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Sparks commentary - Foxtons Group

Real Estate

Sparks - Foxtons Group

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Foxtons’ (LSE: FOXT) Q3 trading shows strong sales momentum
Published by Andy Murphy

Foxtons’ Q3 trading was robust, with the company reporting revenue growth of 8% to £47.4m, contributing to overall year-to-date growth of 10% to £125.9m. In the quarter, Lettings revenue was flat and Financial Services was down modestly. However, the overriding driver was Sales, which grew revenue by 36% to £13.5m as Foxtons continued to gain market share and the market showed signs of recovery. The outlook is encouraging as interest rates appear to be declining and Foxtons exited the period with an under-offer sales pipeline up 23% on the prior year, which is expected to support Q4 sales activity.

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