London’s largest agency by volume reports jump in profits
Dexters, which includes its eponymous brand but also a raft of others including Marsh & Parsons, saw profits rise by 9% to £40.4 million last year.
Estate agency group Dexters, which is the largest in London by volume of sales, has reported a 23% rise in revenue and profits up 9%.
The group, which includes the Dexters brand but also a host of others following a raft of acquisitions in recent years including Mayfair’s Wetherell and also Marsh & Parsons, turned over £180 million last year, its latest accounts reveal, while profits rose to £40.4 million.
The company is led by CEO Andy Shepherd and Chairman Justin King (pictured RtoL) and has 156 branches across London and a lettings book of some 44,000 landlords.
It is also now one of the largest employers within the London estate agency sector, with a recruitment drive last year pushing its total to 2,100 full-time employees.
Lettings leap
Dexters has pinned the perky results on a revival in both the central London prime letting and sales market but in particular lettings, which jumped in revenue by 31% to £80 million. Dexters has also increased its market share.
Lettings now accounts for nearly 60% of its revenue and rose last year, a trend most agents in London have reported.
Andy Shepherd, CEO of Dexters says: “London remains a highly desirable place to live, study and work It attracts both domestic and international buyers and tenants who choose to make capital their home.
“Our lettings division is highly successful and has expanded dramatically whilst significant sales deals across central London’s premium addresses has enabled our sales division to generate a strong increase in revenue for the financial year.”
