Highest Q3 Sales revenue since 2015 and third consecutive quarter of revenue growth in 2024- Foxtons Q3 results

October 24, 2024
  • Third consecutive quarter of growth in 2024, with Q3 revenue up 8% to £47.4m (Q3 2023: £43.9m) and 30 September 2024 YTD revenue up 10% to £125.9m (30 September 2023 YTD: £114.8m)
  • Q3 growth was driven by Sales, Sales revenue up 36% to £13.5m (Q3 2023: £9.9m), and underpinned by resilient Lettings revenue which was in line with a strong 2023 comparator
  • The Group is trading in line with management’s expectations, with full year results expected to be in line with consensus2. The Group remains on track to deliver against its medium-term target of £25m to £30m adjusted operating profit

Commenting on Q3, Guy Gittins, Chief executive officer said:

“We have delivered our third consecutive quarter of growth, with Q3 revenues up 8% to £47.4m, and year-to-date revenue up 10% to £125.9m, as the momentum we have built across the business has been maintained, and we continue to cement our position as London’s largest lettings and sales agency brand.

“Continued market share growth, enabled by a focus on improving training, negotiator tenure, culture and our data and technology capabilities, and supported by early signs of market recovery, drove Q3 Sales revenue up 36%. This growth was supported by a resilient performance in Lettings, which continues to provide a valuable stream of recurring and non-cyclical revenues.

“We enter the final quarter with optimism: our sales agreed pipeline is 23% higher than this time last year, sales volumes in our markets continue to recover, and we are well placed to continue to unlock the value within our business. Our balance sheet and cash flow remain strong which will continue to support our growth and value creation initiatives, including both organic investments and synergistic lettings acquisitions. We are on-track to deliver increased profitability in 2024, in line with consensus, and we continue to make progress towards our medium-term target of £25m to £30m adjusted operating profit.”

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Damaged timber from Dry Rot
Estate Agent Talk

Mould and damp – what you need to know ahead of winter

With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More →
Breaking News

Rental price and average salary tracker – September 2025

London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More →
buying at auction uk
Breaking News

The cities where buying beats renting – with just a 5% deposit

British first-time buyer mortgage payments are typically 17% cheaper than renting, even with a low 5% deposit The average 5% deposit is £11,412 based on a typical first-time buyer property price of £228,233 Among major cities outside London, the biggest gap between owning and renting is in Glasgow, where buyers could save more than £4,750…
Read More →
Rightmove logo
Breaking News

Rightmove’s Weekly Mortgage Rates Tracker

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.51% +0.00% -0.37% 5-year fixed 4.55% +0.01% +0.01%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.77% +0.05% -0.07% 5-year fixed 3.97% +0.10% +0.29%   Average…
Read More →
Rightmove logo
Breaking News

Data and commentary from Rightmove on stamp duty reforms

Colleen Babcock, Rightmove’s property expert said: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder. “Our data shows that only 5%…
Read More →
Breaking News

Second-time buyers dominate demand for longer term fixed mortgage deals

Second-time buyers are dominating demand for longer term fixed mortgage deals, fresh data from Moneyfacts Analyser can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost two-thirds (58%) of second-time buyers who compared mortgage deals using the moneyfactscompare.co.uk website were considering terms of three years or longer in the 30 days to 1…
Read More →