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Foxtons Group buoyed by lettings

ended 27. July 2023

Foxtons has this morning published its interim results. Full report >> here << but highlights below. Any thoughts, send them across ASAP as this story is BREAKING.

  • Delivered significant instruction market share growth vs H1 20227.
  • 14% growth in organic Lettings revenue vs H1 2022, supported by an increase in the cross-sell of property management services (+21%) and securing longer tenancies.
  • 33% increase in new Sales agreed market share; 15% increase in Sales exchange market share vs H1 20228.
  • 29% growth in Financial Services refinance volumes vs H1 2022.
  • Revenue up 9% to £70.9m; adjusted operating profit up 10% to £6.8m. 73% of revenue from non-cyclical, recurring activities. Strong Lettings growth more than offset the expected reduction in H1 Sales volumes.
  • Lettings revenue up 26% to £49.8m, including £5.6m (+14%) of organic growth and £2.7m of incremental contribution from acquisitions. Operational upgrades delivered market share gains and higher average revenue per transaction.

2 responses from the Newspage community

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Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
A strong set of results from Foxtons. They're largely down to swelling rents across London, which provides larger management income. Market share gains seem to be mainly through acquisitions as they use this opportunity to expand. This is a good example that agents with ample properties under management will have enough recurring income to weather the stormy property sales market we are currently experiencing.
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Graham Cox
Director at Bridging Hub
Foxton's recorded 9% revenue growth largely off the back of a 26% increase in lettings fee turnover, amply compensates for declining property transactions. As London rents soar to increasingly absurd and unaffordable levels, Foxtons is well placed to take advantage, at least until the bubble bursts.