Foxtons has reported higher revenue for 2025, as growth in its lettings business helped offset challenging market conditions.
Group revenue rose 5% to £172.5m, driven primarily by a 5% increase in lettings income, supported by acquisitions and growth in higher-margin property management services. Sales revenue also increased 6%, largely due to acquisitions in commuter markets, while financial services revenue climbed 10% following operational upgrades and a stronger refinance pipeline.
Overall, non-cyclical and recurring income accounted for 67% of total revenue during the year. However, adjusted operating profit remained flat as higher revenues were offset by rising costs, including increases in National Insurance and the National Living Wage, along with wider inflationary pressures.
2025 | 2024 | Change | |
Revenue | £172.5m | £163.9m | +5% |
Adjusted EBITDA | £25.3m | £24.1m | +5% |
Adjusted operating profit | £22.2m | £22.1m | – |
Profit before tax | £16.9m | £17.5m | (3%) |
Adjusted earnings per share (basic) | 5.0p | 5.2p | (4%) |
Earnings per share (basic) | 4.3p | 4.6p | (7%) |
Net free cash flow | £11.2m | £9.8m | +14% |
Total dividend per share | 1.17p | 1.17p | – |
Operational highlights:
In Lettings:
Foxtons reported continued expansion of its lettings business, with its portfolio growing to more than 32,000 tenancies — an increase of over 50% since 2021.
The firm said it achieved 8% organic market share growth in 2025 compared with the previous year, strengthening its position as London’s largest lettings agent brand and the UK’s biggest lettings agent overall. Cross-selling of property management services also increased, rising 7% year-on-year, with 43% of the portfolio fully managed by the end of the year, up from 32% in 2021.
Foxtons is continuing to pursue its “buy, build and bolt-on” strategy. The group integrated the Imagine acquisition, completed in October 2024, onto its operating platform and added a further bolt-on deal to strengthen its position in the Watford lettings market.
Following the end of the reporting period, the company also completed two platform acquisitions in January 2026 in Milton Keynes and Birmingham, expanding into new growth markets where it plans to pursue further acquisitions alongside organic growth and operational efficiencies.
In Sales:
Foxtons said it has also taken steps to improve the performance of its sales division, appointing a new sales managing director in the final quarter of the year and introducing an operational plan aimed at accelerating the path to profitability in line with current market conditions.
The group’s Reading and Watford businesses both performed strongly, generating £3.4m in sales revenue and contributing to market share growth during the year.
Foxtons also continued to invest in its operating platform, including the rollout of new AI and data-led tools, expanded marketing initiatives, and further investment in staff development and company culture to support customer service and retention.
Alongside this, the firm said it has taken a proactive approach to cost control, securing £1.5m in annual operating cost savings from January 2026 after negotiating an early exit from its previous headquarters lease and reducing its office footprint.
2026 trading and outlook
· Lettings is expected to remain resilient, providing non‑cyclical and recurring income.
· The Renters’ Rights Act, effective from 1 May 2026, is expected to create growth opportunities over the medium-term by driving a flight to quality agents, increasing adoption of high‑margin ancillary services, strengthening the inflation linkage of revenues through annual rent reviews, and accelerating sector consolidation.
· The London sales market remains challenging, with buyer demand in early 2026 continuing to be held back by weak consumer confidence. To manage this, the Group is focused on repositioning the Sales business for these lower volume market conditions to accelerate the path to profitability.
· Management continues to target year‑on‑year revenue and profit growth through organic initiatives, earnings‑accretive acquisitions and cost efficiency, underpinned by the Group’s portfolio of non‑cyclical and recurring Lettings revenues.
Guy Gittins, chief executive officer, said: “We were pleased to deliver 5% revenue growth in the year, as our continued focus on growing non‑cyclical and recurring Lettings revenues enabled us to maintain adjusted operating profit despite a volatile sales market.
“We are making strong progress with our buy, build and bolt‑on strategy. Acquisitions in Milton Keynes and Birmingham have extended our footprint into high‑growth markets outside London and reflect our focus on entering new markets by acquiring leading agents that act as platforms for further organic and acquisitive growth. Our acquisition strategy is driven by the highly fragmented nature of the UK estate agency market, which creates attractive consolidation opportunities where our technology, brand and operating model can add real value. We have a strong pipeline of opportunities and are well positioned to build on our recent acquisitions.
“Operationally we are not standing still, with AI-led improvements to our operating platform and targeted marketing initiatives helping us deliver best‑in‑class service for our customers. Estate agency is a people‑driven business and putting customers and colleagues at the front and centre remains a key priority, which is why we launched our “Getting It Done. Together” framework as we continue our work to foster a respectful, rewarding and inspiring workplace.
“We have strong foundations, a clear growth strategy and a highly scalable platform, and we are targeting growth in 2026 and beyond.”
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