StockMarketWire.com - London estate agency Foxtons' third quarter group turnover rose to £43.5m -up 8.8% on last year.

It says this comprises property sales commissions of £18.5m up 12.8%, reflecting market share gains in its existing business and successful expansion of its branch network.

It says its New Homes business has performed particularly well with 14% of Q3 property sales commissions coming from this segment.

Residential lettings continued to achieve steady growth with revenues of £22.6m up 3.3%. However, the mix within lettings continued to shift towards renewals with a record number of tenants extending their tenancies, meaning that new let volumes were correspondingly lower than expected.

Mortgage broking had a particularly strong Q3 with revenues of £2.3m up 47.5%.

Adjusted EBITDA for the quarter increased by 15.5% to £16.4m (2014: £14.2m). Q3 Adjusted EBITDA margin increased to 37.8 % (2014: 35.6%).




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