset
The Company completed the acquisition of 100% of the equity of Foxtons Intermediate Holdings Limited on 30 March 2010.
The Directors identified one material intangible asset: the Foxtons brand, which was deemed to have an indefinite life as there
is no foreseeable limit to the period over which the asset is expected to generate cash inflows. This judgement continues to be
appropriate noting the Group\u2019s intention and the ability to maintain the brand intangible asset so that there is no foreseeable
limit on the period over which the asset is expected to generate net cash inflows. Refer to Note 9 for further consideration of
the carrying value of the brand intangible asset.
Key sources of estimation uncertainty
Key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
period, are discussed below.
\u2022 Impairment of intangibles with an indefinite life
Determining whether intangibles with an indefinite life are impaired requires an estimation of the value in use of the CGUs to
which intangible assets with an indefinite life (i.e. the Foxtons brand) have been allocated. The value in use calculation requires
management to estimate the future cash flows expected to arise from the CGUs and a suitable discount rate in order to
calculate present value. The carrying amount of the Foxtons brand is \u00a399 million. The key source of estimation uncertainty
relates to the forecast cash flows used to determine the value in use. Sensitivity analysis is provided in Note 9.
\u2022 Contract asset expected credit loss provision
As disclosed in Note 17, the Group\u2019s contract asset balance at 31 December 2025 is \u00a327.1 million (2024: \u00a324.2 million), of which
\u00a326.9 million (2024: \u00a323.9 million) relates to unbilled Lettings commission.
Under the requirements of IFRS 9 \u2018Financial Instruments\u2019, management estimates an expected credit loss (ECL) provision to
capture the recoverability risk of the gross unbilled Lettings commission. The Lettings contract asset provision is \u00a32.4 million at
31 December 2025 (2024: \u00a32.5 million). The provision is estimated with reference to historical loss rates and forward-looking
loss estimates. Since the estimates are relatively sensitive to change, the contract asset ECL provision rate has been identified
as a key source of estimation uncertainty. Sensitivity analysis is provided in Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Key sources of estimation uncertainty Key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period, are discussed below. \u2022 Impairment of intangibles with an indefinite life Determining whether intangibles with an indefinite life are impaired requires an estimation of the value in use of the CGUs to which intangible assets with an indefinite life (i.e. the Foxtons brand) have been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the CGUs and a suitable discount rate in order to calculate present value. The carrying amount of the Foxtons brand is \u00a399 million. The key source of estimation uncertainty relates to the forecast cash flows used to determine the value in use. Sensitivity analysis is provided in Note 9. \u2022 Contract asset expected credit loss provision As disclosed in Note 17, the Group\u2019s contract asset balance at 31 December 2025 is \u00a327.1 million (2024: \u00a324.2 million), of which \u00a326.9 million (2024: \u00a323.9 million) relates to unbilled Lettings commission. Under the requirements of IFRS 9 \u2018Financial Instruments\u2019, management estimates an expected credit loss (ECL) provision to capture the recoverability risk of the gross unbilled Lettings commission. The Lettings contract asset provision is \u00a32.4 million at 31 December 2025 (2024: \u00a32.5 million). The provision is estimated with reference to historical loss rates and forward-looking loss estimates. Since the estimates are relatively sensitive to change, the contract asset ECL provision rate has been identified as a key source of estimation uncertainty. Sensitivity analysis is provided in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEntitysHedgingRelationshipsDirectlyAffectedByUncertaintyArisingFromInterestRateBenchmarkReformExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
2. BUSINESS AND GEOGRAPHICAL SEGMENTS
Products and Services from which Reportable Segments Derive their Revenues
Management has determined the operating segments based on the monthly management pack reviewed by the Directors, which is
used to assess both the performance of the business and to allocate resources within the entity. Management has identified that the
Board is the Chief Operating Decision Maker (\u2018CODM\u2019) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.
The operating and reportable segments of the Group are (i) Lettings; (ii) Sales; and (iii) Financial Services.
(i) Lettings generates commission from the letting and management of residential properties and income from interest earned
on client monies.
(ii) Sales generates commission on sales of residential property.
(iii) Financial Services generates commission from the arrangement of mortgages and related products under contracts with
financial service providers and receives administration fees from clients.
All revenue for the Group is generated from within the UK and there is no intra-group revenue.
Segment assets and liabilities, including depreciation, amortisation and additions to non-current assets, are not reported to the
Directors on a segmental basis and are therefore not disclosed. Goodwill and intangible assets have been allocated to reportable
segments as described in Note 9.
The segmental disclosures include the APMs as defined below. Further details of the APMs are provided in Note 26.
Contribution and Contribution Margin
Contribution is defined as revenue less direct operating costs (being salary costs of front office staff and costs of bad debt).
Contribution margin is defined as contribution divided by revenue. These measures indicate the profitability and efficiency of the
segments before the allocation of shared costs.
Adjusted Operating Profit and Adjusted Operating Profit Margin
Adjusted operating profit represents the profit before tax for the period before amortisation of acquired intangibles, adjusted items
(defined in Note 1.19), finance income, finance cost and other gains/losses. Adjusted operating profit margin is defined as adjusted
operating profit divided by revenue. As explained in Note 26, these measures are used by the Board to measure delivery against the
Group\u2019s strategic priorities, to allocate resource and to assess segmental performance.
As explained in Note 1.19, non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, as
these relate to forfeited incentives from his former employer and do not represent underlying performance, with a corresponding
impact on adjusted operating profit and adjusted operating profit margin. The 2024 comparatives (Group and segmental metrics)
have been restated, as detailed in Note 26, to ensure a fair comparison.
Segment Revenues and Results
The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended
31 December 2025:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
110,966
51,258
10,309
n/a
172,533
Contribution
26
82,933
23,284
4,200
n/a
110,417
Contribution margin
26
74.7%
45.4%
40.7%
n/a
64.0%
Adjusted operating profit/(loss)
26
29,840
(5,743)
1,124
(2,996)
22,225
Adjusted operating profit/(loss) margin
26
26.9%
(11.2%)
10.9%
n/a
12.9%
Adjusted items
4
(252)
Amortisation of acquired intangibles
9
(2,611)
Operating profit
19,362
Other gains
325
Finance income
5
341
Finance cost
5
(3,115)
Profit before tax
16,913
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
2
8,721
5,186
12
\u2013
13,919
Amortisation from non-acquired intangibles
420
276
7
\u2013
703
Amortisation from acquired intangibles
1,974
637
\u2013
\u2013
2,611
Total
11,115
6,099
19
\u2013
17, 233
1
\u00a322.1 million of Lettings revenue relates to performance obligations satisfied over time.
2
Total depreciation of \u00a313.9 million consists of \u00a32.6 million of property, plant and equipment depreciation (refer to Note 10) and \u00a311.3 million of IFRS 16
right-of-use asset depreciation (refer to Note 11).
The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended
31 December 2024:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
106,030
48,565
9,332
n/a
163,927
Contribution
26
78,105
22,743
4,015
n/a
104,863
Contribution margin
26
73.7%
46.8%
43.0%
n/a
64.0%
Adjusted operating profit/
26
27,438
(3,820)
1,135
(2,635)
22,118
(loss) \u2013 restated
2
Adjusted operating profit/
26
25.9%
(7.9%)
12.2%
n/a
13.5%
(loss) margin \u2013 restated
2
Adjusted items
2
4
(228)
Amortisation of acquired intangibles
9
(2,084)
Operating profit
19,806
Other gains
260
Finance income
5
296
Finance cost
5
(2,877)
Profit before tax
17,485
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
3
8,249
4,963
14
\u2013
13,226
Amortisation from non-acquired intangibles
103
66
49
\u2013
218
Amortisation from acquired intangibles
1,666
418
\u2013
\u2013
2,084
Total
10,018
5,447
63
\u2013
15,528
1
\u00a321.2 million of Lettings revenue relates to performance obligations satisfied over time.
2
The adjusted operating profit/loss, adjusted operating profit/loss margin and adjusted items lines have been restated, as non-cash IFRS 2 charges from the
CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details.
3
Total depreciation of \u00a313.2 million consists of \u00a32.5 million of property, plant and equipment depreciation (refer to Note 10) and \u00a310.7 million of IFRS 16
right-of-use asset depreciation (refer to Note 11).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "2. BUSINESS AND GEOGRAPHICAL SEGMENTS Products and Services from which Reportable Segments Derive their Revenues Management has determined the operating segments based on the monthly management pack reviewed by the Directors, which is used to assess both the performance of the business and to allocate resources within the entity. Management has identified that the Board is the Chief Operating Decision Maker (\u2018CODM\u2019) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. The operating and reportable segments of the Group are (i) Lettings; (ii) Sales; and (iii) Financial Services. (i) Lettings generates commission from the letting and management of residential properties and income from interest earned on client monies. (ii) Sales generates commission on sales of residential property. (iii) Financial Services generates commission from the arrangement of mortgages and related products under contracts with financial service providers and receives administration fees from clients. All revenue for the Group is generated from within the UK and there is no intra-group revenue. Segment assets and liabilities, including depreciation, amortisation and additions to non-current assets, are not reported to the Directors on a segmental basis and are therefore not disclosed. Goodwill and intangible assets have been allocated to reportable segments as described in Note 9. The segmental disclosures include the APMs as defined below. Further details of the APMs are provided in Note 26. Contribution and Contribution Margin Contribution is defined as revenue less direct operating costs (being salary costs of front office staff and costs of bad debt). Contribution margin is defined as contribution divided by revenue. These measures indicate the profitability and efficiency of the segments before the allocation of shared costs. Adjusted Operating Profit and Adjusted Operating Profit Margin Adjusted operating profit represents the profit before tax for the period before amortisation of acquired intangibles, adjusted items (defined in Note 1.19), finance income, finance cost and other gains/losses. Adjusted operating profit margin is defined as adjusted operating profit divided by revenue. As explained in Note 26, these measures are used by the Board to measure delivery against the Group\u2019s strategic priorities, to allocate resource and to assess segmental performance. As explained in Note 1.19, non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, as these relate to forfeited incentives from his former employer and do not represent underlying performance, with a corresponding impact on adjusted operating profit and adjusted operating profit margin. The 2024 comparatives (Group and segmental metrics) have been restated, as detailed in Note 26, to ensure a fair comparison. Segment Revenues and Results The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended 31 December 2025:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
110,966
51,258
10,309
n/a
172,533
Contribution
26
82,933
23,284
4,200
n/a
110,417
Contribution margin
26
74.7%
45.4%
40.7%
n/a
64.0%
Adjusted operating profit/(loss)
26
29,840
(5,743)
1,124
(2,996)
22,225
Adjusted operating profit/(loss) margin
26
26.9%
(11.2%)
10.9%
n/a
12.9%
Adjusted items
4
(252)
Amortisation of acquired intangibles
9
(2,611)
Operating profit
19,362
Other gains
325
Finance income
5
341
Finance cost
5
(3,115)
Profit before tax
16,913
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
2
8,721
5,186
12
\u2013
13,919
Amortisation from non-acquired intangibles
420
276
7
\u2013
703
Amortisation from acquired intangibles
1,974
637
\u2013
\u2013
2,611
Total
11,115
6,099
19
\u2013
17, 233
1 \u00a322.1 million of Lettings revenue relates to performance obligations satisfied over time. 2 Total depreciation of \u00a313.9 million consists of \u00a32.6 million of property, plant and equipment depreciation (refer to Note 10) and \u00a311.3 million of IFRS 16 right-of-use asset depreciation (refer to Note 11). The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended 31 December 2024:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
106,030
48,565
9,332
n/a
163,927
Contribution
26
78,105
22,743
4,015
n/a
104,863
Contribution margin
26
73.7%
46.8%
43.0%
n/a
64.0%
Adjusted operating profit/
26
27,438
(3,820)
1,135
(2,635)
22,118
(loss) \u2013 restated
2
Adjusted operating profit/
26
25.9%
(7.9%)
12.2%
n/a
13.5%
(loss) margin \u2013 restated
2
Adjusted items
2
4
(228)
Amortisation of acquired intangibles
9
(2,084)
Operating profit
19,806
Other gains
260
Finance income
5
296
Finance cost
5
(2,877)
Profit before tax
17,485
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
3
8,249
4,963
14
\u2013
13,226
Amortisation from non-acquired intangibles
103
66
49
\u2013
218
Amortisation from acquired intangibles
1,666
418
\u2013
\u2013
2,084
Total
10,018
5,447
63
\u2013
15,528
1 \u00a321.2 million of Lettings revenue relates to performance obligations satisfied over time. 2 The adjusted operating profit/loss, adjusted operating profit/loss margin and adjusted items lines have been restated, as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. 3 Total depreciation of \u00a313.2 million consists of \u00a32.5 million of property, plant and equipment depreciation (refer to Note 10) and \u00a310.7 million of IFRS 16 right-of-use asset depreciation (refer to Note 11).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "2. BUSINESS AND GEOGRAPHICAL SEGMENTS Products and Services from which Reportable Segments Derive their Revenues Management has determined the operating segments based on the monthly management pack reviewed by the Directors, which is used to assess both the performance of the business and to allocate resources within the entity. Management has identified that the Board is the Chief Operating Decision Maker (\u2018CODM\u2019) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. The operating and reportable segments of the Group are (i) Lettings; (ii) Sales; and (iii) Financial Services. (i) Lettings generates commission from the letting and management of residential properties and income from interest earned on client monies. (ii) Sales generates commission on sales of residential property. (iii) Financial Services generates commission from the arrangement of mortgages and related products under contracts with financial service providers and receives administration fees from clients. All revenue for the Group is generated from within the UK and there is no intra-group revenue. Segment assets and liabilities, including depreciation, amortisation and additions to non-current assets, are not reported to the Directors on a segmental basis and are therefore not disclosed. Goodwill and intangible assets have been allocated to reportable segments as described in Note 9. The segmental disclosures include the APMs as defined below. Further details of the APMs are provided in Note 26. Contribution and Contribution Margin Contribution is defined as revenue less direct operating costs (being salary costs of front office staff and costs of bad debt). Contribution margin is defined as contribution divided by revenue. These measures indicate the profitability and efficiency of the segments before the allocation of shared costs. Adjusted Operating Profit and Adjusted Operating Profit Margin Adjusted operating profit represents the profit before tax for the period before amortisation of acquired intangibles, adjusted items (defined in Note 1.19), finance income, finance cost and other gains/losses. Adjusted operating profit margin is defined as adjusted operating profit divided by revenue. As explained in Note 26, these measures are used by the Board to measure delivery against the Group\u2019s strategic priorities, to allocate resource and to assess segmental performance. As explained in Note 1.19, non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, as these relate to forfeited incentives from his former employer and do not represent underlying performance, with a corresponding impact on adjusted operating profit and adjusted operating profit margin. The 2024 comparatives (Group and segmental metrics) have been restated, as detailed in Note 26, to ensure a fair comparison. Segment Revenues and Results The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended 31 December 2025:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
110,966
51,258
10,309
n/a
172,533
Contribution
26
82,933
23,284
4,200
n/a
110,417
Contribution margin
26
74.7%
45.4%
40.7%
n/a
64.0%
Adjusted operating profit/(loss)
26
29,840
(5,743)
1,124
(2,996)
22,225
Adjusted operating profit/(loss) margin
26
26.9%
(11.2%)
10.9%
n/a
12.9%
Adjusted items
4
(252)
Amortisation of acquired intangibles
9
(2,611)
Operating profit
19,362
Other gains
325
Finance income
5
341
Finance cost
5
(3,115)
Profit before tax
16,913
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
2
8,721
5,186
12
\u2013
13,919
Amortisation from non-acquired intangibles
420
276
7
\u2013
703
Amortisation from acquired intangibles
1,974
637
\u2013
\u2013
2,611
Total
11,115
6,099
19
\u2013
17, 233
1 \u00a322.1 million of Lettings revenue relates to performance obligations satisfied over time. 2 Total depreciation of \u00a313.9 million consists of \u00a32.6 million of property, plant and equipment depreciation (refer to Note 10) and \u00a311.3 million of IFRS 16 right-of-use asset depreciation (refer to Note 11). The following is an analysis of the Group\u2019s continuing operations results by reportable segment for the year ended 31 December 2024:
Financial Corporate Group
Lettings Sales Services costs total
Notes \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
1
106,030
48,565
9,332
n/a
163,927
Contribution
26
78,105
22,743
4,015
n/a
