Lettings drives huge profits surge for 27-branch agency chain

London agency chain Dexters has reported a huge 23% rise in revenue to £181m - and much of that rise is down to lettings.

Profits soared too - underlying operating profit was up 9% to £40.4m, driven by a 31% increase in lettings revenue to £105m - accounting for some 58% of total revenue during the 2023 financial year.

Residential sales income increased from £57m to £64m.

Dexters describes itself as "London’s foremost agency" with the group now operating 156 offices, serving over 44,000 landlords and advising on the sale of £4.4 billion worth of property per year.

The acquisition of Marsh and Parsons in January 2023 added another premium brand to the group with 27 offices in key locations across the capital. And last year the company recruited 589 new staff taking the workforce to over 2,100 full timers. 

Andy Shepherd, chief executive of Dexters, says: “London remains a highly desirable place to live, study and work. London attracts both domestic and 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. 

“[We] remain confident about the strength and future performance of the London property market and the commitment to building more new homes in London."