Dexters looks to greater London to continue agency acquisitions

Dexters has hinted at more acquisitions, particularly around greater London.

Andy Shepherd, chief executive of the London agent, suggested the brand is still looking at growth opportunities through acquisitions, particularly outside the centre of the capital.

It comes after Dexters released its 2022 annual report and accounts, revealing it has invested £29m in acquiring Marsh & Parsons.

The accounts show revenue rose 3% annually to £147.1m, but profit was slightly down at £37m compared with £40.6m in 2021.

Dexterse said the results of the current year have been impacted by significant investment in acquisitions, new office openings and increasing employee numbers through recruitment and training, especially in South East London. 

Of the £147.1m of revenue, £79.5m was generated through  lettings and property management business, £56.5m through sales and new homes activities and £11.1m from other professional advisory services.

In the financial year to 30 September 2022, the average number of colleagues employed by Dexters increased by 195, including 86 new colleagues who were enrolled in its academy apprenticeship programme. 

Shepherd said: “Dexters “The group has considerable potential for future growth, with many of its recently opened or newly acquired offices not yet reaching their full potential. 

“In addition, whilst we have a leading market share position in the capital, there are many parts of greater London where the group does not yet have a presence, meaning there is a significant opportunity for further expansion through acquisitions and new office openings.

“Dexters continues to be confident about the strength and future performance of the London property market. 

“The London lettings sector is strong and experiencing high levels of tenant demand following the reopening of the economy after the Covid-19 pandemic, which is reflected in our latest figures, whilst the sales market has remained resilient, following a strong 2021 with the Government’s temporary Stamp Duty relief.”