104,863
Contribution margin
26
73.7%
46.8%
43.0%
n/a
64.0%
Adjusted operating profit/
26
27,438
(3,820)
1,135
(2,635)
22,118
(loss) \u2013 restated
2
Adjusted operating profit/
26
25.9%
(7.9%)
12.2%
n/a
13.5%
(loss) margin \u2013 restated
2
Adjusted items
2
4
(228)
Amortisation of acquired intangibles
9
(2,084)
Operating profit
19,806
Other gains
260
Finance income
5
296
Finance cost
5
(2,877)
Profit before tax
17,485
Financial Corporate Group
Lettings Sales Services costs total
Depreciation and amortisation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation
3
8,249
4,963
14
\u2013
13,226
Amortisation from non-acquired intangibles
103
66
49
\u2013
218
Amortisation from acquired intangibles
1,666
418
\u2013
\u2013
2,084
Total
10,018
5,447
63
\u2013
15,528
1 \u00a321.2 million of Lettings revenue relates to performance obligations satisfied over time. 2 The adjusted operating profit/loss, adjusted operating profit/loss margin and adjusted items lines have been restated, as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. 3 Total depreciation of \u00a313.2 million consists of \u00a32.5 million of property, plant and equipment depreciation (refer to Note 10) and \u00a310.7 million of IFRS 16 right-of-use asset depreciation (refer to Note 11).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "3. INCOME AND EXPENSES Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. Auditor\u2019s Remuneration The remuneration of the auditor is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
The audit of the Company
383
368
The audit of the Company\u2019s subsidiaries
128
125
Total audit fees
511
493
Audit-related assurance services
45
44
Other assurance services
6
6
Total non-audit fees
51
50
Details of the Company\u2019s policy on the use of the auditor for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on PAGE 95. No services were provided pursuant to contingent fee arrangements. Employee Numbers and Costs The average monthly number of employees (including Executive Directors) was:
2025 2024
Number of Number of
employees employees
Fee earning staff
900
859
Administrative and support staff
597
563
1,497
1,422
Their aggregate remuneration comprised:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Wages and salaries
82,716
78,966
Social security costs
11,544
9,511
Share-based payments
25
2,772
1,549
Defined contribution pension costs
1,322
1,166
98,354
91,192
The following table details the aggregate remuneration charged in the year relating to the Executive Directors and Non-Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
1,327
1,910
Short\u2013term non\u2013monetary benefits
38
45
Share\u2013based payments
1,983
1,031
Pension benefits
23
22
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "3. INCOME AND EXPENSES Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. Auditor\u2019s Remuneration The remuneration of the auditor is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
The audit of the Company
383
368
The audit of the Company\u2019s subsidiaries
128
125
Total audit fees
511
493
Audit-related assurance services
45
44
Other assurance services
6
6
Total non-audit fees
51
50
Details of the Company\u2019s policy on the use of the auditor for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on PAGE 95. No services were provided pursuant to contingent fee arrangements. Employee Numbers and Costs The average monthly number of employees (including Executive Directors) was:
2025 2024
Number of Number of
employees employees
Fee earning staff
900
859
Administrative and support staff
597
563
1,497
1,422
Their aggregate remuneration comprised:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Wages and salaries
82,716
78,966
Social security costs
11,544
9,511
Share-based payments
25
2,772
1,549
Defined contribution pension costs
1,322
1,166
98,354
91,192
The following table details the aggregate remuneration charged in the year relating to the Executive Directors and Non-Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
1,327
1,910
Short\u2013term non\u2013monetary benefits
38
45
Share\u2013based payments
1,983
1,031
Pension benefits
23
22
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "3. INCOME AND EXPENSES Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. Auditor\u2019s Remuneration The remuneration of the auditor is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
The audit of the Company
383
368
The audit of the Company\u2019s subsidiaries
128
125
Total audit fees
511
493
Audit-related assurance services
45
44
Other assurance services
6
6
Total non-audit fees
51
50
Details of the Company\u2019s policy on the use of the auditor for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on PAGE 95. No services were provided pursuant to contingent fee arrangements. Employee Numbers and Costs The average monthly number of employees (including Executive Directors) was:
2025 2024
Number of Number of
employees employees
Fee earning staff
900
859
Administrative and support staff
597
563
1,497
1,422
Their aggregate remuneration comprised:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Wages and salaries
82,716
78,966
Social security costs
11,544
9,511
Share-based payments
25
2,772
1,549
Defined contribution pension costs
1,322
1,166
98,354
91,192
The following table details the aggregate remuneration charged in the year relating to the Executive Directors and Non-Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
1,327
1,910
Short\u2013term non\u2013monetary benefits
38
45
Share\u2013based payments
1,983
1,031
Pension benefits
23
22
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "3. INCOME AND EXPENSES Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. Auditor\u2019s Remuneration The remuneration of the auditor is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
The audit of the Company
383
368
The audit of the Company\u2019s subsidiaries
128
125
Total audit fees
511
493
Audit-related assurance services
45
44
Other assurance services
6
6
Total non-audit fees
51
50
Details of the Company\u2019s policy on the use of the auditor for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on PAGE 95. No services were provided pursuant to contingent fee arrangements. Employee Numbers and Costs The average monthly number of employees (including Executive Directors) was:
2025 2024
Number of Number of
employees employees
Fee earning staff
900
859
Administrative and support staff
597
563
1,497
1,422
Their aggregate remuneration comprised:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Wages and salaries
82,716
78,966
Social security costs
11,544
9,511
Share-based payments
25
2,772
1,549
Defined contribution pension costs
1,322
1,166
98,354
91,192
The following table details the aggregate remuneration charged in the year relating to the Executive Directors and Non-Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
1,327
1,910
Short\u2013term non\u2013monetary benefits
38
45
Share\u2013based payments
1,983
1,031
Pension benefits
23
22
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1
Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26
for further details.
10. PROPERTY, PLANT AND EQUIPMENT
Fixtures, Assets
Leasehold fittings and under
improvements equipment construction Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
35,950
13,265
\u2013
49,215
Additions
188
242
2,857
3,287
Disposals
(309)
(155)
\u2013
(464)
Transferred into use
619
74
(693)
\u2013
At 31 December 2025
36,448
13,426
2,164
52,038
Accumulated depreciation and impairment losses
At 1 January 2025
30,348
10,783
\u2013
41,131
Disposals
(307)
(152)
\u2013
(459)
Depreciation
1,692
944
\u2013
2,636
At 31 December 2025
31,733
11,575
\u2013
43,308
Net carrying value
At 31 December 2025
4,715
1,851
2,164
8,730
At 1 January 2025
5,602
2,482
\u2013
8,084
Fixtures, Assets
Leasehold fittings and under
improvements equipment construction Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
35,083
12,965
\u2013
48,048
Additions
297
228
581
1,106
Acquired through business combinations
61
\u2013
\u2013
61
Transferred into use
509
72
(581)
\u2013
At 31 December 2024
35,950
13,265
\u2013
49,215
Accumulated depreciation and impairment losses
At 1 January 2024
28,767
9,822
\u2013
38,589
Depreciation
1,581
961
\u2013
2,542
At 31 December 2024
30,348
10,783
\u2013
41,131
Net carrying value
At 31 December 2024
5,602
2,482
\u2013
8,084
At 1 January 2024
6,316
3,143
\u2013
9,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Profit for the year is stated after charging:
Restated
1
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Short-term leases
11
657
915
Depreciation of property, plant and equipment
10
2,636
2,542
Depreciation of right-of-use assets
11
11,283
10,684
Amortisation of non-acquired intangibles
9
703
218
Amortisation of acquired intangibles
9
2,611
2,084
Loss/(gain) on disposal of property, plant and equipment
10
5
(37)
Loss on disposal of intangible assets
9
54
\u2013
Impairment loss on trade receivables and contract assets
105
1,269
Employee costs
98,354
91,192
Adjusted items net charge
1
4,26
252
228
Other gains
325
260
1 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
Auditor\u2019s Remuneration
The remuneration of the auditor is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
The audit of the Company
383
368
The audit of the Company\u2019s subsidiaries
128
125
Total audit fees
511
493
Audit-related assurance services
45
44
Other assurance services
6
6
Total non-audit fees
51
50
Details of the Company\u2019s policy on the use of the auditor for non-audit services, the reasons why the auditor was used rather than
another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report
on
PAGE 95. No services were provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
Employee Numbers and Costs
The average monthly number of employees (including Executive Directors) was:
2025 2024
Number of Number of
employees employees
Fee earning staff
900
859
Administrative and support staff
597
563
1,497
1,422
Their aggregate remuneration comprised:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Wages and salaries
82,716
78,966
Social security costs
11,544
9,511
Share-based payments
25
2,772
1,549
Defined contribution pension costs
1,322
1,166
98,354
91,192
The following table details the aggregate remuneration charged in the year relating to the Executive Directors and
Non-Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
1,327
1,910
Short\u2013term non\u2013monetary benefits
38
45
Share\u2013based payments
1,983
1,031
Pension benefits
23
22
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "4. ADJUSTED ITEMS Adjusted operating profit, adjusted operating profit margin, adjusted EBITDA, adjusted EBITDA margin, adjusted profit before tax, and adjusted earnings per share, exclude amortisation of acquired intangibles and adjusted items. These APMs are defined, purpose explained and reconciled to statutory measures in Note 2 and Note 26. The following items have been classified as adjusted items in the year.
Restated
3
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net property related reversals
1
(1,288)
(629)
Transaction related costs
2
321
298
LTIP buyout award IFRS 2 charges
3
989
559
Reorganisation costs
4
230
\u2013
Net adjusted items charge
252
228
1 Net property related reversals mainly comprise the net of charges for re-estimation of property and onerous cost provisions, gains on the surrender of leases and other charges and credits relating to vacant or sublet property. The treatment of such items is consistent from year-to-year. 2 Transaction related costs relate mainly to costs directly incurred as a result of the Group\u2019s acquisition strategy. 3 Adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. Refer to Note 26 for further details. 4 Cost of Executive reorganisation. Net cash outflow from adjusted items during the year totalled \u00a31.9 million (2024: \u00a31.2 million).", "dimensions": { "concept": "foxtonsgroupplc:DisclosureOfAdjustedItems", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
5. FINANCE INCOME AND COSTS
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income on cash and cash equivalents
260
266
Interest income on leasing arrangements
11
51
30
Other finance income
30
\u2013
Total finance income
341
296
Finance costs
Interest on borrowings
16
(1,009)
(812)
Interest on lease liabilities
11
(2,070)
(2,065)
Other finance costs
(36)
\u2013
Total finance costs
(3,115)
(2,877)
Net finance cost
(2,7 74)
(2,581)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "5. FINANCE INCOME AND COSTS
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income on cash and cash equivalents
260
266
Interest income on leasing arrangements
11
51
30
Other finance income
30
\u2013
Total finance income
341
296
Finance costs
Interest on borrowings
16
(1,009)
(812)
Interest on lease liabilities
11
(2,070)
(2,065)
Other finance costs
(36)
\u2013
Total finance costs
(3,115)
(2,877)
Net finance cost
(2,7 74)
(2,581)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "5. FINANCE INCOME AND COSTS
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income on cash and cash equivalents
260
266
Interest income on leasing arrangements
11
51
30
Other finance income
30
\u2013
Total finance income
341
296
Finance costs
Interest on borrowings
16
(1,009)
(812)
Interest on lease liabilities
11
(2,070)
(2,065)
Other finance costs
(36)
\u2013
Total finance costs
(3,115)
(2,877)
Net finance cost
(2,7 74)
(2,581)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "5. FINANCE INCOME AND COSTS
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income on cash and cash equivalents
260
266
Interest income on leasing arrangements
11
51
30
Other finance income
30
\u2013
Total finance income
341
296
Finance costs
Interest on borrowings
16
(1,009)
(812)
Interest on lease liabilities
11
(2,070)
(2,065)
Other finance costs
(36)
\u2013
Total finance costs
(3,115)
(2,877)
Net finance cost
(2,7 74)
(2,581)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "5. FINANCE INCOME AND COSTS
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income on cash and cash equivalents
260
266
Interest income on leasing arrangements
11
51
30
Other finance income
30
\u2013
Total finance income
341
296
Finance costs
Interest on borrowings
16
(1,009)
(812)
Interest on lease liabilities
11
(2,070)
(2,065)
Other finance costs
(36)
\u2013
Total finance costs
(3,115)
(2,877)
Net finance cost
(2,7 74)
(2,581)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "6. TAXATION Recognised in the Group's Comprehensive Income Statement The components of the tax charge recognised in the Group comprehensive income statement are:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current tax
Current period UK corporation tax
5,738
4,546
Adjustment in respect of prior periods
(187)
(1,029)
Total current tax charge
5,551
3,517
Deferred tax
Origination and reversal of temporary differences
(1,199)
(473)
Adjustment in respect of prior periods
(285)
439
Total deferred tax credit
(1,484)
(34)
Tax charge on profit on ordinary activities
4,067
3,483
Corporation tax for the year ended 31 December 2025 is calculated at 25% (2024: 25%) of the estimated taxable profit for the period. Reconciliation of Effective Tax Charge The tax on the Group\u2019s profit before tax differs from the standard UK corporation tax rate of 25% (2024: 25%), because of the following factors:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before tax from continuing operations
16,913
17,485
Tax at the UK corporation tax rate (as stated above)
4,228
4,371
Tax effect of expenses that are not deductible
254
392
Tax effect of non-taxable income
(81)
(280)
Other differences \u2013 share awards
111
(59)
Adjustment in respect of previous periods
(472)
(590)
Derecognition/(recognition) of a deferred tax asset
27
(351)
Tax charge on profit on ordinary activities
4,067
3,483
Effective tax rate
24.0%
19.9%
Group relief is claimed and surrendered between Group companies for consideration equal to the tax benefit. Tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited to equity is \u00a3244k (2024: credit of \u00a3941k), comprising \u00a3280k (2024: credit of \u00a3750k) of deferred tax offset by a \u00a336k credit (2024: \u00a3191k credit) of current tax. This relates to share-based payment schemes. Deferred Tax Deferred tax assets and liabilities are only offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
3,035
2,738
Deferred tax liabilities
(28,970)
(29,503)
Net deferred tax
(25,935)
(26,765)
Deferred tax liabilities relate to the intangible assets of the Foxtons brand and purchased customer contracts and relationships, which have an indefinite life and a range of definite lives respectively. The deferred tax liability relating to the Foxtons brand will not reverse unless the Foxtons brand is impaired or sold by the Group, and the deferred tax liability relating to purchased customer contracts and relationships will unwind over the range of amortisation periods of the respective assets. The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods.
Other Tax losses
Fixed temporary carried Intangible
assets differences forward assets Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 December 2023
105
830
970
(28,153)
(26,248)
(Charge)/credit to profit or loss
(36)
491
(36)
(385)
34
Credit to equity
\u2013
750
\u2013
\u2013
750
Additions through business combinations
\u2013
(336)
\u2013
(965)
(1,301)
At 31 December 2024
69
1,735
934
(29,503)
(26,765)
Credit/(charge) to profit or loss
349
743
(401)
793
1,484
Charge to equity
\u2013
(280)
\u2013
\u2013
(280)
Additions through business combinations (refer to Note 12)
\u2013
(60)
\u2013
(260)
(320)
Other movements
\u2013
(54)
\u2013
\u2013
(54)
At 31 December 2025
418
2,084
533
(28,970)
(25,935)
Deferred tax assets have been recognised in respect of all tax losses and other temporary differences to the extent that it is probable that these assets will be recovered through future taxable profits. A deferred tax asset totalling \u00a30.5 million (2024: \u00a30.9 million) has been recognised in respect of tax losses brought forward of \u00a32.1 million (2024: \u00a33.7 million), related to unused non-trade deficits in Foxtons Intermediate Holdings Limited at 31 December 2025. Foxtons Intermediate Holdings Limited also has \u00a330.7 million of unused losses (2024: \u00a330.6 million) for which a deferred tax asset has not been recognised on the basis that it is not considered probable that there will be future taxable profits available. These losses may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
Deferred Tax
Deferred tax assets and liabilities are only offset where the Group has a legally enforceable right to do so. The following is the
analysis of the deferred tax balances (after offset) for financial reporting purposes:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
3,035
2,738
Deferred tax liabilities
(28,970)
(29,503)
Net deferred tax
(25,935)
(26,765)
Deferred tax liabilities relate to the intangible assets of the Foxtons brand and purchased customer contracts and relationships,
which have an indefinite life and a range of definite lives respectively. The deferred tax liability relating to the Foxtons brand will
not reverse unless the Foxtons brand is impaired or sold by the Group, and the deferred tax liability relating to purchased customer
contracts and relationships will unwind over the range of amortisation periods of the respective assets.
