Foxtons Q1 revenues rise following strong lettings growth

Real estate agency Foxtons Group said on Thursday that strong growth in lettings had driven revenues in Q1 as the firm's operational turnaround progressed.

Foxtons stated lettings revenue had risen 27% to £22.8m, offsetting declines in sales and financial services revenues, respectively, to push total revenues 10% higher year-on-year at £32.9m.

Sales revenues dropped 16% to £8.1m, principally due to a reduction in exchange volumes in the quarter, while financial services revenues fell 18% to £2.0m against the backdrop of lower sales market activity.

Chief executive Guy Gittins said: "We delivered good year-on-year growth in the first quarter, reflecting strong growth in our resilient lettings business as operational improvements and high levels of tenant demand drove strong organic revenue growth, supplemented by incremental revenues from acquisitions.

"I remain confident in our refocused strategic priorities and the determination of the business to deliver market share growth and shareholder value by making Foxtons London's go-to estate agent."

As of 1030 BST, Foxtons shares were down 0.66% at 37.75p.

Reporting by Iain Gilbert at Sharecast.com