Foxtons returns to profit after five years of losses

Foxtons has made a profit before tax for the first time in five years. The London-based estate agent made a £5.6m pre-tax profit, up from last year’s £1.4m loss, and a loss of £8.8m in 2019. The last time Foxtons made a pre-tax profit was in 2017, when it made £6.52m. The previous year it earned £18.8m. Foxtons had described 2018 as its “toughest year” as market share shrank and values collapsed. The firm said it felt vindicated in its decision to buy D&G, as revenues for 2021 reached £126.5m, up from £93.5m the previous year and £107m in 2019. Foxtons said it had brought in 2,900 new tenancies through its acquisition of D&G, with 4% growth in the lettings portfolio during the first 10 months of ownership to more than 3,000 tenancies. This had delivered £10m of revenue and £3.7m of operating profit. Chief executive Nic Budden said: “2021 was a good year of progress for Foxtons, with revenues, profits and cash flow significantly ahead of 2019 and 2020. We successfully delivered the first phase of our growth plan, making strong progress against our core strategic objectives and are confident of delivering further growth this year and into the future.”   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews