Foxtons Group PLC - London-based estate agent - Says it ‘continued to outperform the market’ in the first half of 2024 and is confident for the remainder of the year. Revenue in the six months to June 30 grows 11% to £78.5 million from £70.9 million a year earlier, pushing up pretax profit by 24% to £7.5 million from £6.1 million. Foxtons raises its interim dividend by 10% to 0.22p per share from 0.20p.
Chief Executive Officer Guy Gittins says: ‘The strong momentum we started the year with has continued, with double-digit revenue and earnings growth and our position as London’s largest Lettings and Sales agency reinforced. Despite macro headwinds and the election interruption, we continued to outperform the market, delivering strong Sales revenue growth of 28% and market share growth of 30%. Growth was also delivered in Lettings, with a double-digit increase in new business volumes, further bolstered by the acquisitions we made in 2023.’
Foxtons says it remains on track for its medium-term target of £25 million to £30 million in annual adjusted operating profit. In the recent half-year, this is £8.5 million. In 2023, it was £14.3 million.
Current stock price: 68.00 pence, up 0.9% in London on Tuesday
12-month change: up 71%
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