Foxtons Group — Strong results; expect growth update at Q2 CMD

Foxtons Group’s FY24 results showed revenue and adjusted operating profit growth of c 11% and c 38%, respectively, reflecting the developing success of the company’s strategic vision. This suggests that its medium-term targets, particularly the revised adjusted operating profit target of £28m–33m, are coming increasingly into focus. We believe market share is being gained across all divisions. We maintain our estimates and our 134p per share valuation, though risks appear to be skewed to the upside if market momentum continues, which could be supported by a further easing of interest rates.