4th Feb 2015 09:04
LONDON (Alliance News) - Estate agency MartinCo PLC on Wednesday said it traded in line with expectations in 2014 after its revenue increased on the back of a rise in service fees and following the acquisition of Xperience Franchising Ltd business from Legal & General Group PLC.
The group said revenue for the year to December 31 was up 24% to GBP5.1 million, with GBP0.3 million coming from the acquisition of Xperience in October. The acquisition of Xperience increased the size of the company by 45% to 282 offices from 194 previously.
Franchise management service fees rose 8% year-on-year, while the number of tenanted managed properties increased to 32,210 for Martin & Co and 43,000 across the whole, enlarged group.
MartinCo said it remains heavily-weighted to the lettings market, which now accounts for 78% of its management service fees.
The group does not expect its trading to be impacted by the uncertainty surrounding the upcoming General Election nor by the prospect of a hike in interest rates. It said the lettings market continues to see strong demand within a market still characterised by an undersupply of rental housing.
"I am pleased by the growth of the group in its maiden IPO year. In line with our key strategic objectives, the acquisition of Xperience has added considerable value. It has significantly increased our UK footprint and the number of properties under management across our five franchise brands," said Chief Executive Officer Ian Wilson.
Shares in MartinCo were down 0.3% to 99.75 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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