EYE NEWSFLASH: Dexters delivers 17% rise in profits on back of rapid expansion – London Wallet

Estate agency group Dexters, which is the largest in London by volume of sales, has reported a 23% rise in revenue and profits up 17%.

The company has just announced year-on-year growth in its 2024 Report and Accounts for the financial year ended 30^th September 2024, revealing a 23% rise in revenue to £222m (2023: £181m) with underlying operating profit up 17% to £47.2m (2023: £40.4m) driven by strong sales and lettings activity across the capital.

Dexters highlight that the business has seen a significant 31% increase in lettings revenue from £104.6m to £137.2m. Revenue from lettings accounted for 62% of total revenue during the 2024 financial year, up from 58% in 2023. Residential sales revenue increased by 7% from £63.5m to £68.1m.

Dexters, founded in 1993 and led by CEO Andy Shepherd, working alongside Chairman Justin King, now operates over 180 offices across the capital.

The strong performance of the lettings and sales divisions were driven by an increase in market share. The company continues to focus on organic growth and acquisitions across London, with the recent purchase of Keatons, a highly regarded estate agency and market leader in East London. This latest acquisition welcomes 90 new colleagues to join Dexters’ 2,300-strong team across the capital and adds over 2,500 properties to Dexters’ growing property management portfolio.

Dexters has also completed deals in recent weeks to acquire Homesite in Notting Hill, James Alexander in Norbury, and Cubes Residential in Hendon.

Andy Shepherd, CEO of Dexters, said: “London remains a highly desirable place to live, study and work and the capital attracts both domestic and international buyers and tenants who choose to make the city their home. Our lettings teams are highly successful whilst significant sales deals across central London’s premium addresses has enabled our business to generate a strong increase in revenue for the financial year.’’

Shepherd added: “Dexters remains confident about the strength and future performance of the vibrant London property market and will continue to invest and to position the company to take advantage of expansion and acquisition opportunities.”

Dexters acquires fourth independent estate agency in just one month