Foxtons has seen its shares jump after reporting bumper sales results, with revenue up 36%.

The company shares rose 3.7% yesterday, to 61.8p, after falling 3.4% in the previous five days, and remain 63.7% above the price a year ago.

In a trading update to the City, the group revealed a third consecutive quarter of growth, with Q3 revenue overall up 8% to £47.4 million.

On track

So far in the year, up to 30 September, revenue was up 10% to £125.9 million.

The company says Q3 growth was driven by sales, with sales revenue up 36% to £13.5 million, and lettings revenue, which was in line with a strong 2023.

Foxtons says it remains on track to deliver against its medium-term target of £25 million to £30 million adjusted operating profit.

We continue to cement our position as London’s largest lettings and sales agency brand”.

Guy Gittins, CEO at Foxtons, says: “We continue to cement our position as London’s largest lettings and sales agency brand”.

The sales agreed pipeline is 23% higher than this time last year, he says, and the company is well placed to build on the results next year.

Julie Palmer, Partner at business recovery specialist Begbies Traynor, says: “Foxtons has delivered another impressive quarter of growth, with revenues up 8% on the prior year as it continues to cement its place as a leader in the London market.

“The 36% jump in sales revenue is particularly pleasing and should reassure investors that the market is still healthy, at least in London, despite ongoing macroeconomic uncertainty and weakened consumer confidence,” she says.

“While sales was evidently the star performer, posting its strongest quarter since 2015, lettings revenue was flat year-on-year and up only 3% in the year-to-date, as longer rental periods and a more challenging letting regime for landlords weigh on transaction levels.”