Foxtons has unveiled more impressive results with revenue up 11% and profits up 33% as it makes a strong start to the year.

Earlier this month, the London agency revealed its sales pipeline was the best in nearly nine years.

Now, in a trading update it says revenue is up to £163 million (2023: £147.1m) and adjusted operating profit is  £19 million (2023: £14.3m), which are both ahead of market expectations.

Sales revenue is up 30%, while lettings was up 5%, the unaudited accounts show,

Surprise acquisitions

Foxtons made surprise acquisitions for £12.6 million in October when it picked up three-branch Haslams in Reading and another three-branch agency, Imagine Property Group in Watford.

Our turn-around strategy continues to deliver results.”

Guy Gittins, CEO at Foxtons (main picture), says: “I’m delighted that we have delivered a second consecutive year of revenue and profit growth since I returned to the business in September 2022, as our turn-around strategy continues to deliver results, and we ended the year with earnings ahead of market expectations.

“Our renewed focus on training, culture and retention, supported by our best-in-class data and technology, has driven double digit market share gains in sales, and revenue growth in lettings.

In addition, we have made two acquisitions in commuter towns as we expand into exciting new growth markets,” he says.

“We enter 2025 with optimism. We expect the lettings business to remain resilient and, in sales, we start the year with the highest opening under-offer pipeline since the Brexit vote in 2016.”