Foxtons Group (FOXT) Trading Update summary

Trading performance highlights

• Group revenue rose 24% to £44.1m in Q1 2025, driven by strong sales and lettings performance.

• Sales revenue surged 73% to £16.4m, marking the highest quarterly sales since before 2016, aided by stamp duty deadline activity and market share gains.

• Lettings revenue increased 5% to £25.2m, with growth supported by recent acquisitions in Reading and Watford, both performing as expected.

• Financial Services revenue grew 7% to £2.5m, with a 71% rise in new purchase transactions offsetting a decline in refinance revenues.

• Market share of exchanges grew to 5.6% from 4.6% year-on-year, reflecting operational improvements and effective pipeline conversion.

Strategic initiatives and acquisitions

• Rapid integration of Imagine Property Group enabled further acquisition of Marshall Vizard, strengthening the Watford hub.

• Acquisitions align with the strategy to consolidate market share in high-value commuter towns.

• Four strategic priorities: organic lettings growth, acquisitive lettings growth, sales market share growth, and financial services revenue growth.

• The Foxtons Operating Platform, with advanced technology and data, underpins growth and operational efficiency.

Management outlook and guidance

• Trading remains in line with management expectations, with momentum expected to continue into Q2.

• Sales under-offer pipeline is 10% lower entering Q2 due to completions brought forward, but is expected to rebuild.

• Future growth may be influenced by the pace of interest rate reductions, which could accelerate buyer activity.

• CEO expresses confidence in further growth and long-term value creation despite macro volatility.