In a recent announcement, Foxtons Group revealed that its pretax profit and revenue for the first half of the year have increased. Despite ongoing macroeconomic uncertainty, the U.K. real-estate agency remains optimistic about its future prospects.
The company's pretax profit experienced a significant surge, reaching £6.1 million ($7.9 million), up from £4.3 million in the same period last year. Furthermore, adjusted operating profit, which excludes exceptional and one-off items, saw an increase from £6.2 million in the first half of 2022 to £6.8 million this year.
Notably, Foxtons Group achieved strong revenue growth during this period, with total revenue rising from £65.1 million to £70.9 million. The exceptional performance in lettings played a crucial role in driving this growth.
Despite challenging conditions in the sales market and substantial investments in recruitment, Foxtons Group's strategic focus on non-cyclical and recurring revenues has yielded positive results. The company's ability to deliver substantial revenue and profit growth showcases the effectiveness of this approach.
The board has declared an interim dividend of 0.2 pence per share, remaining consistent with the previous year.
Chief Executive Guy Gittins expressed confidence in Foxtons Group's future outlook, stating, "Looking ahead, despite the uncertainty in the sales market, our resilient and growing lettings business, combined with continuing sales-market share gains and a strengthened sales culture, means we are well-positioned for the rest of the year."
As of 0745 GMT, Foxtons Group's shares remained flat at 38.0 pence.
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