Foxtons Group plc has announced its Q3 2024 trading update, marking the third consecutive quarter of increased growth. The update unveils a substantial 8% revenue growth, driven by significant progress in sales revenue.
- Foxtons saw its Q3 revenue rise to £47.4 million, up from £43.9 million in the previous year, representing an 8% increase.
- Year-to-date revenue climbed to £125.9 million by the end of September, a boost of 10% compared to last year’s figures.
- Sales revenue achieved remarkable growth, surging by 36% to £13.5 million, significantly contributing to the overall revenue increase.
- Lettings revenue stayed constant at £31.6 million, reinforcing Foxtons’ robust recurring income stream.
Foxtons Group plc has reported an encouraging Q3 2024 trading update, signalling its third successive quarter of growth. The company’s revenue reached an impressive £47.4 million, up from £43.9 million in Q3 2023, indicating an 8% increase. This improvement is largely attributed to a substantial rise in sales revenue.
As of 30th September 2024, Foxtons’ year-to-date revenue amounted to £125.9 million, reflecting a 10% increase from £114.8 million the previous year. This progression is supported by a significant 36% increase in sales revenue, which amounted to £13.5 million, compared to £9.9 million in the third quarter of the preceding year, highlighting Foxtons’ efficient market positioning and operational strategies.
The lettings sector maintained its performance with a steady revenue of £31.6 million, consistent with the strong performance witnessed in Q3 2023. This continuity signifies Foxtons’ successful approach in nurturing a stable and recurring income stream.
Foxtons remains on track to achieve its medium-term aim of reaching £25 to £30 million in adjusted operating profit. The growth in Q3 sales revenue, the highest since 2015, is underpinned by increased market share and initial signs of market recovery. Transaction volumes rose by 34% year-over-year, outpacing the broader market’s 13% increase, thus demonstrating Foxtons’ robust sales velocity and competitive edge.
The company noted its under-offer pipeline increased by 23% from the previous year, further indicating positive sales momentum. While financial services revenue remained fairly flat at £2.3 million for Q3, the year-to-date figure of £6.8 million marked a 3% rise, supported by productivity enhancements in advisory services to counterbalance lower-value product transfers.
Guy Gittins, the CEO, underscored the company’s ongoing success, stating, “We have delivered our third consecutive quarter of growth, with Q3 revenues up 8% to £47.4 million. Our balance sheet and cash flow remain strong, continuing to support our growth and value creation initiatives.” He highlighted the strategic focus on strengthening training, negotiator tenure, and technology, along with promising market recovery signs. These factors have driven the company’s impressive sales revenue growth.
Foxtons’ sustained growth and strategic advancements reinforce its standing as a leading estate agency, positioning it well for continued success in the coming quarters.
