22nd Oct 2015 08:20
LONDON (Alliance News) - Estate agency MartinCo PLC on Thursday said its total revenue increased in the first nine months thanks to higher management service fees.
The company said total revenue for the nine months to the end of September was GBP5.3 million, up 47% from the GBP3.6 million it made a year earlier. Management service fees rose 64% to GBP4.6 million from GBP2.8 million.
Lettings fees were up 33%, but the majority of the growth came from sales fees, which increased five-fold to GBP1.0 million from GBP200,000 thanks to the acquisition of Xperience, the property franchise it bought from Legal & General Group PLC a year ago.
"Our strategy of developing the group by acquiring other property franchisors continues to deliver strong growth. Trading up to the end of September is in line with expectations," said Chief Executive Ian Wilson.
Shares in MartinCo were up 2.7% to 170.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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