Foxtons reports more bumper sales results in Q3
Foxtons CEO Guy Gittins says the company has achieved a thrd consecutive quarter of growth, with overall revenue up 8% to £47 million.
Foxtons has delivered another set of bumper results in the third quarter, with sales revenue up 36%.
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 (Q3 2023: £43.9 million).
So far in the year, up to 30 September, revenue was up 10% to £125.9 million (2023 £114.8 million).
Driven by sales
The company says Q3 growth was driven by sales, with sales revenue up 36% to £13.5 million (Q3 2023: £9.9 million), and lettings revenue, which was in line with a strong 2023.
And it remains on track to deliver against its medium-term target of £25 million to £30 million adjusted operating profit.
Momentum
Guy Gittins, CEO at Foxtons (main picture), says: “We have delivered our third consecutive quarter of growth, with Q3 revenues up 8% to £47.4m, and year-to-date revenue up 10% to £125.9m, as the momentum we have built across the business has been maintained, and we continue to cement our position as London’s largest lettings and sales agency brand.
“Continued market share growth, enabled by a focus on improving training, negotiator tenure, culture and our data and technology capabilities, and supported by early signs of market recovery, drove Q3 sales revenue up 36%.
We are well placed to continue to unlock the value within our business.”
“This growth was supported by a resilient performance in lettings, which continues to provide a valuable stream of recurring and non-cyclical revenues,” he says.
“We enter the final quarter with optimism: our sales agreed pipeline is 23% higher than this time last year, sales volumes in our markets continue to recover, and we are well placed to continue to unlock the value within our business.”