Property lettings franchise firm MartinCo Group grew its revenues by 24% to £5.1m in 2014.
That figure includes a £300,000 contribution from the operations acquired last November from Legal & General, which took the number of offices to 282 and the number of managed properties to 43,000.
There was 8% year-on-year growth in management service fees and 78% of these fees still come from lettings even though the company has more than doubled the income from its estate agency business. The acquired business will boost the estate agency operations. Trading has been in line with expectations.
A profit of £1.89m was forecast for 2014, rising to £2.81m in 2015. The shares are trading on less than 11 times forecast 2015 earnings.
The underlying market remains strong because of an undersupply of rented housing.
In December 2013, MartinCo raised £4m gross at 100p a share. At 102p a share, MartinCo is valued at £22.4m.
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