31st Mar 2014 14:35
LONDON (Alliance News) - MartinCo PLC, the property franchise company that listed in AIM in December, Monday reported a lower pretax profit for 2013 due to the costs of its listing, but its revenues and pre-items operating profits rose strongly.
The company reported a pretax profit of GBP884,180, down from GBP1.4 million in 2012, as it booked GBP742,517 in costs for its AIM initial public offering.
However, its operating profit excluding the listing costs rose to GBP1.6 million, from GBP1.4 million in 2012, as revenues rose to GBP4.1 million, from GBP3.7 million, driven by a 13% increase in management service fees.
The company now has over 30,000 tenanted properties under management in its traditional letting business, and also rolled out estate agent services in 97 offices as it seeks to take advantage of the recovering UK housing market by selling, as well as renting, homes.
"We take confidence that the improving conditions of the UK residential housing market will support our established lettings service offering as well as our growing sales service which has exceeded our expectations at this early stage," Chief Executive Ian Wilson said in a statement.
MartinCo shares were down 6.7% at 125.00 pence Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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