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Foxtons expands across London as profits boom

Foxtons CEO Michael Brown steps down after 12 years

London-focused estate agent Foxtons has reported a boom in profit before tax of 56.6 per cent to £38.9m, in preliminary results for the year ended 31 December 2013.

Foxtons also enjoyed a jump in revenue of 16 per cent to £139m, while sales volumes grew by 22 per cent.

The company said it had a successful IPO in September 2013 leaving the group debt free. The company opened seven new branches over the course of 2013, bringing the total number of Foxtons branches to 44 at the end of the year.

Michael Brown, chief executive officer, commented:

We have seen a good start to 2014 with a strong short term sales pipeline. We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year. However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market.

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