Foxtons interim results underpinned by lettings business
By Michele Maatouk
Date: Thursday 28 Jul 2022
(Sharecast News) - Estate agency Foxtons said on Thursday that interim profits and revenue rose thanks in part to strength in the lettings division.
In the six months to 30 June, pre-tax profit was up 21% at £4.3m, on revenues of £65.1m, 3% higher versus the same period a year earlier.
Foxtons said the lettings business performed particularly strongly, with 20% revenue growth year-on-year to £39.4m. This was enhanced by the contribution from the acquired D&G portfolio and growth in rental prices.
Sales revenues fell 17% to £20.8m, however, with the first half of the prior year having benefited from stamp duty relief which pulled forward significant transaction volumes into the first half of 2021.
Chairman Nigel Rich said: "We enter the second half with a tightening grip on costs, a focus on sales intensity, and an improved ability to generate revenue from prudent investment in negotiators and financial services advisers.
"There remains much to do, but the heart of Foxtons is strong, and we are well placed to accelerate profit growth and realise the potential of the business."
Foxtons said full-year earnings were set to be "at least" in line with market expectations.
At 1115 BST, the shares were up 4.6% at 43.50p.
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