Revenue soars for London estate agent Foxtons as ‘hustle and bustle of city life’ returns
London estate agent Foxtons has posted buoyant revenue of £126.5m, up on pre-pandemic levels.
The company reported revenue up 35 per cent against 2020 and up 18 per cent against 2019, in financial results published on Wednesday.
The boosted results come as renters have flocked back to London with the scrapping of Covid restrictions.
The agent also boosted its market share and benefited from lettings portfolio acquisitions including Douglas & Gordon (D&G).
Nic Budden, CEO, said: “We successfully delivered the first phase of our growth plan, making strong progress against our core strategic objectives and are confident of delivering further growth this year and into the future .
“We extended our leadership position in the London sales and lettings markets, developed new revenue channels and enhanced cross-sell capabilities by leveraging our investments in marketing and technology.
“We are delighted with the D&G acquisition which has had a materially positive impact on profits. With increased market share, and the successful integration of acquisitions driving strong growth in revenue, profits and cash flow, we re-instated the dividend for the first time since 2017 and bought back £5.7m of shares.”
The agent has also now completed its strategic review of its mortgage broking business, Alexander Hall, and concluded it was in the group’s interests to retain the business.
Anthony Codling, CEO of property platform twindig, said the agent’s “walk matched their talk” in its results.
He added: “Foxtons thrives on the hustle and bustle of city life, but it needs that city to be full of people rather than empty streets, and it certainly has a spring in its step as London emerges from the fog of Covid.
“There is a back to work, back to school feel as their staff return, in force, to their brightly lit offices. They might not say that working from home is for wimps or that the race for space is for those tired of life, but their enthusiasm for the bustling face to face city life is clear.
“Looking ahead their confidence is growing, they believe that the sales market remains buoyant and lettings is on the up.”
Shares lifted one per cent in morning trading on Wednesday.