Foxtons today published a trading update for the year ended 31 December 2021. The estate agency delivering a much improved performance, with revenues across all business segments for the 12 month period well ahead of the prior year and 2019. The group expects adjusted operating profit in 2021 to be circa £7m, at the top end of market expectations.

Total revenue for the full year was circa £133m, up 42% on the prior year, including a £16.8m contribution from Douglas & Gordon (“D&G”). The Group expects adjusted operating profit in 2021 to be circa £7m, at the top end of market expectations.

As announced on Friday 14 January, subject to shareholder approval at a General Meeting on 10 February the group intends to simultaneously dispose of the D&G sales business and integrate the D&G lettings business into the Foxtons network. The D&G lettings business is expected to deliver operating profit of around £4m in 2022, an increase of over £2m on the operating profit contributed by the whole D&G business in 2021.

Looking at the year ahead, the group expects a further improvement in adjusted operating profit, supported by the profit contribution from the D&G lettings business, increasing rental levels in the London residential market and the implementation of improved digital marketing capabilities. Foxtons intends to report 2021 full year results, including the announcement of the final dividend, on 2 March 2022.

EYE NEWSFLASH: Foxtons disposes Douglas & Gordon sales business