The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current
and prior reporting periods.
Other Tax losses
Fixed temporary carried Intangible
assets differences forward assets Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 December 2023
105
830
970
(28,153)
(26,248)
(Charge)/credit to profit or loss
(36)
491
(36)
(385)
34
Credit to equity
\u2013
750
\u2013
\u2013
750
Additions through business combinations
\u2013
(336)
\u2013
(965)
(1,301)
At 31 December 2024
69
1,735
934
(29,503)
(26,765)
Credit/(charge) to profit or loss
349
743
(401)
793
1,484
Charge to equity
\u2013
(280)
\u2013
\u2013
(280)
Additions through business combinations (refer to Note 12)
\u2013
(60)
\u2013
(260)
(320)
Other movements
\u2013
(54)
\u2013
\u2013
(54)
At 31 December 2025
418
2,084
533
(28,970)
(25,935)
Deferred tax assets have been recognised in respect of all tax losses and other temporary differences to the extent that it is probable
that these assets will be recovered through future taxable profits.
A deferred tax asset totalling \u00a30.5 million (2024: \u00a30.9 million) has been recognised in respect of tax losses brought forward
of \u00a32.1 million (2024: \u00a33.7 million), related to unused non-trade deficits in Foxtons Intermediate Holdings Limited at
31 December 2025.
Foxtons Intermediate Holdings Limited also has \u00a330.7 million of unused losses (2024: \u00a330.6 million) for which a deferred tax asset
has not been recognised on the basis that it is not considered probable that there will be future taxable profits available. These losses
may be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
7. DIVIDENDS
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Final dividend for the year ended 31 December 2024: 0.95p (31 December 2023: 0.70p) per ordinary share
2,875
2,119
Interim dividend for the year ended 31 December 2025: 0.24p (31 December 2024: 0.22p) per ordinary share
718
668
3,593
2,787
For 2025, the Board has proposed a final dividend of 0.93p per ordinary share (\u00a32.7 million) to be paid on 15 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "0.009", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-325": { "value": "2700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "8. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the earnings for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding own shares held. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the financial period, excluding own shares held, plus the weighted average number of ordinary shares that would be issued on conversion of dilutive potential ordinary share awards into ordinary shares. The Company\u2019s dilutive potential ordinary shares relate to share options granted for which the vesting conditions have been met as of the reporting date. As explained in Note 1.19, the definition of adjusted items has been revised during the year which has resulted in a corresponding impact on adjusted earnings per share. The 2024 comparative has been restated as detailed within this note to ensure a fair comparison.
Restated
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit for the purposes of basic and diluted earnings per share
12,846
14,002
Adjusted for:
Adjusted items (including associated taxation)
1
372
88
Amortisation of acquired intangibles (including associated taxation)
1
1,958
1,563
Adjusted earnings for the purposes of adjusted earnings per share
2
15,176
15,653
Number of shares
2025
2024
Weighted average number of ordinary shares for the purposes of basic earnings per share
300,801,699
302,867,437
Effect of dilutive potential ordinary shares
5,973,303
6,899,138
Weighted average number of ordinary shares for the purpose of diluted earnings per share
306,775,002
309,766,575
Earnings per share (basic)
4.3p
4.6p
Earnings per share (diluted)
4.2p
4.5p
Adjusted earnings per share (basic)
3
5.0p
5.2p
Adjusted earnings per share (diluted)
3
4.9p
5.1p
1 Adjusted items charge of \u00a3252k (2024: \u00a3228k charge restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items) per Note 4, plus associated tax charge of \u00a3120k (2024: \u00a3140k credit) and amortisation of acquired intangibles of \u00a32,611k (2024: \u00a32,084k) per Note 3, plus associated tax credit of \u00a3653k (2024: \u00a3521k). 2 The 2024 adjusted earnings for the purposes of adjusted earnings per share comparative has been restated to add back as an adjusted item the impact of the CEO\u2019s LTIP buyout award net of tax of \u00a3402k, increasing the metric from \u00a315,251k (as presented in 2024) to \u00a315,653k. 3 The 2024 adjusted earnings per share (basic and diluted) has been restated to reflect the adjusted earnings noted above. The 2024 adjusted earnings per share (basic) has increased from 5.0p to 5.2p and 2024 adjusted earnings per share (diluted) has increased from 4.9p to 5.1p.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
9. GOODWILL AND OTHER INTANGIBLE ASSETS
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
62,097
99,000
3,235
2,824
21,782
188,938
Fair value adjustments
1
854
\u2013
\u2013
\u2013
\u2013
854
Additions
\u2013
\u2013
\u2013
1,013
\u2013
1,013
Disposals
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Acquired through business combinations
1,376
\u2013
\u2013
\u2013
1,042
2,418
(refer to Note 12)
Transfer
\u2013
\u2013
2,985
(2,985)
\u2013
\u2013
At 31 December 2025
64,327
99,000
6,133
852
22,824
193,136
Accumulated amortisation and
impairment losses
At 1 January 2025
9,819
\u2013
2,411
\u2013
6,413
18,643
Amortisation
\u2013
\u2013
703
\u2013
2,611
3,314
Disposals
\u2013
\u2013
(33)
\u2013
\u2013
(33)
At 31 December 2025
9,819
\u2013
3,081
\u2013
9,024
21,924
Net carrying value
At 31 December 2025
54,508
99,000
3,052
852
13,800
171,212
At 1 January 2025
52,278
99,000
824
2,824
15,369
170,295
1
Fair value adjustment relating to 2024 acquisitions arising from an adjustment to deferred consideration within the 12-month window from
acquisition date.
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
50,528
99,000
3,007
1,487
17,925
171,947
Fair value adjustments
1
(577)
\u2013
\u2013
\u2013
\u2013
(577)
Additions
\u2013
\u2013
\u2013
1,565
\u2013
1,565
Acquired through business combinations
12,146
\u2013
\u2013
\u2013
3,857
16,003
Transfer
\u2013
\u2013
228
(228)
\u2013
\u2013
At 31 December 2024
62,097
99,000
3,235
2,824
21,782
188,938
Accumulated amortisation and
impairment losses
At 1 January 2024
9,819
\u2013
2,193
\u2013
4,329
16,341
Amortisation
\u2013
\u2013
218
\u2013
2,084
2,302
At 31 December 2024
9,819
\u2013
2,411
\u2013
6,413
18,643
Net carrying value
At 31 December 2024
52,278
99,000
824
2,824
15,369
170,295
At 1 January 2024
40,709
99,000
814
1,487
13,596
155,606
1
Fair value adjustment relating to 2023 acquisitions arising from an adjustment to deferred consideration within the 12-month window from
acquisition date.
Carrying Values and Annual Impairment Review
a) Carrying values of goodwill and intangible assets with indefinite lives
The carrying values of goodwill and intangible assets with indefinite lives as at 31 December are summarised below.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Lettings goodwill
54,508
52,278
Brand asset \u2013 Sales and Lettings
99,000
99,000
153,508
151,278
\u2022 Lettings goodwill is allocated to the Lettings CGU and tested at this level. This allocation represents the lowest level at which
goodwill is monitored for internal management purposes and is not larger than an operating segment.
\u2022 The brand asset has been tested for impairment by aggregating the values in use relating to the Lettings and Sales CGUs.
No brand value is allocated to the Financial Services CGU since the Foxtons brand only relates to the Sales and Lettings
CGUs. This grouping represents the lowest level at which management monitors the brand internally and reflects the way
in which the brand asset is viewed, rather than being allocated to each segment on an arbitrary basis.
b) Impairment review approach and outcome
Management tests goodwill and the indefinite life brand asset annually for impairment, or more frequently if there are
indicators of impairment, in accordance with IAS 36 \u2018Impairment of Assets\u2019.
Management has determined the recoverable amount of each CGU from value in use calculations. The value in use calculations
use cash flow projections from formally approved budgets and forecasts covering a five-year period, with a terminal growth rate
after five years. The resultant cash flows are discounted using a pre-tax discount rate appropriate to the CGUs.
Following the annual impairment review performed as at 30 September 2025, there has been no impairment of the carrying
amount of goodwill or the brand asset.
c) Impairment review assumptions
The assumptions used in the annual impairment review are detailed below:
\u2022 Cash flow assumptions
The key variables in determining the cash flows are Lettings revenues, Sales revenues and the associated direct costs incurred
during the forecast period. These assumptions are based upon a combination of past experience of observable trends and
expectations of future changes in the market. Key assumptions are as follows:
\u2022 Sales revenue increases by a CAGR (compound average growth rate) of 6.4% as the market remains flat in 2026 and
grows 2.5% annually thereafter and market share growth continues.
\u2022 Within the Sales revenue assumption, house prices are assumed to increase 1.0% annually.
\u2022 Lettings revenue is assumed to grow at a CAGR of 2.5% over the forecast period, excluding future Lettings portfolio
acquisitions that must be excluded from forecast cash flows under IAS 36.
\u2022 Long-term growth rates
To evaluate the recoverable amounts of each CGU, a terminal value has been assumed after the fifth year and includes a
long-term growth rate in the cash flows of 2.0% (2024: 2.0%) into perpetuity.
The long-term growth rate is derived from management\u2019s estimates, which take into account the long-term nature of the
market in which each CGU operates and external long-term growth forecasts.
\u2022 Discount rates
In accordance with IAS 36, the pre-tax discount rate applied to the cash flows of each CGU is based on the Group\u2019s weighted
average cost of capital (WACC) and is calculated using a capital asset pricing model and incorporates lease debt held under
IFRS 16. The WACC has been adjusted to reflect risks specific to each CGU not already reflected in the future cash flows for
that CGU.
The pre-tax discount rate used to discount Lettings cash flows in the assessment of Lettings goodwill is 16.3% (2024: 17.6%).
The pre-tax discount rate used to discount aggregated Sales and Lettings cash flows in the assessment of the brand asset
is 16.3% (2024: 17.6%). The year-on-year decrease in the discount rate is attributable to market changes in WACC inputs,
primarily the adjusted beta and equity risk premiums.
d) Sensitivity analysis
Sensitivity analysis has been performed to assess whether the carrying values of goodwill and the brand asset are sensitive
to reasonably possible changes in key assumptions and whether any changes in key assumptions would materially change
the carrying values. Lettings goodwill showed significant headroom against all sensitivity scenarios, while the brand asset
is sensitive to reasonably possible changes in key assumptions.
The key assumption in the brand impairment assessment is the forecast revenues for the Lettings and Sales businesses.
The carrying value of the brand asset is not highly sensitive to changes in discount rates or long-term growth rates.
The impairment model indicates brand asset headroom of \u00a352.7 million (2024: \u00a358.6 million) or 30% (2024: 35%) of the
carrying value under test. Cash flows are sourced from the Group\u2019s Board approved plan while also complying with the
requirements of IAS 36.
Assuming no changes in other elements of the plan, the brand asset headroom would reduce to zero if the combined revenue
CAGR over the forecast period reduces from 3.8% to 2.3%. Under a reasonably possible downside scenario, in which Sales
revenue would grow by 4.5% in 2026 (base: 9.1%), 4.1% in 2027 (base: 8.2%) and 2% thereafter (base: 5%), reflecting a
possible, but pessimistic, sales market downside view, Lettings revenue growth would be limited to 1% per annum, and the
Group would take appropriate mitigating actions, such as reducing discretionary spend and direct costs. In this scenario,
the brand asset headroom would be reduced to \u00a36.0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "9. GOODWILL AND OTHER INTANGIBLE ASSETS
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
62,097
99,000
3,235
2,824
21,782
188,938
Fair value adjustments
1
854
\u2013
\u2013
\u2013
\u2013
854
Additions
\u2013
\u2013
\u2013
1,013
\u2013
1,013
Disposals
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Acquired through business combinations
1,376
\u2013
\u2013
\u2013
1,042
2,418
(refer to Note 12)
Transfer
\u2013
\u2013
2,985
(2,985)
\u2013
\u2013
At 31 December 2025
64,327
99,000
6,133
852
22,824
193,136
Accumulated amortisation and
impairment losses
At 1 January 2025
9,819
\u2013
2,411
\u2013
6,413
18,643
Amortisation
\u2013
\u2013
703
\u2013
2,611
3,314
Disposals
\u2013
\u2013
(33)
\u2013
\u2013
(33)
At 31 December 2025
9,819
\u2013
3,081
\u2013
9,024
21,924
Net carrying value
At 31 December 2025
54,508
99,000
3,052
852
13,800
171,212
At 1 January 2025
52,278
99,000
824
2,824
15,369
170,295
1 Fair value adjustment relating to 2024 acquisitions arising from an adjustment to deferred consideration within the 12-month window from acquisition date.
