Foxtons has published its interim results for the half-year ending 30th June 2022.

Revenues were £65.1m compared to £63.4m in 2021 (+3%)

Profit before tax rose to £4.3m from £3.6m (+21%).

This reflects 20% growth in lettings revenue, a 17% decline in sales revenue and an 8% decline in financial services revenue.

Commenting on the results, Nigel Rich, Chairman of Foxtons, said:

“In the first six months of the year we have made significant progress against our plans to reset the business and get back on the front foot.

“To this end I am very much looking forward to welcoming Guy Gittins, the former CEO of Chestertons, as CEO in September this year.

“In the period, we successfully completed the integration of D&G lettings, as well as making a further two acquisitions in our lettings business to enhance earnings and market share.

“We enter the second half with a tightening grip on costs, a focus on sales intensity, and an improved ability to generate revenue from prudent investment in negotiators and financial services advisers.

“There remains much to do, but the heart of Foxtons is strong, and we are well placed to accelerate profit growth and realise the potential of the business.”

The company stated:

Notwithstanding the global and domestic headwinds impacting the UK economy, we expect adjusted earnings growth in the second half compared to H2 2021, including some additional benefit from the recent lettings portfolio acquisitions.

We anticipate adjusted earnings for the full year to be at least in line with market expectations.