Foxtons Group plc reported an 11% increase in group revenue to £163.9m, with each business division showing growth.
The lettings revenue rose by 5%, bolstered by acquisitions, while sales revenue jumped 31% following market share gains.
Financial services revenue increased by 6% due to operational upgrades.
Adjusted operating profit was up 38% to £21.6m, and profit before tax surged 121% to £17.5m.
Net free cash flow improved to £9.8m, reflecting strong cash generation, while year-end net debt was £12.7m following acquisition and dividend spending.
The total dividend increased by 30% to 1.17p per share.
Guy Gittins, chief executive officer of Foxtons Group, said: “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%.
“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.
“Estate agency is a people-first business, and maintaining an engaging, respectful and inclusive culture is of the utmost importance to us.”
He added: “We are focused on creating an environment which attracts, motivates and retains a
diverse team of talent, that can together deliver excellent customer outcomes.
“Although significant progress has been made over the last two years, including the introduction of mandatory annual respect and inclusion training, strengthened ED&I policies, and enhanced whistleblowing and speak up processes, there remains more to do.
“This is particularly important to me and we remain steadfast in our commitment to an inclusive, professional and respectful culture and we will continue to seek further improvement and progress.”
He continued: “Changes made to date are supporting our transformation, including: a 25% increase in female managers over the last two years; improving employee engagement; and a 12% increase in employee retention rates since 2022 as new career development and diversity programmes take effect.
“Our latest employee engagement survey, indicated that 87% of employees believe Foxtons values diversity and builds diverse teams, and 81% of employees recommend Foxtons as a great place to work, 8% higher than equivalent businesses in the UK.
“After a good start to 2025, we are well positioned to deliver another year of growth and are on-track to deliver against the medium-term growth targets I set out in March 2023.
“I look forward to setting out details of the next stage of our growth plan to investors at a capital markets event in Q2 2025.”
