Highlights 2020

Continued delivery of growth and strong results.

 

Operational highlights

  • Achieved growth across all three markets: lettings, sales and financial services, despite Covid-19 disruption

  • Entered into strategic alliance with The Nottingham Building Society now with eleven branches dual-branded

  • Franchised out all of the Lovelle corporate-owned offices by January 2021

  • Exceeded the 200 financial advisers milestone ending the year on 202 (2019: 166)

  • Number of offices up to 439 (2019: 396)

 

Financial highlights

  • Group revenue increased by 13% to £21.7m (2019: £19.3m) with 6% attributable to the acquisition of Lovelle

  • Management Service Fees (MSF) grew by 3% to £9.1m (2019: £8.8m)

  • 20% increase in profit before tax to £6.7m (2019: £5.6m), marking 24 years of consecutive profit growth

  • Strong lettings bias reflected in gross profit ratio of 60% lettings:17% sales:19% financial services:4% other (2019: 61%:16%:19%:4%)

  • Year-end cash of £5.9m (2019: £3.6m)

  • Net debt significantly reduced to £3.7m (2019: £6.9m) despite deploying £2.0m to acquire Lovelle

  • Progressive dividend policy reinstated with total dividend for the year of 7.2p (2019: 6.7p including the catch-up final dividend of 3.3p) and dividend cover of 2.1x.

  • Repaid in full Government Covid-19 financial support of £260,000 received under the Coronavirus Job Retention Scheme and small business grants

  

Key performance indicators

The Group tracks a series of financial and non-financial metrics that demonstrate the progress we are making.

Financial

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Non-financial

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financial advisers mortgages arranged