Leading independent estate agency Portico says its move into Airbnb property management and a recently-launched online letting agency have helped it ride the initial Covid months without a dramatic loss of revenue.
Portico is one of the first independent agents to report on its performance during the early months of the pandemic, posting results that reveal an 8% drop in revenue of £909,500 to £10,495,552 during the 12 months to the end of April 2020.
The company says this was due to the tenant fees ban and the initial impact of Covid.
Portico says it enjoyed a ‘reasonably strong performance’ and used cost-cutting measures to offset the lost revenue, posting a net profit of £358,822.
The company claims its “diversified structure helped limit the impact of the loss of tenant fees, and although revenue for the group was down by 8%, the company succeeded in growing profit before tax by an impressive 38% over the same period”.
Robert Nichols (left), its CEO, says: “Portico remains one of the strongest performers in the London market, with larger publicly listed peers such as Foxtons and Countrywide both running at a loss on a comparable basis.
“Portico’s balance sheet remains strong with Net Assets increasing by 4% over the period and a Revolving Credit Facility providing in excess of £503k of cash as of the year end.”
Nichols also claims that its recent forays into the Airbnb management market and its recently-launched online letting agency, Portico Direct, have helped it ride out the worst of the early months of Covid.