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Foxtons FY pre-tax profits more than double in FY24
(Sharecast News) - Estate agency Foxtons Group said on Wednesday that pre-tax profits had more than doubled in FY24, driven by significant market share gains in sales and strong returns from lettings acquisitions. Foxtons said revenues were up 11% at £163.9m, while adjusted underlying earnings were 36% higher at £23.8m and adjusted operating profits were 38% stronger at £21.6m. Pre-tax profits surged 121% to £17.5m and basic earnings per share shot up 156% year-on-year to 4.6p.
Foxtons said its performance was driven by strengthened operational capabilities, combined with strong returns from lettings acquisitions. It also stated it was on track to deliver against medium-term targets set in March 2023, and that the next phase of its growth plan was "now coming into focus".
As of 1230 GMT, Foxtons shares were up 2.14% at 62.30p.
Reporting by Iain Gilbert at Sharecast.com
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