Foxtons Group (FOXT) Q3 2024 TU earnings summary

Executive summary

• Achieved third consecutive quarter of revenue growth in 2024, with Q3 revenue up 8% year-over-year to £47.4m and YTD revenue up 10% to £125.9m.

• Q3 Sales revenue rose 36% to £13.5m, the highest since 2015, driven by significant market share gains and early signs of market recovery.

• Lettings revenue remained resilient at £31.6m, matching a strong prior year, with operational improvements offsetting lower renewal volumes.

• Financial Services revenue was broadly flat in Q3 at £2.3m, with a 3% YTD increase to £6.8m, supported by recurring refinance activity.

• Trading remains in line with management expectations, with full-year results expected to meet consensus and progress toward a medium-term adjusted operating profit target of £25m–£30m.

Financial highlights

• Q3 2024 revenue: £47.4m, up 8% from Q3 2023 (£43.9m); YTD revenue: £125.9m, up 10% from £114.8m.

• Q3 Sales revenue: £13.5m, up 36% year-over-year; Q3 Lettings revenue: £31.6m, flat year-over-year.

• YTD Sales revenue: £35.1m, up 31%; YTD Lettings revenue: £84.0m, up 3% including £3.1m from acquisitions.

• Q3 Financial Services revenue: £2.3m, down slightly from £2.4m; YTD up 3% to £6.8m.

Outlook and guidance

• Under-offer pipeline at end of September was 23% higher year-over-year, supporting expectations for Q4 revenue growth.

• Full-year results expected to be in line with consensus: £159.0m revenue and £17.6m adjusted operating profit.

• On track to deliver medium-term adjusted operating profit target of £25m–£30m.