LONDON (ShareCast) - Property franchise business MartinCo said its annual pre-tax profit more than doubled, boosted by the acquisition of the sector peer Xperience.
The London-listed group said its pre-tax profit rose to £1.9m from £900,000 a year earlier, as revenue jumped 25% to £5.2m.

The increase in revenue was driven by organic growth and by the acquisition of Xperience, which saw the company's office numbers soar 49% to 282 and increased the group's presence in the market, as well as by a 16% rise in management service fees.

The company said the number of tenanted properties under management over the period rose 5.2% to 32,210, with the total across the group up to over 42,000, ahead of the company's target of 40,000.



MartinCo shares were up 3.04% to 127.25p at 15:44 on Tuesday.

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