Foxtons Group PLC has released its Q1 2024 Trading Update, reporting a 9% increase in revenue to £35.7m compared to Q1 2023. This growth was seen across all business segments, with Lettings revenue up 5%, Sales revenue up 17%, and Financial Services revenue up 16%. The company attributes the Sales revenue growth to a significant increase in market share of transactions, with sales agreed in the quarter 31% higher by volume compared to Q1 2023.

The Lettings revenue increase was driven by incremental revenues from portfolio acquisitions in 2023, while Sales revenue growth was underpinned by the company's operational turnaround and increased market share of transactions. The value of the under-offer Sales pipeline at the end of March 2024 was 34% higher than in 2023, the highest value since the 2016 Brexit vote, indicating a positive outlook for further revenue growth in Q2.

Financial Services revenue growth of 16% was attributed to increased mortgage volumes, reflecting operational upgrades to improve adviser productivity and cross-selling across the Group. Foxtons' Chief Executive Officer, Guy Gittins, expressed optimism for the rest of the year, stating, "We entered the second quarter with the highest value under-offer Sales pipeline since the 2016 Brexit vote, giving us optimism for the rest of the year."

The company's strategic priorities include focusing on Lettings organic and acquisitive growth, Sales market share growth, and Financial Services revenue growth. The Group aims to deliver £25m to £30m adjusted operating profit in the medium-term by leveraging its competitive advantages in data and technology, brand, operating model, and people, culture, and training.

Overall, Foxtons Group PLC's Q1 2024 Trading Update reflects strong revenue growth, driven by market share gains, operational improvements, and strategic initiatives across its business segments.