Foxtons H1 profit to be 'significantly ahead' of 2019, 2020

Foxtons said on Thursday that adjusted operating profit for the first half is set to be "significantly ahead" of both 2020 and 2019 as it reported a jump in sales revenue.

In an update ahead of its capital markets day, the estate agency said that since its trading statement on 14 April, momentum within the business has remained strong.

The company, which saw a 49% increase in first-quarter sales revenue versus both 2020 and 2019, said the sales commission pipeline has continued to grow and is now 65% ahead of last year and 17% higher compared to 1 January 2021.

Chief executive Nic Budden said: "Foxtons has enormous potential and we are delighted to be able to set out our growth plans. For over 40 years we have operated through the ups and downs of the sales market cycle and emerge from the unprecedented challenges of 2020 a more efficient and capable business.

"Our customer proposition is unique and the investments we have made in technology and data science capabilities give us competitive advantage and a solid platform for growth."

Budden said 2021 had started "extremely well", with strong trading and the biggest acquisition in its history. Earlier in the year, Foxtons bought estate agency chain Douglas & Gordon for £14.25m.

At 1255 BST, the shares were up 1.2% at 61.80p.