Revenues rise for Foxtons’ first half

Foxtons has had its best six months since 2016, despite falling London rents. Half-year revenue was up 66% on 2020 to £66.9m, with profits hitting £5.2m – up from last year’s £2.4m loss. The London-based agent said that growth in market share had been further strengthened by the acquisition of rival Douglas & Gordon. Sales revenue was up by a healthy 86% after two years of declines, rising to £28.6m from £11.1m in H1 2020 and £15.4m in 2019. Lettings were up 8% on 2019, contributing £33.1m in revenue, although rents had fallen in London by 9%. Mortgage broking revenue increased by 31% to £5.2m. Chief executive Nic Budden said the growth had allowed the agent to reinstate its dividend and extend its share buyback programme by £3m. He added: “Foxtons has huge potential and today’s results demonstrate we are building a highly profitable business.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews