Last checked at 7 May 2015 07:00
MARTINCO PLC
("Martin & Co", the "Company" or the "Group")
AGM Statement
At today's Annual General Meeting of MartinCo Plc, Richard Martin, Chairman, will make the following statement:
"During our first year as a public company, we have delivered on a number of key strategic objectives set out at IPO and in doing so have grown the business substantially. In particular, the acquisition of Xperience in October increased our UK footprint by 89 offices, added four established property franchise brands and we now have over 43,000 tenanted managed properties across the Group, exceeding our target to achieve 40,000 properties within two years of listing.
"The progress made during the year demonstrates the strong fundamentals of the UK residential property market as the economic recovery gains momentum. We look forward to continuing to create value for our shareholders through both the lettings and estate agency services offered by the Group."
"Current trading is in line with market expectations. Our acquisition of the Xperience offices occurred six months ago and we are seeing the expected uplift in Group revenue, whilst our cost base remains under tight control. All of the franchisor functions for our five brands have now been successfully consolidated into our Bournemouth headquarters, and we have absorbed the restructuring costs involved. We are currently the only property franchisor successfully pursuing a multiple parallel brand strategy in the UK" commented CEO Ian Wilson.
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For further information, please contact:
MartinCo Plc Ian Wilson, Chief Executive Officer David Raggett, Chief Financial Officer | 01202 292829
|
Panmure Gordon Dominic Morley (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) | 0207 886 2500
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Bell Pottinger David Rydell, Joanna Boon, Nicholas Hyett
| 0203 772 2500
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About MartinCo
MartinCo Group operates one of the UK's largest property franchise businesses through its 286 offices and 5 franchise brands Martin & Co, CJ Hole, Parkers, Ellis & Co and Whitegates.
The Group's franchisees manage over 43,000 properties on behalf of private clients. The Group added an estate agency service in 2013 and offers this service at 243 of its offices.
MartinCo is a multiple award winning business and the Directors and senior management have over 100 years of combined residential letting and estate agency experience.
www.martinco.com