Andrews announces record turnover

Eighty branch agency Andrews & Partners has reported a 12.9% rise in revenue, representing the company's highest ever turnover figure and the sixth consecutive year of growth. 

Andrews' accounts show that turnover grew to £35.9m in the year ending December 31 2014, from £32.1m the previous year. 

The firm's profits, however, suffered a dip during the same period, falling from £1.1 million to £995,978. 

Andrews says that profitability had been affected by a drop in lettings revenue which is a result of a market which favoured sales over lettings.

However, the lettings division remains Andrews' most profitable. 

The estate agency division is the largest in size, accounting for 50% of the firm's turnover.

Commenting on the figures, Nick Wright Financial Director at Andrews & Partners Ltd, told Estate Agent Today: “Recording such positive figures in 2014 was not only great news for the group, but also allowed us to increase the donation which we annually provide to support our three charitable shareholders.”  

“The £596,060 donated equated to the highest amount we’ve given in the last decade and this is important as it sits at the heart of the way Andrews is run.”

A spokesperson for Andrews told Insider Media: "The group is continuing to seek opportunities for profitable expansion either organically or by acquisition. A major brand review is also planned for the coming year to ensure the group remains up to date and competitive in the changing market."

The firm, which is head-quartered in Keynsham, Bristol and has offices all over the south of England, recently announced the key appointment of Tim Bishop as its new business systems manager.

What's more, in July Andrews launched an estate agency business at Midsomer Norton-based Accredited Lettings, which it acquired in 2014. 

*Graham Norwood is away on annual leave until August 28th. Conor Shilling will be undertaking editorial duties in his absence. Please send any press enquiries to press@estateagenttoday.co.uk