The integration of the lettings division of London agency Douglas & Gordon into the lettings wing of Foxtons will happen next month.
The news has come in a statement to shareholders by Foxtons.
A General Meeting of Foxtons on February 10 will see the D&G rental integration ratified, along with the sale of D&Gs residential sales arm to its current chief executive, James Evans.
In the same statement Foxtons gave a trading update for the year ended 31 December 2021.
It claimed to have enjoyed “a much improved performance” with revenues across all business segments for the 12 month period well ahead of the prior year and 2019.
The group expects adjusted operating profit in 2021 to be around £7m, which it suggests is at the top end of market expectations.
Total revenue for the full year was some £133m, up 42 per cent on the prior year – but this was including a £16.8m contribution from Douglas & Gordon.
Looking at the year ahead, the group expects a further improvement in adjusted operating profit, supported by the contribution from the D&G lettings business, increasing rental levels in the London market and what it promises to be “the implementation of improved digital marketing capabilities.”
Foxtons’ full year final figures will be reported on March 2.
