Dexters has seen revenue rise by almost a third, while operating profit has surged, as the London property market has rebounded strongly post-pandemic with the business seeing a large increase in deals across the capital.
The London-based estate agency has released its 2021 Report and Accounts, which reveals a 32% rise in revenue to £143.3m, up from £108.7m in 2020, while the company’s operating profit has increased by 75% to £40.6m, up from £23.2m a year earlier.
Of the £143.3m of revenue, £62.7m was generated through Dexters sales and new homes activities, £69.2m from lettings and property management and £11.3m generated from financial services, conveyancing and other professional advisory services.
The group’s strong and sustained cashflow performance underlines the strength and stability of the business and its ongoing increase in capturing market share of residential sales and lettings business across the capital. The business has a very strong balance sheet, with significant cash reserves and committed borrowing facilities to fund further acquisitions.
Dexters says that its management has continued to prudently reinvest profits in the business for further expansion, especially in the creation of more jobs, with over 200 new colleagues joining the Dexters Academy last year, and a plan to create up to 200 new opportunities to join the Dexters Academy in 2022/2023.
Over the last 12 months Dexters, which currently serves over 30,000 landlords and facilitates more than 28,000 property transactions across London annually, has further boosted its market share in north London with recent acquisitions in Hendon, Finchley and Finsbury Park.
Similarly, partnerships with estate agents Roy Brooks, Peter James and Sebastian Roche, has further strengthened the company’s position in south London.
With over 70 offices across London, Dexters is going from strength to strength due to increased demand and existing office premises are expanding in areas including Islington, Kentish Town, Wimbledon and most recently the opening of Dexters Tooting.
In March, Dexters acquired digital property management and lettings business Howsy, as part of the group’s expansion strategy to increase the service offering provided to landlords and supporting its market leading local high street presence.
Dexters has maintained consistent growth, increasing revenue at 15% per year over the last 10 years.
Andy Shepherd, CEO of Dexters, said: “Dexters continues its consistent year-on-year growth and as London has bounced back from the disruption caused by the Covid-19 pandemic the business has seen a significant increase in transactions across the capital.
Due to the professionalism, hard work and customer care achieved by colleagues across the business the Dexters brand is highly rated by both Londoners and international customers. This rating, alongside our office expansion programme and enhanced digital activities creates a strong foundation for continuing to increase revenue and future expansion.”
Comments (4)
The negotiators do not get paid peanuts. This is an incorrect statement
Just under 30% ROE is a good result subject to what’s in the accounts
2021 will be a strong year for most -I feel 2022 will be a tad more challenging
GLA
Well done Dexter’s. It is great to see them investing in new talent with their academy. Some of the other big names could do better if they also invested in this way rather than adopting the policy of paying peanuts and employing mediocre staff! Dexter’s have proved that if you invest in your staff it pays dividends.
Do you know how much a neg gets paid there?
Peanuts