Foxtons Group - FY21 profit growth highlights strategic progress
Foxtons preliminary results highlighted that FY21 was a good year. 2022 has also started well, with rents continuing to increase and the sales market remaining at buoyant levels, according to management. Furthermore, additional income streams are developing well and amounted to £9m in the period, while the company has identified c £8m of M&A investment so far this year, highlighting strategic progress. We retain our underlying assumptions and our 128p per share valuation.Foxtons Group is a holding company. Through its subsidiaries, Co. is engaged in providing residential property sales and lettings services through its network of branches. Co. provides independent mortgage advice and other related services through its mortgage broker, Alexander Hall Associates Limited. Co. has three business segments: sales, which generates commission on sales of residential property; lettings, which earns fees from the letting and management of residential properties; and mortgage broking, which receives commission from the arrangement of mortgages and related products under contracts with financial service providers and receives administration fees from clients.
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