27th Jan 2022 11:12
(Alliance News) - Foxtons Group PLC said on Thursday it delivered an improved performance in 2021, with revenue across all business segments ahead of the previous year and 2019.
The London-based estate agency said revenue totalled GBP133 million, a 42% increase on 2020 and a 24% increase on 2019. In 2020, revenue totalled GBP93.5 million and in 2019, it was GBP106.9 million.
Foxtons said it now expects an adjusted operating profit of GBP7 million, at the top end of market expectations. In 2020, Foxtons reported an adjusted operating profit of GBP1.9 million and the year before that the company reported a loss of GBP700,000.
Looking at the year ahead, Foxtons said it expects a further improvement in adjusted operating profit, supported by the profit contribution from the Douglas & Gordon lettings business, increasing rental levels in the London residential market and the implementation of improved digital marketing capabilities.
The D&G lettings business is expected to deliver operating profit of around GBP4 million in 2022, an increase of over GBP2 million on the operating profit contributed by the whole D&G business in 2021. Earlier this month, Foxtons said the D&G lettings business will be integrated into the Foxtons network, while the loss-making D&G sales business will be sold to its current chief executive officer.
Foxtons intends to report its full-year results on March 2.
Shares in Foxtons were up 1.6% at 41.00 pence on Thursday morning in London.
By Heather Rydings; [email protected]
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