Foxtons Group PLC on Tuesday said 2024 earnings beat market expectations amid double-digit revenue and earnings growth fuelled by market share gains.

The London-based estate agent said in a trading update it expects to report 11% revenue growth in 2024 to around £163 million from £147.1 million in the previous year.

The firm expects adjusted operating profit to rise 33% to around £19 million from £14.3 million in 2023.

The company said consensus market expectations for the year to the end of December were revenue around £160.1 million and adjusted operating profit of £17.9 million.

Chief Executive Officer Guy Gittins said: ‘I’m delighted that we have delivered a second consecutive year of revenue and profit growth since I returned to the business in September 2022, as our turn-around strategy continues to deliver results, and we ended the year with earnings ahead of market expectations.’

Foxtons said it outperformed due to ‘strong operational delivery’, as sales revenue grew by around 30%, from a 20% increase in market share and a 10% recovery in London transaction volumes.

Lettings revenue grew around 5% in the full-year, with fourth-quarter revenue up 11% against the prior year due to acquisitions and like-for-like growth, the company said.

Foxtons noted that it added 2,900 tenancies to its portfolio following the acquisitions of Haslams Estate Agents and Imagine Property Group in October for £12.6 million.

It expects lettings to ‘remain resilient’ in 2025, due to high tenant demand and stock levels.

Sales started 2025 with a significantly larger under-offer pipeline than in the prior year, and at its highest position since 2016, Foxtons said.

It said this was in part due to first time buyer activity ahead of the increased stamp duty rates from April 1.

After that date, first-time buyers will not pay stamp duty on houses worth up to £300,000, the nil-rate lowered from £425,000.

The company said data suggests new buyer activity is above prior year levels despite interest rate outlook uncertainty.

It said the Sales division is ‘well positioned to return to profitability’ if a more positive market backdrop is sustained.

Gittins said: ‘We enter 2025 with optimism. We expect the Lettings business to remain resilient and, in Sales, we start the year with the highest opening under-offer pipeline since the Brexit vote in 2016. This dynamic, coupled with our results driven-culture and industry-leading Foxtons Operating platform, leaves us well placed to continue to deliver against our strategic priorities in 2025.’

Foxtons shares were up 3.0% to 68.00 pence in London at midday on Tuesday.

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