Foxtons’ shares up almost 13 per cent after revenue spikes by a quarter on last year
Estate agent Foxtons’ shares were up almost 13 per cent after it reported a 25 per cent spike in revenue in the third quarter compared to 2021.
Its overall intake was at £43.8m for three months to September compared to £35.1m last year in the same period.
Following its reported results, Foxtons shares went up 12.41 per cent to 32.4p.
This was driven by an increase in its lettings, sales and financial service sectors, with a 44 per cent increase in its sales being the most significant increase.
Despite pressures on the housing market its lettings were at £29m this quarter, up almost 20 per cent from 2021, while financial services increased almost 40 per cent.
The company said it was “mindful of the ongoing macroeconomic and political uncertainty” but its performance this quarter “gives us confidence” for the rest of the year.
Guy Gittins, who joined as chief executive in September, said Foxtons “has significant unfulfilled potential and there is a shared understanding and vision of how we can deliver this.”
Saying he’s “excited about leading this reset and determined we can get Foxtons back on the front foot”, he said the last quarter showed “positive momentum as the company enters the final quarter “with a less certain sales market backdrop”.