Martin & Co’s share price jumps as company hails recovery in the lettings market
Property group Martin & Co's share price jumped more than seven per cent in early morning trading as the company hailed the recovery of the lettings market after the Brexit vote and raised its interim dividend 11 per cent to 2p per share.
The group said this morning that business for estate agents had been dampened by the vote to leave the European Union, but that there are now "signs of recovery" in the lettings market.
Ian Wilson, chief executive of Martin & Co said in a statement: "Market conditions became challenging as the Brexit vote approached and, whilst uncertainty remains, there are now signs of recovery in lettings transcactions."
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He said estate agent activity had been "mildly depressed" in London and the South compared to last year — but business in the Midlands and the North was in line with expectations.
The statement came as part of the UK company's interim results for the six months ending 30 June. The group announced revenue had increased by 12 per cent, climbing from £3.4m in the first half of 2015 to £3.7m for the first half of this year.
Operating profit jumped 22 per cent to £1.6m.