(Alliance News) - Foxtons Group PLC on Thursday said it saw growth across its business in the third quarter, as revenue grew by a quarter to GBP43.8 million from GBP35.1 million.
Shares were 8.4% higher at 31.29 pence each on Thursday morning in London.
The London-based estate agency said its Sales unit achieved a 44% rise in revenue to GBP11.9 million from GBP8.3 million a year ago, reflecting a 39% increase in sales volumes and a 2% increase in average revenue per transaction.
Lettings revenue was up 18% to GBP29.2 million from GBP24.8 million. Foxtons added that Lettings revenue for the nine months that ended on September 30 was GBP68.6 million, up 19% on the prior year's GBP58.0 million.
Following strong growth in first nine months of 2022, Foxtons said it now expects annual results ahead of previous expectations.
"We enter Q4 with a less certain sales market backdrop, but cost action taken in H1 and our resilient lettings and financial services businesses leave us positioned to weather further macroeconomic and political challenges," it added.
Chief Executive Officer Guy Gittins said: "This quarter has seen continued positive momentum with growth across all areas of the business. Our lettings business performed strongly as we delivered both organic and acquisitive growth. Our investment in sales negotiators, combined with strong buyer demand and a renewed focus on sales intensity has benefited our sales business."
In July, Foxtons said pretax profit rose to GBP4.3 million for the six months ended on June 30 from GBP3.6 million last year on revenue of GBP65.1 million, up from GBP63.4 million.
By Xindi Wei; xindiwei@alliancenews.com
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Foxtons (FOXT)