Foxtons announced it had a much improved performance in 2021 with profit at top end of expectations.
London’s leading estate agency reported that revenues across all business segments for the twelve month period were well ahead of the prior year and 2019, reflecting organic market share growth, the contribution from acquired lettings businesses and improved market conditions.
In this morning’s update, the firm said revenue for the full year was circa £133m, up 42 per cent on the prior year, including a £16.8m contribution from Douglas & Gordon.
Foxtons said it expects adjusted operating profit in 2021 to be circa £7m, at the top end of market expectations.
As announced on January 14, subject to shareholder approval at a General Meeting on 10 February the group intends to simultaneously dispose of the D&G sales business and integrate the D&G lettings business into the Foxtons network.
The D&G lettings business is expected to deliver operating profit of around £4m in 2022, an increase of over £2m on the operating profit contributed by the whole D&G business in 2021.
Looking at the year ahead, Foxtons expects a further improvement in adjusted operating profit, supported by the profit contribution from the D&G lettings business, increasing rental levels in the London residential market and the implementation of improved digital marketing capabilities.
Foxtons will report 2021 full year results, including the announcement of the final dividend, on March 2.