Foxtons (LSE:FOXT) Group PLC has reported a strong third-quarter performance in all areas of its business and said it now expects full-year results to be ahead of its initial forecasts.
In a third-quarter trading update, the estate agency group said its revenue increased by 25% compared to the same period in 2021, up to £43.8mln from £35.1mln.
For the nine-month period to 30 September 2022, the FTSE 250-listed group saw its revenue increase by 11% on the year before to £108.9mln.
Across the group’s different sectors, lettings revenue rose 18% compared to the third quarter last year, with sale and financial services revenue jumping 44% and 37% respectively, Foxtons added.
The company said: "Whilst we are mindful of the ongoing macroeconomic and political uncertainty, the strength of our performance in the third quarter gives us confidence in the outlook for the full year. Accordingly, we now expect to deliver a result for the 2022 financial year ahead of our previous expectations."
In the results statement, Guy Gittins, Foxtons chief executive commented: “The business has significant unfulfilled potential and there is a shared understanding and vision of how we can deliver this. Our investment in sales negotiators, combined with strong buyer demand and a renewed focus on sales intensity has benefitted our sales business."
He added: “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."