Foxtons Group plc, a prominent estate agency, reported an 8% increase in revenue for the third quarter of 2024, marking its third consecutive quarter of growth. This summary outlines the key developments contributing to Foxtons’ continued success.
- Revenue for Q3 2024 rose to £47.4 million, an 8% increase compared to the same period in 2023.
- Year-to-date revenue as of September 30th reached £125.9 million, a 10% rise from the previous year.
- Sales revenue experienced a significant 36% increase, with sales transactions setting a record high since 2015.
- Lettings revenue remained consistent with the strong performance observed in the previous year.
In a robust display of financial performance, Foxtons Group plc reported a noteworthy 8% increase in revenue for the third quarter of 2024, reaching £47.4 million. This growth underscores the agency’s sustained momentum over the past three quarters, highlighting its strategic positioning within the competitive estate agency market.
The year-to-date financial figures as of September 30th further demonstrate Foxtons’ positive trajectory, with revenues climbing to £125.9 million, marking a 10% year-on-year increase. This upward trend is emblematic of the company’s adept management and market navigation.
Sales revenue emerged as a significant driver of growth, soaring by 36% and reaching a level not seen since 2015. Such achievement was facilitated by Foxtons’ expanding market share and a recovering housing market. Transaction volumes notably surged, marking a 34% increase over the previous year, far outpacing the wider market’s 13% growth.
Lettings revenue, a critical component of Foxtons’ business model, demonstrated resilience by maintaining a steady £31.6 million for the quarter. This stability in lettings reflects the consistent demand and strategic execution in the rental market.
Despite a relatively flat financial services revenue of £2.3 million for Q3, the year-to-date revenue for this segment rose by 3% to £6.8 million. This marginal growth reflects a complex interplay of factors, including lower commission levels and improved efficiency in advisory services.
Foxtons Group plc’s strategic focus and robust performance across sales and lettings continue to underpin its revenue growth and market position.
