FY24 results were well flagged in the Jan. update, where we upgraded our earnings forecast by 10%. They confirm revenue growth of 11% to £163.9m (FY23: £147.1m), with operating profit growth of 38% to £21.6m (SCMe: £21.1m, FY23: £15.7m). FY25 guidance is reiterated having upgraded as recently as January. A strong outlook is underpinned by resilience in Lettings and a record under offer Sales pipeline, which has continued to grow in the year to date. We forecast another year of strong PBT growth - 11% in FY25, rising to 23% in FY26 and our new FY27 forecast shows 19% growth. Growth should continue to drive the share price, enhanced by a continued commitment towards c.£15m of Lettings M&A p.a., which should create a natural earnings catalyst. Foxtons trades on a Dec. ’25 P/E rating of 12.7x, which is undemanding given its strong growth prospects. Foxtons remains one of our 2025 best ideas and we remain at Buy.
