Foxtons CEO cashes in shares worth £800,000

first_imgThe CEO of Foxtons Nic Budden has cashed in shares in the company worth £800,000 despite the firm last week reporting its worst results for five years.Budden sold a million shares in Foxtons Group PLC for 80p a share, it has been revealed.The decision to liquidate some of his holdings in the company follows details of his salary and bonus in the its most recent annual results. In 2017 his remuneration package totalled £914,000 including a bonus of £218,000.Foxtons Group last week revealed that its profits before tax in 2017 had dropped by 65% year-on-year while revenues dropped by 11.4% and earnings per share by 67%. Also, its operating margin tanked from 35% in 2013 to 12.8% last year.Poor performanceIn comments published by Foxtons, Budden (pictured, right) this week blamed the company’s poor performance squarely on exterior forces.He said Foxtons had “delivered a performance in line with market expectations”.“However, sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.”Budden and the rest of the senior management team at the company would appear to have dodged shareholder criticism, helped by a resilient lettings operation and an aggressive cost-cutting programme.“The London property market has attractive long-term characteristics and our brand strength, coverage and approach, position us well to manage through the current market uncertainties and take advantage of any future market recovery,” says Budden.Gender reportFoxtons has also published its Gender Pay Gap Report, revealing a 16% difference between men and women’s mean pay which the company says is down to male employees having worked at the company on average 37% longer than their female counterparts. 46% of employees at Foxtons are women, and 70% of staff work in sales or sales support roles. One out of seven Directors at Foxtons are female, the report reveals.nic Budden results Foxtons Foxtons Group April 13, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Foxtons CEO cashes in shares worth £800,000 previous nextAgencies & PeopleFoxtons CEO cashes in shares worth £800,000Payday for Nic Budden comes despite tanking profits at the company which he has blamed on ‘historically low’ sales transaction levels in London.Nigel Lewis13th April 201802,628 Viewslast_img