£126.5m profits for Foxtons Estate Agents
The team at Foxton Estate Agents, and certainly share holders and those in for bonuses, will rejoice in the 35% revenue increase from 2020 figures. Thanks to the increase of London property (rental) activity following the government relaxing of their rules for coronavirus. Included in the figures will also be the letting portfolio of Douglas & Gordon which were recently acquired.
Reported on the CITY A.M. website, words from Nic Budden, CEO, included: “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.”
There are conflicting opinions with regards to the UK property market predictions for 2022 and especially London, though it remains that the majority view is that property prices will continue to rise especially if the government relax on imposing restrictions on the public and businesses.