Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our forecasts.

18 Apr 2024
Foxtons Group - FY24 underpinned by market share gains

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Foxtons Group - FY24 underpinned by market share gains
Foxtons Group Plc (FOXT:LON) | 66.9 -0.3 (-0.6%) | Mkt Cap: 203.3m
- Published:
18 Apr 2024 -
Author:
Andy Murphy -
Pages:
2 -
Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our forecasts.