Foxtons Group PLC, London's leading estate agency, has released its interim results for the half-year ended 30 June 2024. The company reported double-digit revenue and earnings growth, showcasing significant sales market share gains and driving Lettings new business volumes. The Group remains on track to deliver its medium-term target of £25m to £30m adjusted operating profit.

In H1 2024, Foxtons saw an 11% increase in revenue to £78.5m, with adjusted EBITDA up 25% to £10.5m and adjusted operating profit up 24% to £8.5m. The Group also reported a 24% growth in adjusted operating profit, driven by strategic progress, including a 6% Lettings organic revenue CAGR and a 25% average return on Lettings acquisitions. Additionally, around 70% of the revenue came from non-cyclical and recurring revenue streams.

The company's operational highlights include reinforcing its position as the number one estate agency in London and the largest lettings estate agency brand in the UK. Foxtons also experienced double-digit growth in Lettings new business volumes and integrated the Ludlow Thompson acquisition, delivering synergies ahead of schedule. Sales revenue growth was driven by significant market outperformance, with a 30% increase in the market share of exchanges.

Looking ahead, the company's July trading is in line with expectations, with little change in customer behavior or market dynamics since the General Election at the beginning of the month. In Lettings, market dynamics are expected to remain consistent with the first half, while the Sales under-offer pipeline is 21% higher than the prior year, indicating further year-on-year Sales revenue growth in H2.

Overall, Foxtons Group PLC's interim results for H1 2024 demonstrate strong performance, with double-digit revenue and earnings growth, strategic progress, and operational highlights that position the company for continued success in the second half of the year.