Foxtons: Estate agent boosts dividend as property sales pickup
London’s biggest letting agent, Foxtons, has raised its final dividend by 30 per cent after double-digit revenue growth.
The company’s growth was driven by sales rather than lettings in the year ended December 31, 2024, with sales revenue up 31 per cent year on year and lettings up five per cent.
It drove expansion into commuter markets last year, acquiring two smaller companies in Reading and Watford in October. At the end of February 2025, it also acquired Marshall Vizard, a second lettings business in Watford.
Overall, revenue rose 11 per cent to £163.9m, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36 per cent to £23.8m
Profit before tax rose 121 per cent to £17.5m, and earnings per share rose 47 per cent to five pence.
The company’s final dividend for 2025 will rise 30 per cent to 0.95p, which it said was in line with its dividend policy. The total payout for the year will be 1.17p, up 30 per cent.
“2024 was another strong year for Foxtons,” chief executive Guy Gittins said.
“In sales, significant market share gains drove revenue growth of 31 per cent and meant we agreed the highest number of transactions in London last year, while our Lettings and Financial Services businesses continued to provide the steady, recurring revenues which underpin Group profitability,” Gittins said.
“After a good start to 2025, we are well positioned to deliver another year of growth and are on-track to deliver against the medium-term growth targets I set out in March 2023,” he added.
The March 2023 plan targeted £28m to £33m adjusted operating profit, which Foxtons said would be achieved “despite £2m of additional national insurance costs per annum”.
Foxtons promises to improve workplace culture
The estate agent has been in hot water recently, with allegations of a sexist workplace culture.
A Bloomberg investigation revealed allegations of sexual and racial harassment at the company, finding that junior employees had faces “unwanted physical contact, requests for sex and other explicit or offensive comments” over the last five years. Staff members reportedly ignored the behaviour.
Foxtons said it was committed to diversity, equity and inclusion policies, with Gittins saying that “although significant progress has been made over the last two years… there remains more to do.”
“Maintaining an engaging, respectful and inclusive culture is of the utmost importance to us,” Gittins said. “We will continue to seek further improvement and progress.”