23rd Apr 2025 12:16
(Alliance News) - Foxtons Group PLC on Wednesday reported its highest quarterly sales revenue in "nearly 10 years", lifting total revenue by nearly a quarter.
Chief Executive Guy Gittins said the London-based property sales and letting firm had a "very strong start to the year", helped by a rush to beat the March 31 deadline for stamp duty relief on property sales in the UK.
Total revenue was GBP44.1 million in the first quarter, up 24% from GBP35.7 million a year before. Lettings remained the company's largest business line at GBP25.2 million, up 5.0% from GBP24.0 million, but it was the previously struggling Sales arm that led the recent increase. Here, revenue jumped by 73% to GBP16.4 million from GBP9.5 million.
"The level of revenue growth demonstrates the scale of the turn-around within Sales, as the business capitalised on stamp duty-driven increased market activity far more effectively than in previous years, such as during the stamp duty relief deadline in 2021," Gittins said.
Financial Services made up the balance, at GBP2.5 million in revenue in the first three months of 2025, up from GBP2.3 million a year before.
Looking ahead, Foxtons said it is trading in line with management expectations. Following the passing of the stamp duty relief deadline, the Sales under-offer pipeline entering the second quarter was down 10% from a year before. However, this is expected to rebuild over the quarter, the company said, with any future UK interest rate reductions lending support.
Foxtons will host a capital markets event on June 4 to set out strategy.
Shares were up 1.4% to 58.10 pence on Wednesday in London.
By Tom Waite, Alliance News editor
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