Foxtons post double-digit H1 revenue and earnings growth

Real estate agency Foxtons Group reported double-digit revenue and earnings growth for the six months ended 30 June as it continues to deliver on its turnaround plan.

Foxtons said on Tuesday that interim revenues had grown 11% to £78.5m, while adjusted underlying earnings were up 25% to £10.5m and earnings per share rallied 36% to 1.9p. Both adjusted operating profits and pre-tax profits grew 24% to £8.5m and £7.5m, respectively.

The London-listed group also noted that it had increased its revolving credit facility from £20.0m to £30.0m during the half, with maturity extended to June 2027 in order to support its organic and inorganic growth strategy.

Foxtons added that July trading had been in line with expectations, with little change in customer behaviour or market dynamics following the UK general election earlier in the month. Sales under-offer pipeline rose 21% year-on-year to its highest value since the Brexit vote in 2016.

Chief executive Guy Gittins said: " The strong momentum we started the year with has continued, with double-digit revenue and earnings growth and our position as London's largest Lettings and Sales agency reinforced.

"Momentum can be felt across every aspect of the business and I am very excited about the second half and beyond as we work hard to deliver excellent results for the property owners of London and our shareholders."

As of 0945 BST, Foxtons shares were up 1.08% at 68.13p.

Reporting by Iain Gilbert at Sharecast.com