Agency group posts increased revenues amid shift to hybrid model

Spicerhaart has posted a 21% boost in revenues despite sales taking longer to complete in the second half of the year, the agency group’s latest accounts show.

Its annual accounts for 2021, published today, show that gross turnover went up £24.1m from £115.5m to £139.6m for the year ending in December 2021.

Its success was attributed to homeowners making the most of the Stamp Duty holiday.  

Turnover in its estate agency division increased by 31% from £39.1m to £51.0m, though the second half of the year was slower, exacerbated by the industry-wide conveyancing capacity issues resulting in it taking longer to get sales and mortgages through, Spicerhaart said.

Financial services turnover increased by 29% from £31.6m to £40.8m – thanks in part to the increase in transactions but also to the growth in adviser numbers. 

The company’s investment in Land and New Homes in recent years and continued growth in the pipeline of contracted developments delivered a 21% increase in turnover, from £3m to £3.7m. 

Lettings, meanwhile, went up 4% from £29.8m to £30.9m, largely driven by the growth in tenancies under management.  

The remaining areas of the business increased from £12m to £13.2m with surveying income increasing by 13%, reflecting the increased volumes delivered in a buoyant market.   

During the year, the group, which has been shifting to a hybrid model, said it reinvested millions back into the business to grow capacity in estate agency, lettings and financial services including the number of partners to expand its geographic coverage. 

Paul Smith, chief executive of Spicerhaart, said: “Having spent the last two years operating in an unprecedented environment, our employees have shown, and continue to show, a passion and commitment to our company which is hugely important as we progress on our strategic journey.   

“On behalf of the Board, I would like to thank all our staff for their hard work, flexible approach during challenging times and continued commitment to client service.” 

Estate Agent Today has asked for further detail on Spicerhaart's profits.