London-based estate agency Dexters has reported an 11% increase in revenue to £247 million for the 2024-25 financial year, up from £222 million the previous year, according to its latest full-year accounts.
The independent estate agent and chartered surveyor recorded underlying operating profit of £52 million, a 10% rise from £47 million in 2024, maintaining a 21% profit margin consistent with the prior year.
Revenue breakdown
Of the 11% revenue growth, 9% was organic, with the remainder attributed to acquisitions including Keatons in east London. Lettings turnover increased 9% to £161 million, representing 65% of total income, while residential sales revenue rose 17% to £80 million, the division’s highest performance to date. Other income remained stable at £6 million.
The company opened new offices during the financial year in Canada Water, Greenwich, Kennington, Queens Park and Surbiton, bringing its total network to 176 offices across London.
Expansion plans
Dexters has stated its intention to double revenue over the next five years, with six new offices planned for the current financial year and further acquisitions under consideration. Earlier this year, reports suggested majority owner Oakley Capital was exploring a potential sale that could value the agency group at over £500 million.
CEO Ash Kashyap, who was promoted from Chief Financial Officer in April 2024 after more than a decade in that role, said: “In the face of a challenging macro environment, Dexters has once again continued to perform and thrive due to our investing in London’s local high streets, expansion of our unrivalled office network and commitment to career development with a focus on customer service.”
Kashyap noted that organic growth in prime central London sales and lettings for the 2024-25 financial year was 11%, and highlighted expansion opportunities within the M25. The company’s corporate and international relocation specialist team has reportedly received increased enquiries from overseas.
Market context
The results position Dexters among the larger independent estate agency operations in the capital at a time when the London property market has shown mixed performance across different segments and price points. The company’s ability to maintain profit margins whilst expanding its physical footprint contrasts with challenges faced by some competitors in the sector.
