Dexters has reported continued year-on-year growth in its 2024 Report and Accounts, with group revenue rising 23% to £222 million, up from £181 million in 2023.
The London-based estate agency also recorded a 17% increase in underlying operating profit to £47.2 million, compared to £40.4 million the previous year.
The group’s performance was led by strong activity in the lettings market. Lettings revenue rose by 31%, from £104.6 million in 2023 to £137.2 million in 2024, now accounting for 62% of the business’s total income, up from 58% a year earlier.
Residential sales revenue also saw growth, rising 7% year-on-year from £63.5 million to £68.1 million.
EXPANDED FOOTPRINT
Pic credit: Dexters
Founded in 1993, Dexters now operates more than 180 offices across London. The agency has continued to expand its footprint, combining organic growth with strategic acquisitions.
In the latest financial year, Dexters acquired Keatons, a prominent East London agency. The acquisition added over 2,500 properties to the group’s property management portfolio and brought an additional 90 staff into Dexters’ workforce, which now numbers over 2,300 employees across the capital.
Dexters reports that the business has increased its market share across both sales and lettings, attributing this growth to its extensive local office network and sustained demand in London’s residential property sector.
WORKFORCE DEVELOPMENT
Pic credit: Dexters
The group has also continued to invest in workforce development. Dexters operates as the UK’s first estate agency employer provider, offering apprenticeships and professional accreditations.
Its in-house training programme, the Dexters Academy, has produced over 400 graduates to date, with 310 employees currently enrolled. According to company data, 90% of Dexters managers began their careers as trainees within the business.
Dexters states that it has delivered an average revenue growth of approximately 15% per annum over the past decade.
The company also claims to have the highest transaction volumes in London’s residential market, supported by over 80,000 Google reviews with an average customer rating of 4.9 out of 5.
HIGHLY SUCCESSFUL
Pic credit: Dexters
The group is led by Chief Executive Andy Shepherd and Chairman Justin King CBE.
Shepherd says: “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.’’
And he adds: “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.”
