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.

You May Also Enjoy

Home and Living

How to Protect Your Property from Flooding and Water Damage

Flooding and water leaks can cause significant damage to your home or office. However, many issues can be prevented by taking proactive measures to protect your property. In this article, we’ll explain how to minimize risks and prepare for potential water-related threats. 1. Inspect and Maintain Your Plumbing System One of the most common causes…
Read More →
Breaking News

ONS House Price Index – November 2024

Headlines Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate); this is up from 8.4% in the 12 months to September 2024. Average rents increased to £1,348 (8.8%) in England, £766 (7.9%) in Wales, and £976 (6.6%) in Scotland, in the 12 months to October 2024. In Northern…
Read More →
Breaking News

Foxtons Lettings Market Index October 2024

Headlines October saw the highest level of new stock entering the market, with an 8% increase from last year, the highest increase in four years October’s demand is marginally lower than last October and decreased 32% from September, as expected during this time of year Following a yearly high of £593 per week this September,…
Read More →
Breaking News

Breaking Property News 20/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Proptech powered lettings service for BTR developers needing pre-approved, quality tenants at speed gets funding A proptech-driven letting agent has secured close to £500,000 during its first equity investment raise. Property Sense, headquartered in Stockport but operating nationally, secured the half a million pounds in…
Read More →
Kerb appeal
Estate Agent Talk

Why November and December are the best and most affordable months to buy

Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More →
Breaking News

Farmers protest outside Westminster today in anger at the IHT ongoing debate – expert legal view

With today’s news about farmers set to protest outside Westminster in anger at the IHT ongoing debate, Tom Gauterin, Director at national law firm Freeths, said: “Although it is good to hear Mr Reed last week suggest that the Government is listening to farmers, today’s protests would suggest otherwise with the extent of their concerns…
Read More →