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Foxtons has released its trading update for the first half of 2025, reporting a 10% increase in revenue and a 31% rise in adjusted operating profit. Despite the strong performance, the agency’s CEO has signalled a more challenging outlook for the sales market in the second half of the year.
Highlights are as follows:
+ Group revenue up 10% in H1 2025 to £86.1m (H1 2024: £78.5m)
+ Adjusted EBITDA up 32% in H1 2025 to £13.8m (H1 2024: £10.5m)
+ Adjusted operating profit up 31% in H1 2025 to £12.3m (H1 2024: £9.4m)
Guy Gittins, chief executive officer, said: “It’s been a strong start to the year, with revenue up 10% and adjusted operating profit growing 31%. The Lettings business has continued to perform well, providing steady, recurring revenues which underpin our growth, while the Sales business benefitted from a rebuilt market share position and increased market activity ahead of the stamp duty deadline.
“Last month, we hosted a Capital Markets Event to present the next phase of our growth plan. At the event, we introduced new financial targets, including an ambition to more than double profitability, by delivering £50m of adjusted operating profit in the medium term. Our strategy is clear and scalable, supported by a market-leading Operating Platform and a commitment to consistently deliver results for our customers.
“We expect a more challenging second half for the sales market compared to the first, and while we welcome the Government’s new mortgage guarantee scheme as a constructive step, the property market also requires a comprehensive review of stamp duty to help stimulate growth and improve access to home ownership across all price points.
“Despite the wider macroeconomic uncertainty, the Group’s strong financial profile is underpinned by stable and recurring earnings from Lettings and gives us continued confidence in delivering our growth strategy.”
More to follow…
This article is being updated
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