Foxtons Group PLC - London-based estate agency - For the quarter ended on March 31, group revenue is £32.9 million, up 10% from £30.0 million a year earlier. Lettings revenue is £22.8 million, up 27% from £17.9 million, whereas Sales revenue is £8.1 million, down 16% from £9.6 million a year earlier. Financial Services revenue decreases by 18% to £2.0 million from £2.4 million. Says the decrease in Financial Services is against a backdrop of lower sales market activity, ‘investment in adviser capacity supported marginally higher volumes, particularly from refinance customers’.

Chief Executive Officer Guy Gittins says: ‘We delivered good year-on-year growth in the first quarter, reflecting strong growth in our resilient Lettings business as operational improvements and high levels of tenant demand drove strong organic revenue growth, supplemented by incremental revenues from acquisitions. As expected, Sales and Financial Services revenues were lower year-on-year, reflecting the lower under-offer pipeline at the start of 2023 and volatility in the mortgage market. Over the course of the quarter, operational improvements and increasing levels of buyer demand, meant we have made good progress in rebuilding the under-offer sales pipeline.’

Current stock price: 37.76 pence each

12-month change: down 18%

Copyright 2023 Alliance News Ltd. All Rights Reserved.