Foxtons Group reported its financial results for the half year ended 30 June, which saw the estate agents’ profit and revenue rise.
Revenue increased to £65.1 million, a 3% rise from £63.4 million in the prior year. In addition, the adjusted operating profit of £6.2 million was up 13%, with strong profit conversion from incremental lettings revenues.
Furthermore, the company increased its adjusted operating profit margin by 90bps to 9.5%. So far, so good for Foxtons.
“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,” commented Nigel Rich, Chairman of Foxtons.
Meanwhile, Rich also stated he was “looking forward to welcoming Guy Gittins” as CEO of Foxtons in September.
Foxtons also reported its outlook, stating they anticipate adjusted earnings for the full year to at least be in line with market expectations. After a solid report, I’m not surprised.
Foxtons shares gained 4.09% on Thursday after the report. Meanwhile, its shares have increased 20.78% over the last month. Can its shares continue higher??