3rd Jun 2021 11:57
(Alliance News) - Foxtons Group PLC said Thursday it expects adjusted operating profit for the first half of 2021 to be significantly ahead of both 2020 and 2019 after a buoyant period of trading.
The estate agent posted an operating profit of GBP1.9 million in 2020. It said it has seen strong trading momentum within the business since mid-April. Following a 49% increase in first quarter revenue to March 31, versus both 2020 and 2019, its sales commission pipeline has continued to grow and is now 65% ahead of last year and 17% up on January 1.
"2021 has started extremely well with strong trading and the biggest acquisition in our history," declared Chief Executive Nic Budden.
"We look out on significant opportunity to grow and have a clear plan to take advantage of it. Foxtons has a history of being a highly profitable business and when I reflect on the actions we have taken together with the opportunity and improving market conditions I am confident we can deliver significant shareholder value in the coming years."
In April, Foxtons announced a GBP3.0 million investment in Boomin, a next-generation property site, which continues the company's strategy of remaining "at the forefront of technological transformation" in the property sector.
Shares in Foxtons were up 1.4% at 61.95 pence in London on Thursday.
By Will Paige; [email protected]
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