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
50,528
99,000
3,007
1,487
17,925
171,947
Fair value adjustments
1
(577)
\u2013
\u2013
\u2013
\u2013
(577)
Additions
\u2013
\u2013
\u2013
1,565
\u2013
1,565
Acquired through business combinations
12,146
\u2013
\u2013
\u2013
3,857
16,003
Transfer
\u2013
\u2013
228
(228)
\u2013
\u2013
At 31 December 2024
62,097
99,000
3,235
2,824
21,782
188,938
Accumulated amortisation and
impairment losses
At 1 January 2024
9,819
\u2013
2,193
\u2013
4,329
16,341
Amortisation
\u2013
\u2013
218
\u2013
2,084
2,302
At 31 December 2024
9,819
\u2013
2,411
\u2013
6,413
18,643
Net carrying value
At 31 December 2024
52,278
99,000
824
2,824
15,369
170,295
At 1 January 2024
40,709
99,000
814
1,487
13,596
155,606
1 Fair value adjustment relating to 2023 acquisitions arising from an adjustment to deferred consideration within the 12-month window from acquisition date. Carrying Values and Annual Impairment Review a) Carrying values of goodwill and intangible assets with indefinite lives The carrying values of goodwill and intangible assets with indefinite lives as at 31 December are summarised below.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Lettings goodwill
54,508
52,278
Brand asset \u2013 Sales and Lettings
99,000
99,000
153,508
151,278
\u2022 Lettings goodwill is allocated to the Lettings CGU and tested at this level. This allocation represents the lowest level at which goodwill is monitored for internal management purposes and is not larger than an operating segment. \u2022 The brand asset has been tested for impairment by aggregating the values in use relating to the Lettings and Sales CGUs. No brand value is allocated to the Financial Services CGU since the Foxtons brand only relates to the Sales and Lettings CGUs. This grouping represents the lowest level at which management monitors the brand internally and reflects the way in which the brand asset is viewed, rather than being allocated to each segment on an arbitrary basis. b) Impairment review approach and outcome Management tests goodwill and the indefinite life brand asset annually for impairment, or more frequently if there are indicators of impairment, in accordance with IAS 36 \u2018Impairment of Assets\u2019. Management has determined the recoverable amount of each CGU from value in use calculations. The value in use calculations use cash flow projections from formally approved budgets and forecasts covering a five-year period, with a terminal growth rate after five years. The resultant cash flows are discounted using a pre-tax discount rate appropriate to the CGUs. Following the annual impairment review performed as at 30 September 2025, there has been no impairment of the carrying amount of goodwill or the brand asset. c) Impairment review assumptions The assumptions used in the annual impairment review are detailed below: \u2022 Cash flow assumptions The key variables in determining the cash flows are Lettings revenues, Sales revenues and the associated direct costs incurred during the forecast period. These assumptions are based upon a combination of past experience of observable trends and expectations of future changes in the market. Key assumptions are as follows: \u2022 Sales revenue increases by a CAGR (compound average growth rate) of 6.4% as the market remains flat in 2026 and grows 2.5% annually thereafter and market share growth continues. \u2022 Within the Sales revenue assumption, house prices are assumed to increase 1.0% annually. \u2022 Lettings revenue is assumed to grow at a CAGR of 2.5% over the forecast period, excluding future Lettings portfolio acquisitions that must be excluded from forecast cash flows under IAS 36. \u2022 Long-term growth rates To evaluate the recoverable amounts of each CGU, a terminal value has been assumed after the fifth year and includes a long-term growth rate in the cash flows of 2.0% (2024: 2.0%) into perpetuity. The long-term growth rate is derived from management\u2019s estimates, which take into account the long-term nature of the market in which each CGU operates and external long-term growth forecasts. \u2022 Discount rates In accordance with IAS 36, the pre-tax discount rate applied to the cash flows of each CGU is based on the Group\u2019s weighted average cost of capital (WACC) and is calculated using a capital asset pricing model and incorporates lease debt held under IFRS 16. The WACC has been adjusted to reflect risks specific to each CGU not already reflected in the future cash flows for that CGU. The pre-tax discount rate used to discount Lettings cash flows in the assessment of Lettings goodwill is 16.3% (2024: 17.6%). The pre-tax discount rate used to discount aggregated Sales and Lettings cash flows in the assessment of the brand asset is 16.3% (2024: 17.6%). The year-on-year decrease in the discount rate is attributable to market changes in WACC inputs, primarily the adjusted beta and equity risk premiums. d) Sensitivity analysis Sensitivity analysis has been performed to assess whether the carrying values of goodwill and the brand asset are sensitive to reasonably possible changes in key assumptions and whether any changes in key assumptions would materially change the carrying values. Lettings goodwill showed significant headroom against all sensitivity scenarios, while the brand asset is sensitive to reasonably possible changes in key assumptions. The key assumption in the brand impairment assessment is the forecast revenues for the Lettings and Sales businesses. The carrying value of the brand asset is not highly sensitive to changes in discount rates or long-term growth rates. The impairment model indicates brand asset headroom of \u00a352.7 million (2024: \u00a358.6 million) or 30% (2024: 35%) of the carrying value under test. Cash flows are sourced from the Group\u2019s Board approved plan while also complying with the requirements of IAS 36. Assuming no changes in other elements of the plan, the brand asset headroom would reduce to zero if the combined revenue CAGR over the forecast period reduces from 3.8% to 2.3%. Under a reasonably possible downside scenario, in which Sales revenue would grow by 4.5% in 2026 (base: 9.1%), 4.1% in 2027 (base: 8.2%) and 2% thereafter (base: 5%), reflecting a possible, but pessimistic, sales market downside view, Lettings revenue growth would be limited to 1% per annum, and the Group would take appropriate mitigating actions, such as reducing discretionary spend and direct costs. In this scenario, the brand asset headroom would be reduced to \u00a36.0 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "9. GOODWILL AND OTHER INTANGIBLE ASSETS
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
62,097
99,000
3,235
2,824
21,782
188,938
Fair value adjustments
1
854
\u2013
\u2013
\u2013
\u2013
854
Additions
\u2013
\u2013
\u2013
1,013
\u2013
1,013
Disposals
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Acquired through business combinations
1,376
\u2013
\u2013
\u2013
1,042
2,418
(refer to Note 12)
Transfer
\u2013
\u2013
2,985
(2,985)
\u2013
\u2013
At 31 December 2025
64,327
99,000
6,133
852
22,824
193,136
Accumulated amortisation and
impairment losses
At 1 January 2025
9,819
\u2013
2,411
\u2013
6,413
18,643
Amortisation
\u2013
\u2013
703
\u2013
2,611
3,314
Disposals
\u2013
\u2013
(33)
\u2013
\u2013
(33)
At 31 December 2025
9,819
\u2013
3,081
\u2013
9,024
21,924
Net carrying value
At 31 December 2025
54,508
99,000
3,052
852
13,800
171,212
At 1 January 2025
52,278
99,000
824
2,824
15,369
170,295
1 Fair value adjustment relating to 2024 acquisitions arising from an adjustment to deferred consideration within the 12-month window from acquisition date.
Customer
Assets contracts
under and
Goodwill Brand Software construction relationships Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
50,528
99,000
3,007
1,487
17,925
171,947
Fair value adjustments
1
(577)
\u2013
\u2013
\u2013
\u2013
(577)
Additions
\u2013
\u2013
\u2013
1,565
\u2013
1,565
Acquired through business combinations
12,146
\u2013
\u2013
\u2013
3,857
16,003
Transfer
\u2013
\u2013
228
(228)
\u2013
\u2013
At 31 December 2024
62,097
99,000
3,235
2,824
21,782
188,938
Accumulated amortisation and
impairment losses
At 1 January 2024
9,819
\u2013
2,193
\u2013
4,329
16,341
Amortisation
\u2013
\u2013
218
\u2013
2,084
2,302
At 31 December 2024
9,819
\u2013
2,411
\u2013
6,413
18,643
Net carrying value
At 31 December 2024
52,278
99,000
824
2,824
15,369
170,295
At 1 January 2024
40,709
99,000
814
1,487
13,596
155,606
1 Fair value adjustment relating to 2023 acquisitions arising from an adjustment to deferred consideration within the 12-month window from acquisition date. Carrying Values and Annual Impairment Review a) Carrying values of goodwill and intangible assets with indefinite lives The carrying values of goodwill and intangible assets with indefinite lives as at 31 December are summarised below.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Lettings goodwill
54,508
52,278
Brand asset \u2013 Sales and Lettings
99,000
99,000
153,508
151,278
\u2022 Lettings goodwill is allocated to the Lettings CGU and tested at this level. This allocation represents the lowest level at which goodwill is monitored for internal management purposes and is not larger than an operating segment. \u2022 The brand asset has been tested for impairment by aggregating the values in use relating to the Lettings and Sales CGUs. No brand value is allocated to the Financial Services CGU since the Foxtons brand only relates to the Sales and Lettings CGUs. This grouping represents the lowest level at which management monitors the brand internally and reflects the way in which the brand asset is viewed, rather than being allocated to each segment on an arbitrary basis. b) Impairment review approach and outcome Management tests goodwill and the indefinite life brand asset annually for impairment, or more frequently if there are indicators of impairment, in accordance with IAS 36 \u2018Impairment of Assets\u2019. Management has determined the recoverable amount of each CGU from value in use calculations. The value in use calculations use cash flow projections from formally approved budgets and forecasts covering a five-year period, with a terminal growth rate after five years. The resultant cash flows are discounted using a pre-tax discount rate appropriate to the CGUs. Following the annual impairment review performed as at 30 September 2025, there has been no impairment of the carrying amount of goodwill or the brand asset. c) Impairment review assumptions The assumptions used in the annual impairment review are detailed below: \u2022 Cash flow assumptions The key variables in determining the cash flows are Lettings revenues, Sales revenues and the associated direct costs incurred during the forecast period. These assumptions are based upon a combination of past experience of observable trends and expectations of future changes in the market. Key assumptions are as follows: \u2022 Sales revenue increases by a CAGR (compound average growth rate) of 6.4% as the market remains flat in 2026 and grows 2.5% annually thereafter and market share growth continues. \u2022 Within the Sales revenue assumption, house prices are assumed to increase 1.0% annually. \u2022 Lettings revenue is assumed to grow at a CAGR of 2.5% over the forecast period, excluding future Lettings portfolio acquisitions that must be excluded from forecast cash flows under IAS 36. \u2022 Long-term growth rates To evaluate the recoverable amounts of each CGU, a terminal value has been assumed after the fifth year and includes a long-term growth rate in the cash flows of 2.0% (2024: 2.0%) into perpetuity. The long-term growth rate is derived from management\u2019s estimates, which take into account the long-term nature of the market in which each CGU operates and external long-term growth forecasts. \u2022 Discount rates In accordance with IAS 36, the pre-tax discount rate applied to the cash flows of each CGU is based on the Group\u2019s weighted average cost of capital (WACC) and is calculated using a capital asset pricing model and incorporates lease debt held under IFRS 16. The WACC has been adjusted to reflect risks specific to each CGU not already reflected in the future cash flows for that CGU. The pre-tax discount rate used to discount Lettings cash flows in the assessment of Lettings goodwill is 16.3% (2024: 17.6%). The pre-tax discount rate used to discount aggregated Sales and Lettings cash flows in the assessment of the brand asset is 16.3% (2024: 17.6%). The year-on-year decrease in the discount rate is attributable to market changes in WACC inputs, primarily the adjusted beta and equity risk premiums. d) Sensitivity analysis Sensitivity analysis has been performed to assess whether the carrying values of goodwill and the brand asset are sensitive to reasonably possible changes in key assumptions and whether any changes in key assumptions would materially change the carrying values. Lettings goodwill showed significant headroom against all sensitivity scenarios, while the brand asset is sensitive to reasonably possible changes in key assumptions. The key assumption in the brand impairment assessment is the forecast revenues for the Lettings and Sales businesses. The carrying value of the brand asset is not highly sensitive to changes in discount rates or long-term growth rates. The impairment model indicates brand asset headroom of \u00a352.7 million (2024: \u00a358.6 million) or 30% (2024: 35%) of the carrying value under test. Cash flows are sourced from the Group\u2019s Board approved plan while also complying with the requirements of IAS 36. Assuming no changes in other elements of the plan, the brand asset headroom would reduce to zero if the combined revenue CAGR over the forecast period reduces from 3.8% to 2.3%. Under a reasonably possible downside scenario, in which Sales revenue would grow by 4.5% in 2026 (base: 9.1%), 4.1% in 2027 (base: 8.2%) and 2% thereafter (base: 5%), reflecting a possible, but pessimistic, sales market downside view, Lettings revenue growth would be limited to 1% per annum, and the Group would take appropriate mitigating actions, such as reducing discretionary spend and direct costs. In this scenario, the brand asset headroom would be reduced to \u00a36.0 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
10. PROPERTY, PLANT AND EQUIPMENT
Fixtures, Assets
Leasehold fittings and under
improvements equipment construction Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
35,950
13,265
\u2013
49,215
Additions
188
242
2,857
3,287
Disposals
(309)
(155)
\u2013
(464)
Transferred into use
619
74
(693)
\u2013
At 31 December 2025
36,448
13,426
2,164
52,038
Accumulated depreciation and impairment losses
At 1 January 2025
30,348
10,783
\u2013
41,131
Disposals
(307)
(152)
\u2013
(459)
Depreciation
1,692
944
\u2013
2,636
At 31 December 2025
31,733
11,575
\u2013
43,308
Net carrying value
At 31 December 2025
4,715
1,851
2,164
8,730
At 1 January 2025
5,602
2,482
\u2013
8,084
Fixtures, Assets
Leasehold fittings and under
improvements equipment construction Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
35,083
12,965
\u2013
48,048
Additions
297
228
581
1,106
Acquired through business combinations
61
\u2013
\u2013
61
Transferred into use
509
72
(581)
\u2013
At 31 December 2024
35,950
13,265
\u2013
49,215
Accumulated depreciation and impairment losses
At 1 January 2024
28,767
9,822
\u2013
38,589
Depreciation
1,581
961
\u2013
2,542
At 31 December 2024
30,348
10,783
\u2013
41,131
Net carrying value
At 31 December 2024
5,602
2,482
\u2013
8,084
At 1 January 2024
6,316
3,143
\u2013
9,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "11. LEASES Group as a Lessee The Group has lease contracts for its head office, branches and for motor vehicles used in its operations. With the exception of short-term leases, each lease is recognised on the balance sheet with a right-of-use asset and a lease liability. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 10). Generally, the right-of-use assets can only be used by the Group, unless there is a contractual right for the Group to sub-lease the asset to another party. The Group is also prohibited from selling or pledging the leased assets as security. Right-of-use Assets The carrying amounts of the right-of-use assets recognised and the movements during the year are outlined below:
Motor
Property vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
34,517
7,954
42,471
Additions
2,396
3,475
5,871
Acquired through business combinations
921
80
1,001
Lease modifications
(84)
534
450
Disposals
(242)
(245)
(487)
Depreciation
(6,754)
(3,930)
(10,684)
At 31 December 2024
30,754
7,868
38,622
Additions
12,695
2,049
14,744
Acquired through business combinations (refer to Note 12)
\u2013
18
18
Lease modifications
(2,510)
(13)
(2,523)
Disposals
(1,009)
(76)
(1,085)
Depreciation
(7,162)
(4,121)
(11,283)
At 31 December 2025
32,768
5,725
38,493
Lease Liabilities The carrying amounts of lease liabilities recognised and the movements during the year are outlined below:
Motor
Property vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
39,477
8,124
47,601
Additions
2,367
3,475
5,842
Acquired through business combinations
921
80
1,001
Lease modifications
(73)
535
462
Disposals
(799)
(241)
(1,040)
Interest charge
1,683
382
2,065
Payments
(9,012)
(4,155)
(13,167)
At 31 December 2024
34,564
8,200
42,764
Additions
12,159
2,049
14,208
Acquired through business combinations (refer to Note 12)
\u2013
18
18
Lease modifications
(3,245)
\u2013
(3,245)
Disposals
(2,704)
(93)
(2,797)
Interest charge
1,712
358
2,070
Payments
(8,586)
(4,403)
(12,989)
At 31 December 2025
33,900
6,129
40,029
Current
4,039
3,748
7,787
Non-current
29,861
2,381
32,242
Lease modifications include the early surrender of the leases for the Group\u2019s previous headquarters, which ended in January 2026. This resulted in a net gain of \u00a30.3 million, reflecting a \u00a30.7 million gain from lease modifications, partially offset by a \u00a30.4 million provision for lease exit costs. Of the movements in the year, cash payments with respect to principal and interest totalling \u00a313.0 million were made (2024: \u00a313.2 million) and the remaining net movement in lease liabilities of \u00a310.2 million (2024: \u00a38.3 million) was non-cash in nature. At the balance sheet date, the Group had outstanding commitments for future minimum lease payments which fall due as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Maturity analysis \u2013 contractual undiscounted cash flows
Within one year
9,850
13,101
In the second to fifth years inclusively
22,761
27,032
After five years
18,608
8,282
51,219
48,415
The Group has elected not to recognise a lease liability for short-term leases (expected lease term is 12 months or less), in line with the IFRS 16 short-term lease exemption. Payments made under such leases are expensed on a straight-line basis. At 31 December 2025, the Group had a commitment of less than \u00a30.1 million (2024: less than \u00a30.1 million) in relation to short-term leases. Amounts Recognised in Profit or Loss The following are the amounts recognised in profit or loss during the year, in respect of the leases held by the Group as a lessee:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of right\u2013of\u2013use assets
11,283
10,684
Interest expense on lease liabilities
2,070
2,065
Expenses relating to short\u2013term leases
657
915
Total amount recognised in profit or loss
14,010
13,664
Group as an Intermediate Lessor Finance Lease Receivables The Group is an intermediate lessor for various lease arrangements considered to be finance sub-leases. The amounts recognised in the profit or loss during the year are outlined below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income under finance sub\u2013leases recognised in the year
51
30
As at 31 December 2025 and 2024, third parties had outstanding commitments due to the Group for future undiscounted minimum lease payments, which fall due as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Within one year
147
171
In the second to fifth years inclusively
568
580
After five years
83
206
798
957
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
Right-of-use Assets
The carrying amounts of the right-of-use assets recognised and the movements during the year are outlined below:
Motor
Property vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
34,517
7,954
42,471
Additions
2,396
3,475
5,871
Acquired through business combinations
921
80
1,001
Lease modifications
(84)
534
450
Disposals
(242)
(245)
(487)
Depreciation
(6,754)
(3,930)
(10,684)
At 31 December 2024
30,754
7,868
38,622
Additions
12,695
2,049
14,744
Acquired through business combinations (refer to Note 12)
\u2013
18
18
Lease modifications
(2,510)
(13)
(2,523)
Disposals
(1,009)
(76)
(1,085)
Depreciation
(7,162)
(4,121)
(11,283)
At 31 December 2025
32,768
5,725
38,493
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutFinancialInstrumentsThatHaveYetToTransitionToAlternativeBenchmarkRateExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "12. BUSINESS COMBINATIONS On 28 February 2025 the Group acquired 100% of the equity interest of Marshall Vizard LLP and its holding companies (\u201cMarshall Vizard\u201d), an independent estate agent which is focused on the commuter town of Watford. A purchase price allocation exercise has been completed which identified \u00a31.0 million of acquired intangible assets relating to customer contracts and relationships, which are identifiable and separable, and will be amortised over ten years. The discount rate applied to the cash flows is based on Marshall Vizard\u2019s weighted average cost of capital (WACC) and is calculated using a capital asset pricing model. The WACC has been adjusted to reflect risks specific to Marshall Vizard not already reflected in the future cash flows. \u00a31.4m of goodwill has arisen on the acquisitions and is primarily attributable to synergies, new customers, the acquired workforce and business expertise. The acquired goodwill has been allocated for impairment testing purposes to the Group\u2019s Lettings cash-generating unit which is expected to benefit from the synergies of the combination. None of the goodwill is expected to be deductible for tax purposes. From the date of acquisition, the business combination contributed \u00a30.7 million of revenue and \u00a30.4 million profit before tax to the Group\u2019s performance for the year ended 31 December 2025. If the combination had taken place at the beginning of the year, revenue for the period would have been \u00a30.2 million higher and profit before tax would have increased by \u00a30.1 million. Assets Acquired and Liabilities Assumed The fair values of the identifiable assets and liabilities of the acquired entity as at the date of acquisition are disclosed below. The fair values of the identifiable assets and liabilities are estimated by taking into consideration all available information at the reporting date.
