Profits and revenue at Foxtons have shot up, the firm announced this morning.

In its half-year results for the six months to the end of June, revenue was up 16.2% to £72.8m, while pre-tax profits soared 57.1% to £23.1m  – compared with £14.7m for the same period a year ago.

Average revenue per branch during the period was £1,565,000, and average revenue brought in per employee was just under £60,000 at £59,890.

Revenue from 2,919 sales brought in £37.8m – an average fee per sale of £12,937. Sales were up in number by 19.6%.

Lettings revenue was £31.8m. Mortgage broking revenue added another £3m.

Despite its growth, Foxtons’ share price has dropped by more than a quarter since February.

The company currently has 49 offices after opening five new branches in the first half of this year, with another two to open in the second half. There will be continued expansion next year.

However, chief executive Nic Budden warned: “Looking ahead to the second half, we expect the growth in transaction volumes to slow from the rapid rate seen in the first half as the policy initiatives introduced in 2014 aimed at controlling mortgage lending, together with the expectation of increases in interest rates, are now having an impact on short-term demand among buyers.”

He went on: “We have a clear strategy focused on the organic expansion of our branch network, increasing our market share and improving profitability as our larger network benefits from our centralised business model. Our five newly opened branches were delivered on time and to budget and are performing in line with expectations.

“We remain on track to open a further two branches this year and have secured sufficient sites to satisfy our continued expansion programme into 2015.”

Foxtons listed on the stock market last year with a value of £649m.