Rentals drive growth at Thornley Groves
ESTATE agency business Thornley Groves has boosted operating profits by 44% after a record year from its lettings and property management arm.
The Altrincham-based company said operating profits shot up 44% increase from £576,089 to £829,025 in 2012. Revenues grew 9.5% to £4.1m.
Residential property sales volume grew by over 15% in 2012, but it was in rentals where the biggest growth was seen.
More than 60% of revenue came from lettings and property management. Total rents collected on behalf of landlord clients exceeded £13.5m for the first time in Thornley Groves’ 21-year history.
The company, which has eight branches and two property management centres in Manchester city centre attributes its success to investment in criteria matching software to link prospective buyers and tenants with their ideal property.
Thornley Groves last year sold over 750 homes, secured more than 1,600 lettings and managed over 2,000 properties for private landlords.
Managing director Michael Groves is optimistic of further growth this year: “With the availability of mortgage finance expected to continue to ease in 2013 together with vendors’ increasing willingness to accept current market values, understanding that they can also buy for lower prices than expected, we anticipate continued growth in residential sales which will deliver a greater proportion of our total revenue.”
