Revenues and profits up for MartinCo in first half of 2016

Franchise agency MartinCO's revenue increased by 12% in the first half of 2016, it announced yesterday in its half-year trading update.

Overall revenue reached £3.7 million, up from £3.4 million in the first half of last year. 

The firm's operating profits increased by 22% to £1.6 million, up from £1.3 million (before exceptional costs) this time last year.

The figures show MartinCo – which is listed on the Alternative Investment Market (AIM) - has an operating margin of 42%, up from 38% in 2015.

The franchise agency now has a total of 289 offices, 271 of which offer estate agency services, as well as three further offices preparing to open.

Its number of occupied managed properties hit 46,000 in H1 2016, up from 44,000 at the end of the same period last year.

“I am delighted to announce this very strong performance in the first half of the year which reflects the significant strategic growth achieved over the period,” said Ian Wilson, MartinCo's chief executive.

He said the company is now in its strongest position since it started trading on the AIM in 2014.

Last week, the firm announced the acquisition of hybrid agency EweMove, which added approximately 1,300 properties to MartinCO's lettings portfolio.

Wilson said the acquisition of EweMove is a 'natural evolution' of MartinCo's multi-brand strategy.

"[We] believe that there is capacity in the UK market for substantial growth in the number of local property experts," said Wilson in his chief executive's review.

Yesterday, we reported on Winkworth's latest figures – the firm posted a 19% increase in property management fees and a 7% increase in lettings revenues.