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Sparks commentary - Foxtons Group

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Sparks - Foxtons Group

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Male hand showing, offering a new dream house at the empty field with copy space
Foxtons (LSE: FOXT) – FY24 results ahead of expectations; confident outlook
Published by Andy Murphy

Foxtons’ FY24 results were modestly ahead of guidance, with revenue up 11% to £163.9m and operating profit up 38% to £21.6m (FY23; £15.7m on a revised basis). Although Lettings and Financial Services experienced growth, the main driver was the 31% increase in Sales revenue in the period as the company invested and took market share. The outlook is promising, with the under-offer pipeline up 21% at the end of February at record levels, which supports Foxtons’ medium-term operating profit target. The company also announced its intention to host a capital markets day in Q225 to highlight its future growth plans.

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