Marshall
Vizard
\u00a3\u2019000
Assets
Acquired intangible assets recognised on acquisition
1,042
Right\u2013of\u2013use assets
18
Cash and cash equivalents
421
Trade and other receivables
4
Contract assets
243
1,728
Liabilities
Trade and other payables
(50)
Contract liabilities
(4)
Lease liabilities
(18)
Current tax liability
(121)
Deferred tax liability
(320)
Borrowings
(16)
(529)
Total identifiable net assets at fair value
1,199
Goodwill arising on acquisition
1,376
Fair value of consideration
2,575
The deferred tax liability mainly comprises the tax effect of the accelerated amortisation for tax purposes of the acquired intangible assets recognised on acquisition. Purchase Consideration At the acquisition date, the fair value of consideration was estimated at \u00a32.6 million, comprising the following:
Marshall
Vizard
\u00a3\u2019000
Amount settled in cash
1,840
Contingent cash consideration
735
Fair value of consideration
2,575
As part of the purchase agreement with the previous owners of Marshall Vizard, the contingent cash consideration is subject to performance conditions being met. Total consideration of \u00a31.7 million has been paid during the year net of cash acquired, which is included in cash flows used in investing activities in the consolidated statement of cash flows. At 31 December 2025, the remaining consideration payable of \u00a30.5 million is included within trade and other payables. Prior Period Acquisitions As disclosed in Note 13 of the 2024 Annual Report and Accounts, on 28 October 2024 the Group acquired 100% of the share capital of the following independent London estate agents which are primarily focused on the commuter towns of Reading and Watford: \u2022 Haslams Estate Agents (Thames Valley) Limited and subsidiaries (\u2018Haslams\u2019); \u2022 Imagine Property Group Limited (\u2018Imagine\u2019). A total deferred consideration of \u00a33.7 million was paid in 2025 across prior period acquisitions, with a further \u00a31.0 million of contingent consideration payable subject to performance conditions being met. Analysis of Cash Flows on Acquisition
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash consideration
(2,093)
(12,575)
Cash acquired in subsidiaries
421
1,242
Current year acquisitions of subsidiaries, net of cash acquired
(1,672)
(11,333)
Deferred consideration paid in relation to prior year acquisitions
(3,660)
(1,371)
Acquisitions of subsidiaries, net of cash acquired (included in cash flows from investing activities)
(5,332)
(12,704)
Transaction costs of the acquisitions paid in the year (included in cash flows from operating activities)
1
(123)
(295)
Net cash flow on acquisitions
(5,455)
(12,999)
1 Transaction costs are presented within adjusted items set out in Note 4. Costs shown above exclude accrued balances which are included per Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
13. SUBSIDIARIES
Investments in subsidiaries as at 31 December 2025 are summarised below:
Proportion of
ownership
interest held Proportion of
Place of incorporation in ordinary voting power
Name
and operation
Principal activity
shares % held %
Foxtons Intermediate Holdings Limited
1
United Kingdom
Holding company
100%
100%
Foxtons Operational Holdings Limited
United Kingdom
Holding company
100%
100%
Foxtons Limited
United Kingdom
Estate agency
100%
100%
Alexander Hall Associates Limited
United Kingdom
Financial services
100%
100%
Alexander Hall Partnership Limited (formerly
United Kingdom
Financial services
100%
100%
Alexander Hall Direct Limited)
London Stone Properties Limited
United Kingdom
Estate agency
100%
100%
Stones Residential Holdings Limited
United Kingdom
Dormant
100%
100%
Stones Residential (Stanmore) Limited
United Kingdom
Estate agency
100%
100%
IMM Properties Ltd.
United Kingdom
Dormant
100%
100%
Atkinson McLeod Limited
United Kingdom
Estate agency
100%
100%
Ludlow Thompson Holdings Limited
United Kingdom
Holding company
100%
100%
Ludlowthompson SLM Ltd
United Kingdom
Estate agency
100%
100%
Ludlowthompson.com Limited
United Kingdom
Estate agency
100%
100%
Haslams Estate Agents (Thames Valley) Limited
United Kingdom
Holding company
100%
100%
Haslams Estate Agents Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Lettings) Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Wokingham)
United Kingdom
Estate agency
100%
100%
Limited
Imagine Property Group Limited
United Kingdom
Estate agency
100%
100%
Neil Marshall Limited
United Kingdom
Estate agency
100%
100%
Dominic Watts Limited
United Kingdom
Estate agency
100%
100%
Marshall Vizard LLP
United Kingdom
Estate agency
100%
100%
1
Direct holding of Foxtons Group plc. All other subsidiaries are indirect holdings.
All subsidiaries except those listed below, have their registered office at Building 12, Chiswick Park, 566 Chiswick High Road, London,
W4 5AN.
Alexander Hall Associates Limited and Alexander Hall Partnership Limited have their registered office at 137-144 High Holborn,
London, WC1V 6PL.
Haslams Estate Agents (Thames Valley) Limited and Haslams Estate Agents Limited have their registered office at 159 Friar Street,
Reading, Berkshire, RG1 1HE.
Michael Hardy & Company (Lettings) Limited and Michael Hardy & Company (Wokingham) Limited have their registered office at
9 Broad Street, Wokingham, Berkshire, RG40 1AU.
During 2025, the Group\u2019s subsidiary London Stone Property Sales Limited was dissolved via voluntary strike-off.
Subsidiary Audit Exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Name number
London Stone Properties Limited
06431946
Stones Residential Holdings Limited
08823115
Stones Residential (Stanmore) Limited
04141139
IMM Properties Ltd.
04078132
Atkinson McLeod Limited
04242670
Ludlow Thompson Holdings Limited
07369596
Ludlowthompson SLM Ltd
05955309
Ludlowthompson.com Limited
06959011
Haslams Estate Agents (Thames Valley) Limited
10960874
Haslams Estate Agents Limited
02957717
Michael Hardy & Company (Lettings) Limited
03731054
Michael Hardy & Company (Wokingham) Limited
01867303
Imagine Property Group Limited
10313168
Neil Marshall Limited
08833572
Dominic Watts Limited
12694986
Marshall Vizard LLP
OC390964
Alexander Hall Partnership Limited
03790471
The Company will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 December 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, the Company will guarantee any contingent and prospective liabilities that these subsidiaries are subject to.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "13. SUBSIDIARIES Investments in subsidiaries as at 31 December 2025 are summarised below:
Proportion of
ownership
interest held Proportion of
Place of incorporation in ordinary voting power
Name
and operation
Principal activity
shares % held %
Foxtons Intermediate Holdings Limited
1
United Kingdom
Holding company
100%
100%
Foxtons Operational Holdings Limited
United Kingdom
Holding company
100%
100%
Foxtons Limited
United Kingdom
Estate agency
100%
100%
Alexander Hall Associates Limited
United Kingdom
Financial services
100%
100%
Alexander Hall Partnership Limited (formerly
United Kingdom
Financial services
100%
100%
Alexander Hall Direct Limited)
London Stone Properties Limited
United Kingdom
Estate agency
100%
100%
Stones Residential Holdings Limited
United Kingdom
Dormant
100%
100%
Stones Residential (Stanmore) Limited
United Kingdom
Estate agency
100%
100%
IMM Properties Ltd.
United Kingdom
Dormant
100%
100%
Atkinson McLeod Limited
United Kingdom
Estate agency
100%
100%
Ludlow Thompson Holdings Limited
United Kingdom
Holding company
100%
100%
Ludlowthompson SLM Ltd
United Kingdom
Estate agency
100%
100%
Ludlowthompson.com Limited
United Kingdom
Estate agency
100%
100%
Haslams Estate Agents (Thames Valley) Limited
United Kingdom
Holding company
100%
100%
Haslams Estate Agents Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Lettings) Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Wokingham)
United Kingdom
Estate agency
100%
100%
Limited
Imagine Property Group Limited
United Kingdom
Estate agency
100%
100%
Neil Marshall Limited
United Kingdom
Estate agency
100%
100%
Dominic Watts Limited
United Kingdom
Estate agency
100%
100%
Marshall Vizard LLP
United Kingdom
Estate agency
100%
100%
1 Direct holding of Foxtons Group plc. All other subsidiaries are indirect holdings. All subsidiaries except those listed below, have their registered office at Building 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN. Alexander Hall Associates Limited and Alexander Hall Partnership Limited have their registered office at 137-144 High Holborn, London, WC1V 6PL. Haslams Estate Agents (Thames Valley) Limited and Haslams Estate Agents Limited have their registered office at 159 Friar Street, Reading, Berkshire, RG1 1HE. Michael Hardy & Company (Lettings) Limited and Michael Hardy & Company (Wokingham) Limited have their registered office at 9 Broad Street, Wokingham, Berkshire, RG40 1AU. During 2025, the Group\u2019s subsidiary London Stone Property Sales Limited was dissolved via voluntary strike-off. Subsidiary Audit Exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Name number
London Stone Properties Limited
06431946
Stones Residential Holdings Limited
08823115
Stones Residential (Stanmore) Limited
04141139
IMM Properties Ltd.
04078132
Atkinson McLeod Limited
04242670
Ludlow Thompson Holdings Limited
07369596
Ludlowthompson SLM Ltd
05955309
Ludlowthompson.com Limited
06959011
Haslams Estate Agents (Thames Valley) Limited
10960874
Haslams Estate Agents Limited
02957717
Michael Hardy & Company (Lettings) Limited
03731054
Michael Hardy & Company (Wokingham) Limited
01867303
Imagine Property Group Limited
10313168
Neil Marshall Limited
08833572
Dominic Watts Limited
12694986
Marshall Vizard LLP
OC390964
Alexander Hall Partnership Limited
03790471
The Company will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 31 December 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, the Company will guarantee any contingent and prospective liabilities that these subsidiaries are subject to.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "13. SUBSIDIARIES Investments in subsidiaries as at 31 December 2025 are summarised below:
Proportion of
ownership
interest held Proportion of
Place of incorporation in ordinary voting power
Name
and operation
Principal activity
shares % held %
Foxtons Intermediate Holdings Limited
1
United Kingdom
Holding company
100%
100%
Foxtons Operational Holdings Limited
United Kingdom
Holding company
100%
100%
Foxtons Limited
United Kingdom
Estate agency
100%
100%
Alexander Hall Associates Limited
United Kingdom
Financial services
100%
100%
Alexander Hall Partnership Limited (formerly
United Kingdom
Financial services
100%
100%
Alexander Hall Direct Limited)
London Stone Properties Limited
United Kingdom
Estate agency
100%
100%
Stones Residential Holdings Limited
United Kingdom
Dormant
100%
100%
Stones Residential (Stanmore) Limited
United Kingdom
Estate agency
100%
100%
IMM Properties Ltd.
United Kingdom
Dormant
100%
100%
Atkinson McLeod Limited
United Kingdom
Estate agency
100%
100%
Ludlow Thompson Holdings Limited
United Kingdom
Holding company
100%
100%
Ludlowthompson SLM Ltd
United Kingdom
Estate agency
100%
100%
Ludlowthompson.com Limited
United Kingdom
Estate agency
100%
100%
Haslams Estate Agents (Thames Valley) Limited
United Kingdom
Holding company
100%
100%
Haslams Estate Agents Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Lettings) Limited
United Kingdom
Estate agency
100%
100%
Michael Hardy & Company (Wokingham)
United Kingdom
Estate agency
100%
100%
Limited
Imagine Property Group Limited
United Kingdom
Estate agency
100%
100%
Neil Marshall Limited
United Kingdom
Estate agency
100%
100%
Dominic Watts Limited
United Kingdom
Estate agency
100%
100%
Marshall Vizard LLP
United Kingdom
Estate agency
100%
100%
1 Direct holding of Foxtons Group plc. All other subsidiaries are indirect holdings. All subsidiaries except those listed below, have their registered office at Building 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN. Alexander Hall Associates Limited and Alexander Hall Partnership Limited have their registered office at 137-144 High Holborn, London, WC1V 6PL. Haslams Estate Agents (Thames Valley) Limited and Haslams Estate Agents Limited have their registered office at 159 Friar Street, Reading, Berkshire, RG1 1HE. Michael Hardy & Company (Lettings) Limited and Michael Hardy & Company (Wokingham) Limited have their registered office at 9 Broad Street, Wokingham, Berkshire, RG40 1AU. During 2025, the Group\u2019s subsidiary London Stone Property Sales Limited was dissolved via voluntary strike-off.
Subsidiary Audit Exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the
audit of individual accounts by virtue of section 479A of the Act.
Company
Name number
London Stone Properties Limited
06431946
Stones Residential Holdings Limited
08823115
Stones Residential (Stanmore) Limited
04141139
IMM Properties Ltd.
04078132
Atkinson McLeod Limited
04242670
Ludlow Thompson Holdings Limited
07369596
Ludlowthompson SLM Ltd
05955309
Ludlowthompson.com Limited
06959011
Haslams Estate Agents (Thames Valley) Limited
10960874
Haslams Estate Agents Limited
02957717
Michael Hardy & Company (Lettings) Limited
03731054
Michael Hardy & Company (Wokingham) Limited
01867303
Imagine Property Group Limited
10313168
Neil Marshall Limited
08833572
Dominic Watts Limited
12694986
Marshall Vizard LLP
OC390964
Alexander Hall Partnership Limited
03790471
The Company will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended
31 December 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships
(Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, the Company will guarantee
any contingent and prospective liabilities that these subsidiaries are subject to.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "14. TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
14,232
13,201
Less: Expected credit loss allowance
(3,297)
(3,058)
Net trade receivables
10,935
10,143
Prepayments and accrued income
4,731
4,853
Other receivables
1,901
1,713
17,567
16,709
Trade receivables without a significant financing component are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any associated expected credit loss allowance. Credit losses are measured at the present value of all cash shortfalls. Trade receivables are considered past due once they have passed their contracted due date. Amounts invoiced to customers on exchange of sales contracts or signing of lettings contracts are due immediately. Impairment of Trade Receivables For Sales, the majority of our receivables are received directly from the conveyancing solicitor working on behalf of the seller from completion monies. This process facilitates the prompt collection of receivables. For Lettings, the vast majority of receivables are collected through rental payments from tenants, which are used to recover commission receivables prior to being paid away to landlords. The Group applies the simplified IFRS 9 approach in measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of customer type with shared credit risk characteristics. The expected credit loss rates are based on the corresponding historical credit losses over an appropriate period, taking into account the different grouping of customers, and are adjusted to reflect current and forward looking macro-economic factors affecting the customers\u2019 ability to settle the amounts outstanding. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Trade receivables are written off when there is no reasonable expectation of recovery. The Group does not hold any collateral or other credit enhancements over any of its trade receivables, nor does it have a legal right of offset against any amounts owed by the Group to the counterparty. A summary of the Group\u2019s trade receivables and credit loss allowances is set out below.
More than More than More than More than
30 days 60 days 90 days 120 days
31 December 2025
Current
past due past due past due
past due
Total
Gross carrying amount (\u00a3\u2019000)
6,399
1,451
815
972
4,595
14,232
Expected credit loss rate
3%
6%
9%
16%
61%
23%
Expected credit loss allowance (\u00a3\u2019000)
(191)
(89)
(77)
(153)
(2,787)
(3,297)
More than More than More than More than
30 days 60 days 90 days 120 days
31 December 2024
Current
past due past due past due
past due
Total
Gross carrying amount (\u00a3\u2019000)
6,374
1,216
787
688
4,136
13,201
Expected credit loss rate
3%
5%
14%
27%
61%
23%
Expected credit loss allowance (\u00a3\u2019000)
(185)
(66)
(113)
(183)
(2,511)
(3,058)
The movement in the expected credit loss allowance is set out below.
