Martin & Co has reported a step change in its business following the acquisition of Xperience late last October from Legal & General. It also revealed that the deal took ten months to complete.

This morning, reporting on its results for 12 months ending December 31, 2014 – its first year since floating as a public company – Martin & Co said it now has a network of 282 offices, stretching from Falmouth to Inverness.

The firm believes it is now the fourth largest lettings and estate agency in the UK by office numbers.

The Xperience acquisition grew Martin & Co by 49%, from 189 to 282 offices, and increased the number of properties under management from 30,623 to 32,210. By the end of last year the total was 42,000.

Last year, Martin & Co recruited 14 new franchisees and opened six new offices. While the firm has gone into sales, business remains heavily weighted towards the lettings market. It also reported that 23 of its offices had an annual fee income of over £500,000, of which 11 are Martin & Co brands and 12 are Xperience names.

Operating profit for Martin & Co increased 26% to £2m last year and pre-tax profits rose 115% to £1.9m. In a little over two months, Xperience contributed some £150,000 towards these pre-tax gains.

Chief executive Ian Wilson said that he expected further growth this year.

He said: “Whilst public uncertainty in the prelude to a General Election can dampen housing market activity, nevertheless there are strong drivers which point toward increased lettings activity.

“A raft of pension reforms come into force on April 6 and it is the directors’ belief that these reforms will release pension funds which will be invested into buy-to-let properties.

“With net migration running consistently, despite Government policy intervention, at 300,000 per annum, and restrictions on mortgage lending particularly affecting the young, it is the cash-rich older generation who can afford the 25% deposits on buy-to-let properties, and there will be no shortage of tenants to occupy them.

“The group remains largely lettings-led with a national footprint, diluting the effect of more difficult trading conditions in the London market.”