Newcastle-headquartered estate agents Your Move more than doubled operating profit in 2013, the firm’s latest accounts show.
The real estate and letting agents increased operating profit to £4.9m in the year to December 31, 2013 - up from £2.4m in 2012.
Turnover surpassed £77.5m, a 10% increase on the £70.2m reported the year before, attributed to gains in average sales fee and financial services.
The Newcastle Business Park-based firm, which employs 1,943 people across a network of nearly 300 branches nationwide, showed margins had increased from 3.44% to 6.33% over the same period.
Formerly known as GA Accident Property Services Limited, the business changed its name to Your-move.co.uk Limited in November 1999, and has since grown to offer services to buyers, sellers, landlords, tenants, and developers.
It offers buying and renting services for renting and also offers services for landlords, including finding tenants, rent collection and property management.
A statement within Your Move’s strategic report read: “The business will continue to develop counter cyclical income streams and to assess opportunities along the value chain which will strengthen the ability of the estate agency business to trade successfully through market downturns.
“Lettings have grown substantially over the last year and there is continued focus on this growth area. The business continues to manage closely the costs and the fee charged for property sales.”
The report also noted the principal risks to the business, including changes in the housing market and legislation.
Your Move’s latest successes represent a significant turnaround in the last five years. In 2009 the firm posted a £70,000 pre-tax loss as the impacts of the housing market crash in 2007.
Earlier this year Your Move’s owners, LSL Property Services, who also operate Reed Rains, revealed a pre-tax profit rise of 275% in the six months to the end of June.
The success was driven by strong market growth in the first quarter, and the generation of some £18m off the back of LSL’s stake in online property vehicle Zoopla, which floated in June.
Your Move operates 18 branches in the North East alone, in addition to its Newcastle offices.
Staff numbers at the firm rose from 1,765 people in 2012, to 1,943 people in 2013 - bringing employment costs up to £53,449 from £48,348.