Dexters Estate Agents, in its 2021 Full Year Report and Accounts, has announced a 32 per cent rise in revenue to £143.3 million (2020: £108.7m).
The results showed a 75 per cent increase in operating profit to £40.6 million (2020: £23.2m) as the London property market has rebounded strongly post-pandemic, with the business seeing a significant increase in deals across the capital.
Of the £143.3 million of revenue, £62.7 million was generated through sales and new homes activities, £69.2 million from lettings and property management and £11.3 million generated from financial services, conveyancing and other professional advisory services.
The group’s strong and sustained cash flow performance underlines the strength and stability of the business and its ongoing increase in capturing market share of residential sales and lettings business across the capital.
Dexters management has continued to prudently reinvest profits in the business for further expansion, especially in creating more jobs, with over 200 new colleagues joining the Dexters Academy in 2021. Based in Pimlico, the academy trains new colleagues throughout their careers, and Dexters is the first Estate Agent employer provider in the UK regulated by OFSTED. They have also announced a plan to create up to 200 new staff/opportunities to join the Dexters Academy in 2022/2023.
Founded in 1993 by ceo Andy Shepherd, Dexters currently serves over 30,000 landlords and facilitates more than 28,000 property transactions across London per annum.
Andy Shepherd, the ceo of Dexters, says: “Dexters continues its consistent “year on year” growth, and as London has bounced back from the disruption caused by the COVID-19 pandemic, the business has seen a significant increase in transactions across the capital. Due to the professionalism, hard work and customer care achieved by colleagues across the business, the Dexters brand is highly rated by both Londoners and international customers. This rating, alongside our office expansion programme and enhanced digital activities, creates a strong foundation for continuing to increase revenue and future expansion.”
In February 2021, Dexters announced a partnership and major financial backing from Oakley Capital with a growth strategy of opening additional offices by acquiring smaller competitors.
In March 2022, Dexters acquired digital property management and lettings business Howsy as part of the group’s expansion strategy to increase the service offering provided to landlords and support its market leading local high street presence
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