Expected
credit loss
allowance
\u00a3\u2019000
At 31 December 2023
(3,103)
Amounts provided for during the period
(341)
Amounts utilised during the period
386
At 31 December 2024
(3,058)
Amounts provided for during the period
(449)
Amounts utilised during the period
210
At 31 December 2025
(3,297)
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. Trade debtor days at the year end were 23 days (2024: 23 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
14,232
13,201
Less: Expected credit loss allowance
(3,297)
(3,058)
Net trade receivables
10,935
10,143
Prepayments and accrued income
4,731
4,853
Other receivables
1,901
1,713
17,567
16,709
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
Impairment of Trade Receivables
For Sales, the majority of our receivables are received directly from the conveyancing solicitor working on behalf of the seller from
completion monies. This process facilitates the prompt collection of receivables. For Lettings, the vast majority of receivables
are collected through rental payments from tenants, which are used to recover commission receivables prior to being paid away
to landlords.
The Group applies the simplified IFRS 9 approach in measuring expected credit losses which uses a lifetime expected credit loss
allowance for all trade receivables. An impairment analysis is performed at each reporting date using a provision matrix to measure
expected credit losses. The provision rates are based on days past due for groupings of customer type with shared credit risk
characteristics. The expected credit loss rates are based on the corresponding historical credit losses over an appropriate period,
taking into account the different grouping of customers, and are adjusted to reflect current and forward looking macro-economic
factors affecting the customers\u2019 ability to settle the amounts outstanding. The calculation reflects the probability-weighted
outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions
and forecasts of future economic conditions.
Trade receivables are written off when there is no reasonable expectation of recovery. The Group does not hold any collateral or
other credit enhancements over any of its trade receivables, nor does it have a legal right of offset against any amounts owed by
the Group to the counterparty.
A summary of the Group\u2019s trade receivables and credit loss allowances is set out below.
More than More than More than More than
30 days 60 days 90 days 120 days
31 December 2025
Current
past due past due past due
past due
Total
Gross carrying amount (\u00a3\u2019000)
6,399
1,451
815
972
4,595
14,232
Expected credit loss rate
3%
6%
9%
16%
61%
23%
Expected credit loss allowance (\u00a3\u2019000)
(191)
(89)
(77)
(153)
(2,787)
(3,297)
More than More than More than More than
30 days 60 days 90 days 120 days
31 December 2024
Current
past due past due past due
past due
Total
Gross carrying amount (\u00a3\u2019000)
6,374
1,216
787
688
4,136
13,201
Expected credit loss rate
3%
5%
14%
27%
61%
23%
Expected credit loss allowance (\u00a3\u2019000)
(185)
(66)
(113)
(183)
(2,511)
(3,058)
The movement in the expected credit loss allowance is set out below.
Expected
credit loss
allowance
\u00a3\u2019000
At 31 December 2023
(3,103)
Amounts provided for during the period
(341)
Amounts utilised during the period
386
At 31 December 2024
(3,058)
Amounts provided for during the period
(449)
Amounts utilised during the period
210
At 31 December 2025
(3,297)
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
Trade debtor days at the year end were 23 days (2024: 23 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade creditors
3,579
4,201
Social security and other taxes
3,567
3,349
VAT payable
1,988
1,511
Contingent and deferred consideration
1,461
4,106
Accruals
11,220
10,549
Other creditors
140
205
21,955
23,921
The average trade creditor days as at 31 December 2025 were 22 days (2024: 25 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade creditors
3,579
4,201
Social security and other taxes
3,567
3,349
VAT payable
1,988
1,511
Contingent and deferred consideration
1,461
4,106
Accruals
11,220
10,549
Other creditors
140
205
21,955
23,921
The average trade creditor days as at 31 December 2025 were 22 days (2024: 25 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
16. BORROWINGS
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current:
Revolving credit facility
22,594
18,180
Transaction costs
(218)
(172)
Total borrowings due in more than one year
22,376
18,008
Total borrowings
22,376
18,008
During the year, the Company exercised the accordion option on the revolving credit facility (RCF), increasing it from \u00a330 million
to \u00a340 million, and extended it by one year from June 2027 to June 2028. The RCF attracts a margin of 1.65% above SONIA and
is unsecured.
The RCF is subject to a leverage covenant (net debt to adjusted EBITDA not to exceed 1.75x) and an interest cover covenant
(adjusted EBITDA to interest not to be less than 4x) as defined in the facility agreement. Both covenants are calculated using
pre-IFRS 16 accounting principles as detailed within Note 26.
The Group has the right to defer settlement of the RCF providing that the covenants are met. The Group was in compliance with
the covenants throughout the period and at 31 December 2025 (leverage covenant 0.67x and interest cover 24x).
The movements in borrowings were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
18,008
11,780
Proceeds
19,000
26,800
Repayments
(14,516)
(20,629)
Interest accrued
1,009
812
Interest paid
(1,165)
(536)
Acquired through business combination (refer to Note 12)
16
\u2013
Other movements including transaction fees
24
(219)
At 31 December
22,376
18,008
22. FINANCIAL INSTRUMENTS Categories of Financial Instruments The categories of financial instruments, including contract assets and liabilities, held by the Group are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets recorded at FVOCI
Investments
31
31
31
31
Financial assets recorded at amortised cost
Cash and cash equivalents
5,475
5,320
Other financial assets
39,909
36,043
45,384
41,363
Financial liabilities recorded at amortised cost
Borrowings
(22,376)
(18,008)
Lease liabilities
(40,029)
(42,764)
Trade and other payables
1
(16,400)
(19,061)
Contract liabilities
2
(7,793)
(8,387)
(86,598)
(88,220)
1 This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables. 2 This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities. Management considers that the book value of financial assets and liabilities recorded at amortised cost and their fair value are approximately equal. Fair Value Hierarchy The Group uses the following hierarchy for determining the fair value of the financial instruments held: Level 1 \u2013 Quoted market prices Level 2 \u2013 Valuation techniques (market observable) Level 3 \u2013 Valuation techniques (non-market observable) The Group held \u00a331k of Level 3 financial instruments relating to unlisted shares at 31 December 2025 (2024: \u00a331k), which is categorised as fair value through other comprehensive income (FVOCI). The Group does not hold any financial instruments categorised as Level 1 or 2 under IFRS 13 (2024: \u00a3nil). Capital Risk Management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, undertake share buybacks, return capital to shareholders, issue new shares or negotiate debt facilities. The capital structure of the Group consists of equity, comprising issued capital, reserves and retained earnings, and external borrowings. A regulated subsidiary of the Group, Alexander Hall Associates Limited, is subject to externally imposed capital requirements. The required amount is calculated as 2.5% of the subsidiary\u2019s annual revenue as defined by the Financial Conduct Authority. As at 31 December 2025, the threshold was \u00a3258k (2024: \u00a3233k), for which the entity is in compliance. Gearing Ratio The Group\u2019s gearing ratio, calculated as net debt divided by equity, at each period end is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net debt
1
(16,901)
(12,688)
Equity
144,969
138,979
Gearing ratio
11.7%
9.1%
1 As defined in Note 26, net debt is defined as cash and cash equivalents less external borrowings and excludes IFRS 16 lease liabilities. Equity includes all capital and reserves of the Group that are managed as capital. Financial Risk Management The Group closely monitors cash requirements to ensure sufficient funds are held for the operations of the Group. Interest Rate Risk Management The Group is exposed to interest rate risk because entities in the Group earn interest on client deposits (see Note 24) and incur interest on RCF drawdowns, which accrues at a floating interest rate. The interest rate risk is managed by maintaining an appropriate level of gearing and a mix of fixed/floating rate assets and borrowings. Interest Rate Sensitivity Analysis The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments (cash and cash equivalents and client monies) at the statement of financial position date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the statement of financial position date was outstanding for the whole period. If interest rates had been 1% higher and all other variables were held constant, the Group\u2019s profit before tax and total equity for the 12 months ended 31 December 2025 would increase by \u00a31.2 million (2024: \u00a31.1 million). Conversely if interest rates had been 1% lower, the Group\u2019s profit before tax and total equity for the 12 months ended 31 December 2025 would decrease by \u00a31.2 million (2024: \u00a31.1 million). Credit Risk Management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Trade receivables and contract assets consist of a large number of customers and are monitored on an ongoing basis. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. Concentration of credit risk to any counterparty did not exceed 1% of gross monetary assets at any time during the period. The credit risk on liquid funds is considered to be limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. Client monies (see Note 24) are held with financial institutions with high credit ratings assigned by international credit-rating agencies. The credit risk of banks cannot be totally eliminated. However, as the funds are client monies there is the additional protection of the Financial Services Compensation Scheme (FSCS) under which the government guarantees amounts of up to \u00a3120,000 (previously \u00a385,000) each. This guarantee applies to each individual client deposit, not the sum total on deposit. Liquidity Risk Management The Group manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Additionally, the Group has access to a \u00a340.0 million RCF (2024: \u00a330.0 million) which expires in June 2028. As at 31 December 2025 the Group had drawn down \u00a322.5 million (31 December 2024: \u00a318.0 million). The tables below have been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that will be unwound on those liabilities.
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
1
(16,400)
(16,400)
(16,400)
\u2013
\u2013
\u2013
\u2013
Borrowings
(22,376)
(25,624)
(1,212)
(1,212)
(23,200)
\u2013
\u2013
Contract liabilities
2
(7,793)
(7,793)
(7,409)
(384)
\u2013
\u2013
\u2013
Lease liabilities
(40,029)
(51,219)
(9,850)
(7,820)
(5,735)
(4,954)
(22,860)
(86,598)
(101,036)
(34,871)
(9,416)
(28,935)
(4,954)
(22,860)
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
(19,061)
(19,061)
(19,061)
\u2013
\u2013
\u2013
\u2013
Borrowings
3
(18,008)
(21,038)
(1,143)
(1,143)
(18,752)
\u2013
\u2013
Contract liabilities
(8,387)
(8,387)
(8,387)
\u2013
\u2013
\u2013
\u2013
Lease liabilities
(42,764)
(48,415)
(13,101)
(11,446)
(7,596)
(4,303)
(11,969)
(88,220)
(96,901)
(41,692)
(12,589)
(26,348)
(4,303)
(11,969)
1 This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables. 2 This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities. 3 The contractual cash flows by year have been re-presented to include interest payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "16. BORROWINGS
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current:
Revolving credit facility
22,594
18,180
Transaction costs
(218)
(172)
Total borrowings due in more than one year
22,376
18,008
Total borrowings
22,376
18,008
During the year, the Company exercised the accordion option on the revolving credit facility (RCF), increasing it from \u00a330 million to \u00a340 million, and extended it by one year from June 2027 to June 2028. The RCF attracts a margin of 1.65% above SONIA and is unsecured. The RCF is subject to a leverage covenant (net debt to adjusted EBITDA not to exceed 1.75x) and an interest cover covenant (adjusted EBITDA to interest not to be less than 4x) as defined in the facility agreement. Both covenants are calculated using pre-IFRS 16 accounting principles as detailed within Note 26. The Group has the right to defer settlement of the RCF providing that the covenants are met. The Group was in compliance with the covenants throughout the period and at 31 December 2025 (leverage covenant 0.67x and interest cover 24x). The movements in borrowings were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
18,008
11,780
Proceeds
19,000
26,800
Repayments
(14,516)
(20,629)
Interest accrued
1,009
812
Interest paid
(1,165)
(536)
Acquired through business combination (refer to Note 12)
16
\u2013
Other movements including transaction fees
24
(219)
At 31 December
22,376
18,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "17. CONTRACT ASSETS AND LIABILITIES Contract Assets At 31 December 2025, the Group recognised contract assets net of expected credit loss provision of \u00a327.1 million (2024: \u00a324.2 million), as summarised and explained below.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Lettings: Unbilled commission
26,875
23,930
Sales: Off plan new homes commission
198
257
27,073
24,187
\u2022 Lettings: Unbilled commission Commission for securing a tenancy for the landlord representing unbilled commission revenue due to the Group for the non-cancellable contract period. The increase in contract assets has been driven by a focus on securing longer tenancy terms, and the introduction of shorter billing periods for landlords opting to agree to longer tenancy terms. \u2022 Sales: Off plan new homes commission As explained in Note 1.9, commissions for sales of new homes purchased off-plan is treated as variable consideration under IFRS 15. For these contracts, it is necessary to constrain the consideration to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The table below summarises the movement in the contract assets in the period.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
24,187
19,004
Contract assets recognised in revenue
22,196
20,288
Contract assets invoiced
(19,665)
(15,372)
Acquired through business combination (refer to Note 12)
243
1,195
Decrease/(increase) in expected credit loss provision
112
(928)
At 31 December
27,073
24,187
Impairment of Contract Assets As at 31 December 2025, the Group recognised an expected credit loss provision of \u00a32.4 million (2024: \u00a32.5 million). Management assesses expected credit losses using the relevant IFRS 9 \u2018Financial Instruments\u2019 guidance with reference to historical loss rates and forward-looking loss estimates. Forward-looking loss estimates consider broader economic factors and the possible impact of the Renters\u2019 Rights Act, which is effective as of 1 May 2026, if tenants choose to exit their existing contracts earlier than anticipated, which is permitted under the new legislation. The expected credit loss provision represents 8% of the gross contract asset balance (2024: 9%). A 1% to 3% absolute increase in the expected credit loss provision rate, which is considered to be a reasonable range sensitivity, would result in a \u00a30.3 million to \u00a30.8 million increase in the expected credit loss provision which would primarily be caused by a change in the forward-looking loss factors. Contract Liabilities At 31 December 2025, the Group recognised contract liabilities of \u00a39.8 million (2024: \u00a310.5 million) as summarised and explained below.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Lettings: Securing a tenancy for the landlord
6,625
6,977
Lettings: Rent collection service
2,025
2,119
Other amounts deferred
1,168
1,410
9,818
10,506
A contract liability is created when charges are raised for future periods during which either the landlord or tenant will have the ability to cancel the contract. The contract liability is subsequently reduced, and revenue is recognised, over the length of the cancellable period. If the contract is cancelled, the remaining contract liability is derecognised and a commission refund is recognised within trade and other payables. The nature of the contract liability balances are as follows: \u2022 Lettings: Securing a tenancy for the landlord As explained in Note 1.9, the contracts the Group holds with landlords are considered to be \u2018cancellable contracts\u2019 under IFRS 15, due to the landlord having the ability to cancel the contract at any time once the non-cancellable period has passed. If the contract is cancelled, the landlord is refunded any initial amounts paid to the Group on a pro-rata basis. The contract liabilities relate to contracts where charges have been raised for future periods where the landlord has the ability to cancel the contracts. \u2022 Lettings: Rent collection service The contract liabilities relate to charges raised in advance of rent collection performance obligations being satisfied. The remaining performance obligations will be performed over the course of the remaining tenancy period which is estimated to be 11 months on average. \u2022 Other amounts deferred Other amounts deferred relate to the Group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer or where the Group has a constructive obligation to a customer. The table below splits the current and non-current classification of contract assets and contract liabilities with reference to when the asset or liability is expected to crystallise.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current contract assets
20,426
18,579
Non-current contract assets
6,647
5,608
Total contract assets
27,073
24,187
Current contract liabilities
9,434
10,506
Non-current contract liabilities
384
\u2013
Total contract liabilities
9,818
10,506
", "dimensions": { "concept": "foxtonsgroupplc:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
18. PROVISIONS
Provision
for adjusted Other
items provisions Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2025
1,735
2,742
4,477
Increase in provision
937
1,294
2,231
Reversal of provision
(530)
(171)
(701)
Utilisation of provision
(1,404)
(297)
(1,701)
At 31 December 2025
738
3,568
4,306
Provision
for adjusted Other
items provisions Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,629
1,988
4,617
Increase in provision
501
662
1,163
Acquired through business combinations
65
500
565
Reversal of provision
(673)
(213)
(886)
Utilisation of provision
(787)
(195)
(982)
At 31 December 2024
1,735
2,742
4,477
The balances are analysed as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
2,705
2,156
Non-current
1,601
2,321
4,306
4,477
Provision for Adjusted Items
This provision relates to the dilapidations, rates, service charges and other unavoidable costs under onerous leases relating to
branches that are no longer required. The provision is based on the present value of unavoidable costs payable during the lease term,
after taking into account amounts expected to be recovered through sub-lease arrangements. The provision has an expected life of
up to 14 years (2024: 14 years).
