Foxtons Group has reported revenue growth of 11% to £163m (2023: £147.1m) and adjusted operating profit growth of 33% to £19m (2023: £14.3m), according to its end of year trading update.
The national agent said outperformance reflected strong operational delivery, in particular significant sales market share gains which delivered a 30% increase in sales revenue year on year.
Lettings revenue, representing 65% of total group revenue, grew 5%. Lettings remains a key area of focus for Foxtons, underpinning group earnings with its non-cyclical and recurring characteristics.
Commenting on the latest figures Foxton’s chief executive Guy Gittins said: “I’m delighted that we have delivered a second consecutive year of revenue and profit growth since I returned to the business in September 2022, as our turn-around strategy continues to deliver results, and we ended the year with earnings ahead of market expectations.”
He added: “We enter 2025 with optimism. We expect the lettings business to remain resilient and, in sales, we start the year with the highest opening under-offer pipeline since the Brexit vote in 2016.”
AJ Bell investment director Russ Mould commented: “London-based estate and lettings agent Foxtons and its brightly lit outlets stacked with drinks fridges and minimalist furniture were synonymous with the boom and bust in the London property market.
“The biggest pipeline of properties under offer since before the Brexit vote is a significant milestone. Whether the momentum can be sustained is open to question, given it is driven by first-time buyers looking to get in before an increase in stamp duty rates.
He added: “In the here and now, the trading update demonstrates the company’s ability to take market share. It is also notable Foxtons has been feeling confident enough to make acquisitions.”
