The chain reported profits of £40 million on revenue of £143 million – up 32% – in its full-year accounts to 30th September 2021 and says its strong balance sheet, with significant cash reserves and committed borrowing facilities, can help fund further acquisitions.
It has re-invested profits in creating jobs, with more than 200 staff joining the in-house academy in 2021. It plans to create a further 200 jobs in 2022/2023.
With more than 70 offices across the capital, Dexters has further boosted its market share in north London with recent acquisitions in Hendon, Finchley and Finsbury Park, while partnerships with estate agents Roy Brooks, Peter James and Sebastian Roche have strengthened the company’s position in south London during the last 12 months.
Its partnership with Oakley Capital – announced last February – supports a growth strategy of opening offices through the acquisition of smaller competitors.
Existing office premises are expanding in areas including Islington, Kentish Town, Wimbledon and most recently with the opening of Dexters Tooting. In March this year it acquired digital property management and lettings business Howsy as it increases the service offering provided to landlords.
CEO Andy Shepherd says, “Due to the professionalism, hard work and customer care achieved by colleagues across the business the Dexters brand is highly rated by both Londoners and international customers.
“This rating, alongside our office expansion programme and enhanced digital activities, creates a strong foundation for continuing to increase revenue and future expansion.”
Of the £143 million of revenue, £62.7 million was generated through sales and new homes activities, £69.2 million from lettings and property management and £11.3 million from financial services, conveyancing and other professional advisory services.