Foxtons: UK sales values at highest since Brexit vote

Foxtons’ market share for exchanges rose by 30% in the first half of the year as the London agent revealed double-digit revenue and earnings growth for the first half of the year.

An interim update from Foxtons yesterday showed its market share hit 5.1% in the first-six months of 2024, up from 3.9% last year and above its target of 4.5%.

At 30 June, Foxtons said its sales under-offer pipeline was 21% higher than the prior year and at its highest value since the Brexit vote in 2016.

Its revenue was up 11% to £78.5m, with sales up 28% and lettings rising 5%. Financial services revenue was up 7%.

Adjusted operating profit was up 24% to £8.5m and profit before tax up 24% to £7.5m.

It said further growth in buyer activity is likely if inflation drops and interest rates are cut.

Guy Gittins, chief executive of Foxtons, said: "When I joined the business in 2022, I knew there was a significant amount of work to unlock the vast amount of value within the business. Two years on, and we are making great progress thanks to the collective effort of the Foxtons team. 

“The work we did to rebuild the business' foundations continues to deliver progress; we are growing the non-cyclical and recurring lettings business, our sales under-offer pipeline is at a record level since the Brexit vote in 2016, and we are on track to deliver against our medium-term target of £25m to £30m adjusted operating profit.

"Momentum can be felt across every aspect of the business and I am very excited about the second half and beyond as we work hard to deliver excellent results for the property owners of London and our shareholders."

https://www.investegate.co.uk/announcement/rns/foxtons-group--foxt/interim-results/8337085