Source - Alliance News

Foxtons Group PLC - London-based estate agency - Adjusted operating profit in 2023 is about £14 million, flat from £13.9 million in 2022 but above market consensus of £11.8 million. Revenue grows by 4.8% to about £147 million from £140.3 million, also beating market expectations, according to Foxtons. The estate agent says revenue continues to be driven by Lettings division, where revenue increased by about 16% to pass the £100 million mark. This more than offset revenue declines in Sales and Financial Services.

Foxtons says its Sales division enters 2024 with an under-offer pipeline ‘significantly ahead’ of a year before. The group is well positioned to achieve its medium-term goal of £25 million to £30 million in annual adjusted operating profit, Foxtons says. It will release full 2023 results on March 5.

Current stock price: 51.40 pence, down 2.3% in London on Thursday

12-month change: up 35%

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