Business
Q1 2026 Trading Update
Foxtons Group plc reported a trading update for Q1 2026, showing operational progress with Lettings revenue increasing by 5% to £26.4 million, driven by organic growth and acquisitions. However, Sales revenue declined by 35% to £10.7 million due to a strong prior year comparator and a challenging market. Financial Services revenue saw a modest 3% increase to £2.6 million. The company is implementing cost-reduction measures targeting at least £3 million in annualised savings and is repositioning its Sales business to adapt to current market conditions. Despite headwinds, Foxtons maintains its full-year guidance, confident in the resilience of its Lettings and Financial Services segments. Disclaimer*
About this update from Foxtons Group Plc
Foxtons Group plc Q1 2026 Trading Update Lettings growth delivered and cost actions underway 23 April 2026 - Foxtons Group plc (LSE: FOXT) ("the Group" or "Foxtons") delivered a quarter of operational progress, including growing Lettings revenues, completing two acquisitions, and repositioning the Sales business to reflect market conditions. The Group is trading in line with previous expectations and full year guidance remains unchanged. Group revenue: 3 months ended 31 March Q1 2026 Q1 2025 £m change % change Lettings £26.4m £25.2m +£1.2m +5% Sales £10.7m £16.4m (£5.7m) (35%) Financial Services £2.6m £2.5m +£0.1m +3% Total £39.6m £44.1m (£4.4m) (10%) Lettings Lettings revenue was up 5% to £26.4m (Q1 2025: £25.2m) reflecting £0.6m of organic revenue growth, £0.9m of incremental revenues from acquisitions and £0.2m lower interest on client monies. Organic growth was driven by continued momentum in the cross‑selling of property management services, growth in Build to Rent revenues, and further growth from the Reading acquisition in 2024. The Group also continued to execute its acquisition strategy, completing two acquisitions of leading independent agents in Milton Keynes and Birmingham, as previously announced. Supported by the industry‑leading Foxtons Operating Platform, these acquisitions are expected to drive organic growth through both revenue and cost synergies, while also enabling high‑ROI bolt‑on acquisitions in these regions. A pipeline of further acquisition opportunities exists and is currently being worked on. Sales Sales revenue declined by 35% to £10.7m (Q1 2025: £16.4m), reflecting an exceptionally strong prior‑year comparator that benefited from elevated transaction volumes ahead of the 31 March 2025 stamp duty deadline, as well as a more challenging market backdrop in Q1 2026. Compared to Q1 2024, during which market volumes were at more normalised levels, like-for-like Sales revenue was £0.2m higher (Q1 2024: £9.5m). New buyer activity during the period was lower than initially expected, impacted by elevated levels of uncertainty stemming from recent geopolitical developments and subsequent increases in mortgage rates and lower mortgage product availability. To reflect these headwinds, the Group is taking action to reposition the Sales business to current market conditions. Financial ...