London estate agency Dexters has seen profits grow on the back of its booming lettings division.
The 31 year old company said sales revenues were up by 23% to £181 million while operating profits rose 9% to £40.4 million in the year to end September, according to latest accounts filed at Companies House.
Revenue from lettings grew from £80 million to £105 million and accounted for 58% of total revenue during the 2023 financial year, up from 54% in 2022.
Residential sales revenue increased more slowly from £57 million to £64 million.
The 156 branch chain, which also owns the Marsh & Parsons brand, said it had seen particularly strong activity in premium areas including Mayfair, Chelsea, Marylebone and St James’s.
The company, chaired by former Sainsbury’s boss Justin King, recruited 589 new staff members last year bringing the total to 2,100. .
CEO Andy Shepherd, said: “London remains a highly desirable place to live, study and work. London attracts both domesticand international buyers and tenants who choose to make capital their home.
“Our lettings division is highly successful and has expanded dramatically whilst significant sales deals across central London’s premium addresses has enabled our sales division to generate a strong increase in revenue for the financial year.”
He added: “DEXTERS remains confident about the strength and futureperformance of the London property market and the commitment to building more new homes in London.”
