Record profits as Martin & Co pledges further franchise expansion

Publicly quoted property franchise giant MartinCo has reported strong figures to the City with group revenue up 38 per cent and pre-tax profit rising 42 per cent in the past year. 

The franchise group now operates five brands across a network of 287 offices stretching from Falmouth to Inverness and including central London - it says it is the fourth largest residential lettings and estate agency business in the UK by number of offices.

During 2015 it recruited 12 new franchisees and opened 13 new offices - three more opened in the first quarter of 2016.

Meanwhile last year some 32 offices reported annual fee income in excess of £500,000 - this was up from 23 the year before. 

Some 256 offices are now offering an estate agency service in addition to core letting services, although the group remains heavily weighted toward the rental sector, accounting for 76 per cent of the management services fee revenue. 

“It was a year of consolidation and growth for the group ... leveraging our expertise in lettings and growing our estate agency services across our expanded network. Despite tax changes relating to buy-to-let investments, the fundamental drivers of the private rented sector remain in place” says Ian Wilson, chief executive.

“We expect to launch a national financial services offering during 2016 with our partner Legal & General. We currently generate £1 from financial services for each £100 of revenue and we believe that this can be significantly improved” he says.