The Spicerhaart Group has reported a pre-tax profit of £100,000 but a post-tax loss of £52,000 as it continues to expand through acquisitions.
Its after-tax loss for 2017 compared with £1.8m the previous year. It described the market last year as “challenging”.
The group ended last year with cash reserves of £13.1m. Group turnover in 2017 was £113.4m, up £0.3m on the previous year.
Last year, Spicerhaart bought the 17-branch Butters John Bee group in the north, and in February this year it acquired Brian Holt, with three branches in Coventry. In its accounts, Spicerhaart says it will continue to expand geographically, to lessen its reliance on weaker areas in the south.
The accounts, available at Companies House, say that the directors “continue to explore opportunities to expand further in 2018”.
The accounts report that trading this year started in line with expectations.
CEO Paul Smith says in the report that although market activity remains low in estate agency, costs are being contained, and there is growth in lettings, financial services, land and new homes, and surveying.
The group also reported charitable donations of £36,696 last year.