Foxtons reports impressive end-of-year results with profit before tax up 121% to £17.5 million, and group revenue up 11% to £163.9 million.

The London agency says there was growth delivered in each area of its business, with lettings revenue up 5%, and sales jumping 31% “driven by double-digit market share gains”.

The adjusted operating profit was up 38% to £21.6 million last year and “trading year to date is in-line with our expectations”, Foxtons says.

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.

Allegations

The agency was rocked recently by allegations that female staff were victims of unwanted sexual advances by colleagues, and other employees drove cars while drunk.

There was a long list of claims reported by Bloomberg and repeated by The Times, and the agency responded with a strongly-worded statement.

2024 was another strong year for Foxtons.”

Guy Gittins, CEO at Foxtons (main picture), says: “2024 was another strong year for Foxtons with revenue up 11% and adjusted operating profit up 38%.

“Across 2024 we retained our position as London’s largest lettings agent and the UK’s largest lettings estate agency brand, and increased our share of the London sales market by 20%.

Market gains

“In sales, significant market share gains drove revenue growth of 31% and meant we agreed the highest number of transactions in London last year, while our Lettings and Financial Services businesses continued to provide the steady, recurring revenues which underpin group profitability,” he says.

“In October 2024, we acquired Haslams Estate Agents and Imagine Property Group, both businesses with strong lettings portfolios, taking us into the exciting new growth markets of Reading and Watford.

“Last week, as part of our Watford growth plan, we acquired Marshall Vizard, a high-quality lettings business that further strengthens Foxtons’ Watford presence and market share.”

ANALYSIS: Julie Palmer, Partner at Begbies Traynor

“Foxton’s has defied the wider doom and gloom and its strong set of results demonstrates the resilience of London’s market, with the leading operator in the capital delivering a 47% jump in earnings. The pipeline is strong too and the highest it’s been in nearly a decade.

“The estate agent’s recent expansion into commuter towns like Reading and Watford signals its confidence, but successful integration will be crucial if it’s going to stay profitable and build on Foxton’s market share. It remains to be seen whether these moves are a one-off or part of a sustained M&A strategy.

“Looking ahead, much will depend on the pace of interest rate cuts and their impact on buyer confidence. While Foxtons is positioning itself for expansion, investors will be watching closely to see if its momentum holds or if broader economic pressures start to weigh on performance.”

Foxtons reveals impressive results in latest trading update