Foxtons Group has reported earnings growth for the year ending December 2024, with revenue increasing by 11% to approximately £163m, up from £147.1m in 2023.
The adjusted operating profit grew by around 33% to approximately £19m, exceeding market expectations.
This strong performance is attributed to considerable gains in sales market share, resulting in a 30% year-on-year increase in sales revenue.
Lettings revenue, accounting for about 65% of the group’s total, grew by approximately 5%, reinforcing Foxtons’ position as London’s largest lettings agent and the UK’s largest lettings estate agency brand.
Guy Gittins, CEO of Foxtons Group, said: “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.
Gittins added: “In addition, we have made two acquisitions in commuter towns as we expand into exciting new growth markets.
“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.
“This dynamic, coupled with our results driven-culture and industry-leading Foxtons Operating platform, leaves us well placed to continue to deliver against our strategic priorities in 2025.”
