MartinCo plc (AIM: MCO) – nice first year on AIM and a positive outlook
Martin & Co is one of the largest franchised property businesses in the UK. It was established in 1986 as an estate agency, but when the franchise launched in 1995 the Group’s focus was primarily on lettings due to the rapid expansion in the rental market. This change in focus allowed for a recurring and accretive monthly revenue.
In 2012 the Group introduced an estate agency service to enhance the Martin & Co brand. In January 2014 they listed on AIM, raising £4m at IPO. In October the Group completed their acquisition of Xperience, the property franchise business which added 88 offices to the Group’s existing 155. Today MartinCo released their final results for the year ended 31st December 2014. Revenue increased 25% to £5.2m (2013: £4.1m),?with a 26% increase in operating Profit to £2.0m (2013: £1.6m). It’s worth emphasising that this is pure franchise model i.e. revenue is derived from franchisees. Management service Fees increased 16% to…