During the period a net provision charge of \u00a30.4 million (2024: \u00a30.2 million reversal) has been recognised as adjusted items. Refer to
Note 4 for further details.
Other Provisions
These provisions include mainly dilapidation provisions relating to the ongoing branch portfolio, other onerous provisions that are
incurred in the ordinary course of business and legal provisions. The movement in the year mainly relates to dilapidation provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "18. PROVISIONS
Provision
for adjusted Other
items provisions Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2025
1,735
2,742
4,477
Increase in provision
937
1,294
2,231
Reversal of provision
(530)
(171)
(701)
Utilisation of provision
(1,404)
(297)
(1,701)
At 31 December 2025
738
3,568
4,306
Provision
for adjusted Other
items provisions Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,629
1,988
4,617
Increase in provision
501
662
1,163
Acquired through business combinations
65
500
565
Reversal of provision
(673)
(213)
(886)
Utilisation of provision
(787)
(195)
(982)
At 31 December 2024
1,735
2,742
4,477
The balances are analysed as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
2,705
2,156
Non-current
1,601
2,321
4,306
4,477
Provision for Adjusted Items This provision relates to the dilapidations, rates, service charges and other unavoidable costs under onerous leases relating to branches that are no longer required. The provision is based on the present value of unavoidable costs payable during the lease term, after taking into account amounts expected to be recovered through sub-lease arrangements. The provision has an expected life of up to 14 years (2024: 14 years). During the period a net provision charge of \u00a30.4 million (2024: \u00a30.2 million reversal) has been recognised as adjusted items. Refer to Note 4 for further details. Other Provisions These provisions include mainly dilapidation provisions relating to the ongoing branch portfolio, other onerous provisions that are incurred in the ordinary course of business and legal provisions. The movement in the year mainly relates to dilapidation provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
19. SHARE CAPITAL
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Authorised, allotted, issued and fully paid:
Ordinary shares of \u00a30.01 each
At 1 January
3,301
3,301
Own shares acquired and cancelled in the period
(98)
\u2013
Closing balance
3,203
3,301
As at 31 December 2025 the Company had 320,279,464 ordinary shares (2024: 330,097,758). During the year, 9,818,294 shares
with a nominal value of \u00a398k were repurchased at a cost of \u00a35,543k (2024: none) through two share buyback programmes
announced on 8 April 2025 and 8 September 2025. Shares purchased during the period were cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "19. SHARE CAPITAL
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Authorised, allotted, issued and fully paid:
Ordinary shares of \u00a30.01 each
At 1 January
3,301
3,301
Own shares acquired and cancelled in the period
(98)
\u2013
Closing balance
3,203
3,301
As at 31 December 2025 the Company had 320,279,464 ordinary shares (2024: 330,097,758). During the year, 9,818,294 shares with a nominal value of \u00a398k were repurchased at a cost of \u00a35,543k (2024: none) through two share buyback programmes announced on 8 April 2025 and 8 September 2025. Shares purchased during the period were cancelled. 20. MERGER RESERVE AND OTHER RESERVES
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Merger reserve
20,568
20,568
Capital redemption reserve
169
71
Other capital reserve
2,582
2,582
23,319
23,221
The increase in the capital redemption reserve resulted from the cancellation of repurchased shares during the year. There were no movements in either the merger reserve or other capital reserve. Prior to the Company\u2019s initial public offering, a ratchet mechanism reduced the number of shares in issue resulting in a reduction in share capital and transfer to the other capital reserve. 21. OWN SHARES RESERVE
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at 1 January
11,012
12,092
Settlement of share incentive plan
(279)
(1,080)
Balance at 31 December
10,733
11,012
The own shares reserve represents the cost of shares in the Company purchased in the market and held by either the Company or the Foxtons Group Employee Benefit Trust to satisfy awards under the Group\u2019s long term incentive schemes. The number of ordinary shares held by the Employee Benefit Trust at 31 December 2025 was 57,467 (2024: 57,467). The number of ordinary shares held by the Company in treasury at 31 December 2025 was 25,527,664 (2024: 26,192,151).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
20. MERGER RESERVE AND OTHER RESERVES
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Merger reserve
20,568
20,568
Capital redemption reserve
169
71
Other capital reserve
2,582
2,582
23,319
23,221
The increase in the capital redemption reserve resulted from the cancellation of repurchased shares during the year. There were no
movements in either the merger reserve or other capital reserve. Prior to the Company\u2019s initial public offering, a ratchet mechanism
reduced the number of shares in issue resulting in a reduction in share capital and transfer to the other capital reserve.
21. OWN SHARES RESERVE
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at 1 January
11,012
12,092
Settlement of share incentive plan
(279)
(1,080)
Balance at 31 December
10,733
11,012
The own shares reserve represents the cost of shares in the Company purchased in the market and held by either the Company or
the Foxtons Group Employee Benefit Trust to satisfy awards under the Group\u2019s long term incentive schemes. The number of ordinary
shares held by the Employee Benefit Trust at 31 December 2025 was 57,467 (2024: 57,467).
The number of ordinary shares held by the Company in treasury at 31 December 2025 was 25,527,664 (2024: 26,192,151).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "22. FINANCIAL INSTRUMENTS Categories of Financial Instruments The categories of financial instruments, including contract assets and liabilities, held by the Group are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets recorded at FVOCI
Investments
31
31
31
31
Financial assets recorded at amortised cost
Cash and cash equivalents
5,475
5,320
Other financial assets
39,909
36,043
45,384
41,363
Financial liabilities recorded at amortised cost
Borrowings
(22,376)
(18,008)
Lease liabilities
(40,029)
(42,764)
Trade and other payables
1
(16,400)
(19,061)
Contract liabilities
2
(7,793)
(8,387)
(86,598)
(88,220)
1 This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables. 2 This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities. Management considers that the book value of financial assets and liabilities recorded at amortised cost and their fair value are approximately equal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
Categories of Financial Instruments
The categories of financial instruments, including contract assets and liabilities, held by the Group are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets recorded at FVOCI
Investments
31
31
31
31
Financial assets recorded at amortised cost
Cash and cash equivalents
5,475
5,320
Other financial assets
39,909
36,043
45,384
41,363
Financial liabilities recorded at amortised cost
Borrowings
(22,376)
(18,008)
Lease liabilities
(40,029)
(42,764)
Trade and other payables
1
(16,400)
(19,061)
Contract liabilities
2
(7,793)
(8,387)
(86,598)
(88,220)
1
This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables.
2
This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities.
Management considers that the book value of financial assets and liabilities recorded at amortised cost and their fair value are
approximately equal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
Fair Value Hierarchy
The Group uses the following hierarchy for determining the fair value of the financial instruments held:
Level 1 \u2013 Quoted market prices
Level 2 \u2013 Valuation techniques (market observable)
Level 3 \u2013 Valuation techniques (non-market observable)
The Group held \u00a331k of Level 3 financial instruments relating to unlisted shares at 31 December 2025 (2024: \u00a331k), which is
categorised as fair value through other comprehensive income (FVOCI). The Group does not hold any financial instruments
categorised as Level 1 or 2 under IFRS 13 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "Fair Value Hierarchy The Group uses the following hierarchy for determining the fair value of the financial instruments held: Level 1 \u2013 Quoted market prices Level 2 \u2013 Valuation techniques (market observable) Level 3 \u2013 Valuation techniques (non-market observable) The Group held \u00a331k of Level 3 financial instruments relating to unlisted shares at 31 December 2025 (2024: \u00a331k), which is categorised as fair value through other comprehensive income (FVOCI). The Group does not hold any financial instruments categorised as Level 1 or 2 under IFRS 13 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
Capital Risk Management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the
return to shareholders.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, undertake
share buybacks, return capital to shareholders, issue new shares or negotiate debt facilities.
The capital structure of the Group consists of equity, comprising issued capital, reserves and retained earnings, and external borrowings.
A regulated subsidiary of the Group, Alexander Hall Associates Limited, is subject to externally imposed capital requirements.
The required amount is calculated as 2.5% of the subsidiary\u2019s annual revenue as defined by the Financial Conduct Authority.
As at 31 December 2025, the threshold was \u00a3258k (2024: \u00a3233k), for which the entity is in compliance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Capital Risk Management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, undertake share buybacks, return capital to shareholders, issue new shares or negotiate debt facilities. The capital structure of the Group consists of equity, comprising issued capital, reserves and retained earnings, and external borrowings. A regulated subsidiary of the Group, Alexander Hall Associates Limited, is subject to externally imposed capital requirements. The required amount is calculated as 2.5% of the subsidiary\u2019s annual revenue as defined by the Financial Conduct Authority. As at 31 December 2025, the threshold was \u00a3258k (2024: \u00a3233k), for which the entity is in compliance. Financial Risk Management The Group closely monitors cash requirements to ensure sufficient funds are held for the operations of the Group. Interest Rate Risk Management The Group is exposed to interest rate risk because entities in the Group earn interest on client deposits (see Note 24) and incur interest on RCF drawdowns, which accrues at a floating interest rate. The interest rate risk is managed by maintaining an appropriate level of gearing and a mix of fixed/floating rate assets and borrowings. Interest Rate Sensitivity Analysis The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments (cash and cash equivalents and client monies) at the statement of financial position date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the statement of financial position date was outstanding for the whole period. If interest rates had been 1% higher and all other variables were held constant, the Group\u2019s profit before tax and total equity for the 12 months ended 31 December 2025 would increase by \u00a31.2 million (2024: \u00a31.1 million). Conversely if interest rates had been 1% lower, the Group\u2019s profit before tax and total equity for the 12 months ended 31 December 2025 would decrease by \u00a31.2 million (2024: \u00a31.1 million). Credit Risk Management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Trade receivables and contract assets consist of a large number of customers and are monitored on an ongoing basis. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. Concentration of credit risk to any counterparty did not exceed 1% of gross monetary assets at any time during the period. The credit risk on liquid funds is considered to be limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. Client monies (see Note 24) are held with financial institutions with high credit ratings assigned by international credit-rating agencies. The credit risk of banks cannot be totally eliminated. However, as the funds are client monies there is the additional protection of the Financial Services Compensation Scheme (FSCS) under which the government guarantees amounts of up to \u00a3120,000 (previously \u00a385,000) each. This guarantee applies to each individual client deposit, not the sum total on deposit. Liquidity Risk Management The Group manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Additionally, the Group has access to a \u00a340.0 million RCF (2024: \u00a330.0 million) which expires in June 2028. As at 31 December 2025 the Group had drawn down \u00a322.5 million (31 December 2024: \u00a318.0 million). The tables below have been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that will be unwound on those liabilities.
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
1
(16,400)
(16,400)
(16,400)
\u2013
\u2013
\u2013
\u2013
Borrowings
(22,376)
(25,624)
(1,212)
(1,212)
(23,200)
\u2013
\u2013
Contract liabilities
2
(7,793)
(7,793)
(7,409)
(384)
\u2013
\u2013
\u2013
Lease liabilities
(40,029)
(51,219)
(9,850)
(7,820)
(5,735)
(4,954)
(22,860)
(86,598)
(101,036)
(34,871)
(9,416)
(28,935)
(4,954)
(22,860)
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
(19,061)
(19,061)
(19,061)
\u2013
\u2013
\u2013
\u2013
Borrowings
3
(18,008)
(21,038)
(1,143)
(1,143)
(18,752)
\u2013
\u2013
Contract liabilities
(8,387)
(8,387)
(8,387)
\u2013
\u2013
\u2013
\u2013
Lease liabilities
(42,764)
(48,415)
(13,101)
(11,446)
(7,596)
(4,303)
(11,969)
(88,220)
(96,901)
(41,692)
(12,589)
(26,348)
(4,303)
(11,969)
1 This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables. 2 This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities. 3 The contractual cash flows by year have been re-presented to include interest payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
Interest Rate Sensitivity Analysis
The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments
(cash and cash equivalents and client monies) at the statement of financial position date. For floating rate liabilities, the analysis
is prepared assuming the amount of liability outstanding at the statement of financial position date was outstanding for the
whole period.
If interest rates had been 1% higher and all other variables were held constant, the Group\u2019s profit before tax and total equity for the
12 months ended 31 December 2025 would increase by \u00a31.2 million (2024: \u00a31.1 million). Conversely if interest rates had been 1%
lower, the Group\u2019s profit before tax and total equity for the 12 months ended 31 December 2025 would decrease by \u00a31.2 million
(2024: \u00a31.1 million).
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
The tables below have been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest
that will be unwound on those liabilities.
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
1
(16,400)
(16,400)
(16,400)
\u2013
\u2013
\u2013
\u2013
Borrowings
(22,376)
(25,624)
(1,212)
(1,212)
(23,200)
\u2013
\u2013
Contract liabilities
2
(7,793)
(7,793)
(7,409)
(384)
\u2013
\u2013
\u2013
Lease liabilities
(40,029)
(51,219)
(9,850)
(7,820)
(5,735)
(4,954)
(22,860)
(86,598)
(101,036)
(34,871)
(9,416)
(28,935)
(4,954)
(22,860)
Carrying Contractual Within After
amounts cash flows 1 year 1\u20132 years 2\u20133 years 3\u20134 years 4 years
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
(19,061)
(19,061)
(19,061)
\u2013
\u2013
\u2013
\u2013
Borrowings
3
(18,008)
(21,038)
(1,143)
(1,143)
(18,752)
\u2013
\u2013
Contract liabilities
(8,387)
(8,387)
(8,387)
\u2013
\u2013
\u2013
\u2013
Lease liabilities
(42,764)
(48,415)
(13,101)
(11,446)
(7,596)
(4,303)
(11,969)
(88,220)
(96,901)
(41,692)
(12,589)
(26,348)
(4,303)
(11,969)
1
This amount excludes \u00a35.6 million (2024: \u00a34.9 million) of non-contractual payables.
2
This amount excludes \u00a32.0 million (2024: \u00a32.1 million) of non-contractual liabilities.
3
The contractual cash flows by year have been re-presented to include interest payments.
