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Foxtons draws up shortlist of rival agencies it wants to buy

Foxtons has revealed that it has a pipeline of what it calls “lettings portfolio targets” - lettings books which it wants to buy in the coming 12 months.

It’s not revealing names at this stage, but says this strategy will help build on its current 27,500 lettings portfolio, which includes 2,500 added in the past 12 months thanks to the acquisitions of Gordon & Co and Stones Residential. Both of these are described as being “revenue enhancing” before the end of 2022.

In a trading statement to shareholders, Foxtons says its half year performance in the lettings sector has seen £5.7m of revenue and £2.6m of profit. 


Across both lettings and sales revenue was up three per cent to £65.1m and pre-tax profits up 13 per cent to £6.2m.

Commenting on the results chairman Nigel Rich says: “In the first six months of the year we have made significant progress against our plans to reset the business and get back on the front foot. To this end I am very much looking forward to welcoming Guy Gittins, the former CEO of Chestertons, as CEO in September this year.”

And Rich continues: “We enter the second half with a tightening grip on costs, a focus on sales intensity, and an improved ability to generate revenue from prudent investment in negotiators and financial services advisers. There remains much to do, but the heart of Foxtons is strong, and we are well placed to accelerate profit growth and realise the potential of the business.”

Numis, the City advisory service that works with Foxtons, says: “In our view, this is a solid performance and the guidance for [the second half of 2022] is reassuring in light of economic uncertainty, low rental stock and conveyancing bottlenecks. Furthermore, we welcome the increased focus on costs and the investment in upgrading the negotiating teams. 

“Whilst Foxtons shares have recovered well from the end June lows, they are still down over 50 per cent from their pre-Covid levels — despite demonstrable progress in profits.”


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