20th Jan 2016 09:08
LONDON (Alliance News) - Estate agent MartinCo PLC on Wednesday said its group revenue rose significantly in 2015 thanks to acquisitions the group has made and said its current trading is in line with its expectations.
The company said its group revenue rose 38% to GBP7.1 million in the year to the end of December, as it expanded its presence in the UK to 287 offices from 282 and recruited 12 new franchisees.
Management service fee revenue rose 53% year-on-year and the group said it remains heavily focused on its lettings business, which generates around 76% of its management fee revenue.
MartinCo said trading is currently in line with its expectations and it remains confident in the fundamental health of the buy-to-let sector, despite recent UK government legislative changes which increased the stamp duty levy on buy-to-let purchases.
"We do not envisage the government's recent changes to the buy-to-let sector significantly impacting on our business. We are well positioned to sell investment properties if investors do decide to exit, and our research suggests that larger investors will purchase this stock," said Ian Wilson, MartinCo's chief executive.
MartinCo shares were down 1.8% to 133.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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