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "23. RELATED PARTY TRANSACTIONS Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and, in accordance with IAS 24, are not disclosed in this note. Remuneration of Key Management Personnel The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24: \u2018Related Party Disclosures\u2019. The definition of key management personnel extends to the Directors of the Company.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
1,365
1,955
Post-employment benefits
23
22
Share-based payments
1,983
1,031
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
Remuneration of Key Management Personnel
The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified
in IAS 24: \u2018Related Party Disclosures\u2019. The definition of key management personnel extends to the Directors of the Company.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
1,365
1,955
Post-employment benefits
23
22
Share-based payments
1,983
1,031
3,371
3,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "24. CLIENT MONIES At 31 December 2025, client monies held within the Group in approved bank accounts amounted to \u00a3133.2 million (31 December 2024: \u00a3127.2 million). Neither this amount, nor the matching liabilities to the clients concerned, are included in the consolidated statement of financial position since these funds belong to clients. The Group\u2019s terms and conditions provide that any interest income received on these client monies accrues to the Group and is recognised in line with the accounting policy set out in Note 1.9. Client monies are protected by the FSCS under which the government guarantees amounts up to \u00a3120,000 (previously \u00a385,000) each. This guarantee applies to each individual client deposit, not the sum total on deposit.", "dimensions": { "concept": "foxtonsgroupplc:DisclosureOfClientMonies", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "25. SHARE-BASED PAYMENTS An IFRS 2 \u2018Share-based payment\u2019 income statement charge of \u00a32.8 million (2024: \u00a31.5 million) has been incurred in relation to the Group\u2019s equity-settled share award schemes and the equity element of the Bonus Banking Plan (BBP). National Insurance contributions are excluded from the income statement charge noted above. The amount credited to equity of \u00a32.5 million (2024: \u00a32.5 million) includes the IFRS 2 charge of \u00a32.8 million (2024: \u00a31.5 million) net of corporation tax charges on share-based payments of \u00a30.2 million (2024: \u00a30.9 million credits) (refer to Note 6). Equity-Settled Share Award Schemes The Group had four equity-settled share award schemes in operation during the period. a) Restricted Share Plan (RSP) The Company introduced the RSP awards in 2020 for Executive Directors and Senior Management. The awards have been made in the form of an option with a nil exercise price. The awards are subject to service conditions, vest over a three-year period, and the holding period subsequent to the vesting date is two years. If the awards remain unexercised after a period of ten years from the date of grant the awards expire. The treatment of leavers before awards vest is determined by good leaver/bad leaver provisions. A net income statement charge of \u00a30.7 million has been incurred in relation to this scheme (2024: \u00a30.5 million charge). During the year, 1,673,752 share awards (2024: 1,261,235), with a fair value of \u00a30.9 million (2024: \u00a30.6 million), were awarded. b) Restricted Share Awards (RSA) The Company introduced restricted share awards in 2022 for Executive Directors and Senior Management. The awards have been made in the form of an option with a nil exercise price. The awards are subject to service conditions, vest over a three-year period for Executive Directors and two years for Senior Management, with a two-year holding period for Executive Directors. If the awards remain unexercised after a period of ten years from the date of grant the awards expire. The treatment of leavers before awards vest is determined by good leaver/bad leaver provisions. A net income statement charge of \u00a30.7 million has been incurred in relation to this scheme (2024: \u00a30.5 million). During the year, 1,316,658 share awards (2024: 1,446,418), with a fair value of \u00a30.7 million (2024: \u00a30.7 million), were awarded. c) Performance Share Plan (PSP) The Company introduced the PSP awards in 2025 for Management. The awards have been made in the form of an option with a nil exercise price. The awards are subject to service and performance conditions and vest over a three-year period. If the awards remain unexercised after a period of ten years from the date of grant the awards expire. The treatment of leavers before awards vest is determined by good leaver/bad leaver provisions. A net income statement charge of \u00a30.3 million has been incurred in relation to this scheme (2024: \u00a3nil). During the year, 4,385,050 share awards (2024: nil), with a fair value of \u00a31.3 million, were awarded. d) LTIP buyout award Upon joining the business Guy Gittins, CEO, was awarded an LTIP buyout award to compensate for the forfeiture of incentive arrangements from his previous employer. The awards were granted on appointment as nil cost options that vest three years after the grant date, in September 2025. The vesting of the award is subject to a performance requirement for the Foxtons share price to be at least 70p for any 30 consecutive days during the vesting period. During 2025, the Remuneration Committee agreed to extend the vesting period by 12 months to 5 September 2026, whilst retaining the original stretch performance target. The share award was revalued using a Monte Carlo model, resulting in an additional charge of \u00a30.8m recognised in 2025. A net income statement charge of \u00a31.0 million has been incurred in relation to this scheme in 2025 (2024: \u00a30.3 million). The inputs into the Monte Carlo models used in determining the fair value of the LTIP buyout award modification were as follows:
2022
award
(modified)
Weighted average share price
61.40p
Weighted average exercise price
nil
Expected volatility
24%
Expected life
1.1 years
Risk-free rate
3.75%
Expected dividend yield
1.91%
Expected volatility was determined by calculating the historical volatility of the share price of comparable listed companies over a period commensurate with the remaining performance period. Outstanding Share Awards Details of the share awards in relation to the RSP, RSA, PSP and LTIP buyout award during the year are as follows.
2025
2024
Weighted Weighted
Number average Number average
of share exercise of share exercise
awards price awards price
Outstanding at beginning of period
13,650,101
nil
12,532,659
nil
Granted during the period
7,375,460
nil
2,707,653
nil
Forfeited during the period
(255,114)
nil
\u2013
nil
Lapsed during the period
\u2013
nil
\u2013
nil
Exercised during the period
(1,073,871)
nil
(1,590,211)
nil
Outstanding at the end of the period
19,696,576
nil
13,650,101
nil
Exercisable at the end of the period
1,159,707
nil
36,930
nil
The awards outstanding at 31 December 2025 had a weighted average remaining contractual life of eight years (2024: eight years). The entire balance of share awards outstanding at the end of the period have a nil cost exercise price (2024: \u00a3nil). Employer\u2019s National Insurance contributions are accrued, where applicable, at the rate of 15.0% (2024: 15.0%) which management expects to be the prevailing rate at the time the awards are exercised. Equity-Settled Share Bonus Payment Scheme Bonus Banking Plan In 2020 the Company introduced a performance-related bonus scheme, BBP, for Executive Directors whereby the bonus amount paid is based on a percentage of salary and is paid partly in cash and partly in shares. Bonuses are awarded in cash annually depending on the achievement of performance measures that are also determined annually. An income statement charge of \u00a30.2 million has been incurred in relation to the equity component of this scheme (2024: \u00a30.2 million). The BBP scheme runs in three-year performance cycles, with each cycle vesting over a four-year period in shares. A contribution will be made by the Company into the participant\u2019s plan account following the end of each plan year. The scheme pays out 50% of the cumulative balance annually for the first three years of the plan, with 100% of the residual value paid out at the end of the four-year period. The fair value of the share awards under this scheme is based on the Group\u2019s average share price in the 30-day period up to the end of the financial year in which the share awards were granted.
2025
Number of
awards
Outstanding at beginning of period
917,134
Granted during the period
118,735
Forfeited during the period
\u2013
Exercised during the period
\u2013
Outstanding at the end of the period
1,035,869
At 31 December 2025 the awards had an average remaining life of one year (2024: two years). There is no exercise price for these awards. The weighted average fair value of awards at 31 December 2025 was \u00a30.59 per share award (2024: \u00a30.65 per share award). Of the awards outstanding at the end of the period, none were exercisable.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
Outstanding Share Awards
Details of the share awards in relation to the RSP, RSA, PSP and LTIP buyout award during the year are as follows.
2025
2024
Weighted Weighted
Number average Number average
of share exercise of share exercise
awards price awards price
Outstanding at beginning of period
13,650,101
nil
12,532,659
nil
Granted during the period
7,375,460
nil
2,707,653
nil
Forfeited during the period
(255,114)
nil
\u2013
nil
Lapsed during the period
\u2013
nil
\u2013
nil
Exercised during the period
(1,073,871)
nil
(1,590,211)
nil
Outstanding at the end of the period
19,696,576
nil
13,650,101
nil
Exercisable at the end of the period
1,159,707
nil
36,930
nil
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "26. ALTERNATIVE PERFORMANCE MEASURES In reporting financial information, the Group presents APMs which are not defined or specified under the requirements of IFRS. The Group believes that the presentation of APMs provides stakeholders with additional helpful information on the performance of the business, but does not consider them to be a substitute for or superior to IFRS measures. The Group\u2019s APMs are aligned to the Group\u2019s strategy and together are used to measure the performance of the business with certain APMs forming the basis of remuneration performance measures. Adjusted results exclude certain items, because if included, these could distort the understanding of our performance for the period and the comparability between periods. The definition, purpose and how the measures are reconciled to statutory measures are set out below. 2024 non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, as these relate to forfeited incentives from his former employer and do not represent underlying performance. This impacts the below measures, which are calculated after adding back adjusted item charges: \u2022 Adjusted operating profit \u2022 Adjusted operating profit margin \u2022 Adjusted profit before tax \u2022 Adjusted earnings per share Refer to Note 26(i) for the impact of the restatement on the above adjusted measures. a) Contribution and contribution margin Contribution is defined as revenue less direct salary costs of front office staff and costs of bad debt. Contribution margin is defined as contribution divided by revenue. Contribution and contribution margin are key metrics for management since both are measures of the profitability and efficiency before the allocation of shared costs. A reconciliation between revenue and contribution is presented below.
Financial
Lettings Sales Services Consolidated
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
110,966
51,258
10,309
172,533
Less: Direct operating costs
(28,033)
(27,974)
(6,109)
(62,116)
Contribution
82,933
23,284
4,200
110,417
Contribution margin
74.7%
45.4%
40.7%
64.0%
Financial
Lettings Sales Services Consolidated
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
106,030
48,565
9,332
163,927
Less: Direct operating costs
(27,925)
(25,822)
(5,317)
(59,064)
Contribution
78,105
22,743
4,015
104,863
Contribution margin
73.7%
46.8%
43.0%
64.0%
b) Adjusted EBITDA and adjusted EBITDA margin Adjusted EBITDA represents profit before tax before finance income, non-IFRS 16 finance costs, other gains/(losses), depreciation of property, plant and equipment (but after IFRS 16 depreciation), amortisation, share-based payment charges and adjusted items. Since the measure includes IFRS 16 right-of-use asset depreciation and IFRS 16 lease finance cost, adjusted EBITDA includes all elements of the Group\u2019s leasing costs and therefore fully reflects the Group\u2019s lease cost base. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. These measures are frequently used by investors, securities analysts and other interested parties to evaluate financial performance and compare performance of sector peers. Furthermore, adjusted EBITDA is used to calculate the leverage and interest cover ratios for the purposes of the Group\u2019s RCF covenants. A reconciliation between operating profit and adjusted EBITDA is presented below.
Restated
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Operating profit
19,362
19,806
Add back: adjusted items
1
4
252
228
Add back: Amortisation of acquired intangibles
9
2,611
2,084
Adjusted operating profit
22,225
22,118
Add back: Amortisation of non\u2013acquired intangibles
3
703
218
Add back: Depreciation of property, plant and equipment
2
10
2,636
2,542
Add back: Share\u2013based payment charges
3
1,812
1,249
Deduct: Interest on IFRS 16 leases
4
11
(2,070)
(2,065)
Adjusted EBITDA
25,306
24,062
Adjusted EBITDA margin
14.7%
14.7%
1 2024 adjusted items have been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. See Note 26(i) for further details. 2 Depreciation of IFRS 16 right-of-use assets is not added back so that adjusted EBITDA includes the non-financing element of property and vehicle leases. 3 Share based payment charges exclude charges relating to the CEO\u2019s LTIP buyout award which are included in adjusted items, and National Insurance. 4 Interest on IFRS 16 leases is deducted so that adjusted EBITDA includes the financing cost of property and vehicle leases. c) Adjusted operating profit and adjusted operating profit margin Adjusted operating profit represents profit before tax before amortisation of acquired intangibles, finance income, finance cost, other gains/(losses) and adjusted items (defined within Note 1.19). This measure is reported to the Board for the purpose of resource allocation and assessment of segment performance. The closest equivalent IFRS measure to adjusted operating profit is operating profit. Adjusted operating profit margin is defined as adjusted operating profit divided by revenue. This APM is a key performance indicator of the Group and is used to measure the delivery of the Group\u2019s strategic priorities. Refer to Note 2 for a reconciliation between operating profit and adjusted operating profit and for the inputs used to derive adjusted operating profit margin. The table below reconciles the revised definition of the metrics to the previous definition.
Restated
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Operating profit
19,362
19,806
Add back: adjusted items
1
4
252
228
Add back: amortisation of acquired intangibles
9
2,611
2,084
Adjusted operating profit
22,225
22,118
Adjusted operating profit margin
12.9%
13.5%
1 2024 adjusted items have been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. See Note 26(i) for further details. d) Adjusted profit before tax Adjusted profit before tax represents profit before tax before amortisation of acquired intangibles and adjusted items and provides a view of the underlying profit before tax and aids comparability of performance from one period to another. A reconciliation between profit before tax and adjusted profit before tax is presented below.
Restated
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Profit before tax
16,913
17,485
Add back: adjusted items
1
4
252
228
Add back: amortisation of acquired intangibles
9
2,611
2,084
Adjusted profit before tax
19,776
19,797
1 2024 adjusted items have been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items. See Note 26(i) for further details. e) Adjusted earnings per share Adjusted earnings per share is defined as earnings per share excluding adjusted items and amortisation of acquired intangibles. The measure is derived by dividing profit after tax, adjusted for post-tax adjusted items and amortisation of acquired intangibles, by the weighted average number of ordinary shares in issue during the financial period, excluding own shares held. This APM is a measure of management\u2019s view of the Group\u2019s underlying earnings per share. The closest equivalent IFRS measure is earnings per share. Refer to Note 8 for a reconciliation between earnings per share and adjusted earnings per share. As noted above non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, as these relate to forfeited incentives from his former employer and do not represent underlying performance. This impacts the calculation in Note 8, including the 2024 comparatives which have been restated accordingly to ensure a fair comparison. f) Net free cash flow Net free cash flow is defined as net cash from operating activities less repayment of IFRS 16 lease liabilities and net cash used in investing activities, excluding the acquisition of subsidiaries (net of any cash acquired), divestments and purchase of investments. This measure is used to monitor cash generation. A reconciliation between net cash from operating activities and net free cash flow is presented below.
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Net cash from operating activities
27,684
24,747
Less: Interest on lease liabilities
11
(2,070)
(2,065)
Less: Repayment of lease liabilities
11
(10,919)
(11,102)
Net cash from operating activities, after repayment of IFRS 16 lease liabilities
14,695
11,580
Investing activities
1
:
Interest received
341
296
Proceeds on disposal of property, plant and equipment and assets held for sale
\u2013
607
Purchases of property, plant and equipment and right-of-use assets
(2,868)
(1,106)
Purchases of intangibles
9
(1,013)
(1,565)
Net cash used in investing activities
1
(3,540)
(1,768)
Net free cash flow
11,155
9,812
1 Excludes the acquisition of subsidiaries (net of any cash acquired), divestments and purchase of investments. g) Net debt Net cash/debt is defined as cash and cash equivalents less external borrowings and excludes IFRS 16 lease liabilities. The measure is monitored internally for the purposes of assessing the availability of capital and balance sheet strength. A reconciliation of the measure is presented below.
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
5,475
5,320
Less: External borrowings
16
(22,376)
(18,008)
Net debt
(16,901)
(12,688)
h) Other performance measure definitions Definitions of other performance measures presented in the Group\u2019s Annual Report and Accounts are summarised below. Volumes \u2022 Sales volumes: Total number of property sales transactions which have exchanged during the period. \u2022 Lettings volumes: Total of the number of long and short lets entered into by tenants and the number of renewals agreed between tenants and landlords during the period. \u2022 Financial Services volumes: Total number of mortgages arranged during the period (purchase and refinance units). Revenue per transaction \u2022 Revenue per Sales transaction: Sales revenue during the period divided by Sales volumes during the period. \u2022 Revenue per Lettings transaction: Lettings revenue during the period divided by Lettings volumes during the period. \u2022 Revenue per Financial Services transaction: Financial Services revenue during the period divided by Financial Services volumes during the period. i) Restatement of adjusted items in 2024 As explained in Note 1.19, adjusted items has been restated as non-cash IFRS 2 charges from the CEO\u2019s LTIP buyout award have been reclassified to adjusted items, with a corresponding impact on adjusted measures. 2024 comparatives have been restated as below.
As originally
stated Restated Adjustment
2024 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Adjusted items (credit)/charge
(331)
228
559
Adjusted operating profit
21,559
22,118
559
Adjusted profit before tax
19,238
19,797
559
Adjusted EBITDA
1
23,803
24,062
259
Adjusted earnings per share (basic)
5.0p
5.2p
0.2p
Adjusted earnings per share (diluted)
4.9p
5.1p
0.2p
1 The 2024 adjusted EBITDA has been restated to remove the National Insurance charge recognised in respect of the CEO\u2019s LTIP buyout award, which has been reclassified as an adjusted item.", "dimensions": { "concept": "foxtonsgroupplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "27. EVENTS AFTER THE REPORTING PERIOD Acquisition of subsidiaries The Group\u2019s strategy is to acquire earnings accretive, lettings focused businesses which expand portfolio of non-cyclical and recurring revenues. Acquisitions fall into two categories: 1) bolt on acquisitions which are located within existing Foxtons markets; and 2) platform acquisitions which expand the Group\u2019s operations into new markets. On 7 January 2026, the Group completed the acquisition of Cauldwell Property Services Ltd, a leading independent agent in Milton Keynes, for consideration of \u00a36.5 million on a cash and debt-free basis, of which \u00a30.8 million is deferred for 12 months and contingent on performance targets being met. Cauldwell's unaudited total revenue and operating profit for the 12 months ended 31 August 2025 was \u00a32.7 million and \u00a30.8 million, respectively. On 20 January 2026, the Group completed the acquisition of FleetMilne (Birmingham) Limited, a high-quality, independent lettings agent with a leading market share position in central Birmingham, for consideration of \u00a34.0 million on a cash and debt-free basis, of which \u00a30.8 million is deferred for 12 months and contingent on performance targets being met. FleetMilne's unaudited total revenue and operating profit for the 12 months ended 31 December 2025 was \u00a31.5 million and \u00a30.1 million, respectively. Given the proximity of the transactions to the announcement of the Group\u2019s financial statements, full purchase price allocation exercises have not yet been completed and the valuation of the assets acquired will be assessed prior to the next reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493001HCMG6R1MYKC59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }