Foxtons Group plc has reported a strong start to 2024 with a 9% increase in revenue in the first quarter, amounting to £35.7m compared to £32.9m in Q1 2023.
This growth was supported by significant gains in sales market share and a boost from lettings, driven by recent acquisitions.
Sales revenue saw a notable increase of 17%, buoyed by strategic operational improvements that have enhanced Foxtons’ market share in transactions.
Lettings also experienced growth, with a 5% increase in revenue, benefitting from the stability in rental prices and contributions from acquisitions in 2023.
Guy Gittins, chief executive officer of Foxtons, expressed his satisfaction with the quarter’s performance: “This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business.
“Last year we regained our number 1 position in London and delivered significant growth in our market share of property instructions across both Lettings and Sales.
“The business is now focussed on converting these listings to transactions as we deliver results for our clients.”
Additionally, the financial services sector of Foxtons also showed robust growth with a 16% increase in revenue, driven by improved mortgage volumes and enhancements in adviser productivity and cross-selling efforts within the group.
Looking ahead, Gittins remains optimistic: “Sales revenue was up 17%, reflecting improved market conditions and Foxtons’ continued growth in market share as the operational improvements we made last year took effect.
“We entered the second quarter with the highest value under-offer Sales pipeline since the 2016 Brexit vote, giving us optimism for the rest of the year.”
Gittins concluded with an outlook on Foxtons’ strategic direction: “We have made great strides in the past two years, with the business’ foundations rebuilt and the Foxtons Operating Platform significantly strengthened.
“We are well placed to continue to unlock value within our business, drive growth, and ultimately deliver against our medium-term adjusted operating profit target.”
