Dexters, one of London’s leading independent Chartered Surveyor and Estate Agent, has continued its year-on-year growth in its 2022 Report and Accounts, announcing a three per cent rise in revenue to £147.1 million (2021: £143.3m 2020: £108.7m) with underlying operating profit of £37.0 million (2021: £40.6m, 2020: £23.2m) broadly in-line with the previous year (2021).
Dexters highlight its leading position in the capital’s estate agency sector, the continued expansion of its operations, and impressive growth in the share of the London property market.
Dexters say that the current year’s results have been impacted by significant investment in acquisitions, new office openings and increasing colleague (employee) numbers through recruitment and training, especially in South-East London. These steps lay a strong foundation for future performance and will help the business to expand and capture further market share of the capital’s lucrative estate agency business.
Of the £147.1 million of revenue, £79.5 million was generated through Dexter’s lettings and property management business, £56.5 million through sales and new homes activities and £11.1 million generated from other professional advisory services.
The company continues to reinvest profits back into the business. Dexters have invested £29 million in acquiring Marsh & Parsons, a business with 27 London offices. New DEXTERS offices have opened in Tooting Broadway, Cricklewood, Muswell Hill, East Dulwich, Kentish Town, Wimbledon, Islington, Finsbury, Hendon, Wapping and Hackney Central, with a new office opening scheduled for Finchley shortly. Due to new office openings and continued expansion plans, Dexters are recruiting in all areas of the property sector, including fast-track management opportunities.
In the financial year to 30th September 2022, the average number of colleagues employed by Dexters increased by 195, including 86 new colleagues enrolled in the Dexters Academy apprenticeship programme. In addition, 31 colleagues obtained ARLA qualifications, and three achieved RICS qualifications. Across the company’s South-East London offices, the team size has doubled in the last 12 months due to investment for further growth.
In February 2021, Dexters announced a partnership and significant financial backing from Oakley Capital with a growth strategy of opening additional offices by acquiring competitors. Since this partnership, Dexters has spent circa £54 million on company acquisitions and added over 50 new offices (under various brands) to the Group’s branch portfolio through acquisitions and new office openings.
Dexters, founded in 1993 and led by CEO Andy Shepherd, working alongside chairman Justin King CBE, recently announced the acquisition of Marsh & Parsons. With this, Dexters has created London’s leading agency, with the Group operating 150 offices across London, with over 2,000 colleagues serving over 37,000 landlords and advising on the sale of over £5 billion worth of property per year.
Andy Shepherd, CEO of Dexters, says: “Dexters continues its consistent “year on year” growth, and the business is well capitalised for further expansion and ambitious growth plans over the coming years. The Group has considerable potential for future growth, with many of its recently opened or newly acquired offices not yet reaching their full potential. In addition, whilst we have a leading market share position in the capital, there are many parts of Greater London where the Group does not yet have a presence, meaning there is a significant opportunity for further expansion through acquisitions and new office openings.”
Andy Shepherd adds: “Dexters continues to be confident about the strength and future performance of the London property market. The London lettings sector is strong and experiencing high levels of tenant demand following the reopening of the economy after the COVID-19 pandemic, which is reflected in our latest figures, whilst the sales market has remained resilient, following a strong 2021 with the Government’s temporary stamp duty relief.”
Dexters sell and let more property in the capital than anyone else, and the business has maintained consistent growth, increasing revenue at circa 15 per cent per year over the last ten years. Dexters have a consistent track record of providing first-class service with over 50,000 Google reviews with an average rating of 4.9 out of 5.
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