LONDON (ShareCast) - (Sharecast News) - Estate agent Foxtons said on Thursday that 2021 profit was set to come in at the top end of market expectations, with revenues for the year up across all of its business segments.
In an update for the year to the end of December, the company hailed a "much improved" performance, with revenues across divisions well ahead of the prior year and 2019. This reflects organic market share growth, the contribution from acquired lettings businesses and improved market conditions.

Total revenue rose 42% on the year to around £133m, including a £16.8m contribution from Douglas & Gordon, which it acquired last year. The company now expects adjusted operating profit in 2021 to be around £7m, at the top end of market expectations.

"Looking at the year ahead, the group expects a further improvement in adjusted operating profit, supported by the profit contribution from the D&G lettings business, increasing rental levels in the London residential market and the implementation of improved digital marketing capabilities," Foxtons said.

Earlier this month, Foxtons announced the sale of the Douglas & Gordon sales business to its current chief executive officer James Evans for a nominal consideration less than a year after buying it for £15.5m.

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