Auction provider to estate agents IAM Sold has had a record-breaking year, reporting a 40% rise in revenue to £12.7m and a 43% uplift in profits to £1.4m.

The firm, which is part of the Intelligent Services Group (ISG), white-labels its offering to estate agents and has been named in the FTSE list of 1,000 fastest growing companies in Europe.

Reporting on the results, covering the year to the end of last October, ISG managing director Ben Ridgway said: “We remain on track to achieve our ambitious target of doubling revenue and profits within the next three years.

“Our people are behind every aspect of our strategy and we will continue to invest heavily in them and our infrastructure to ensure these targets are met.

“We have a number of significant projects to execute this year which will put the group on a stable footing and give us a platform for success.”

Jamie Cooke, managing director of IAM Sold, said: “These results are incredibly strong, and are a reflection of the growth of the modern method of auction which is fast becoming a preferred approach for consumers to sell their property in a quick, secure and transparent manner.

“We are continuing to invest upwards of £500,000 in our people, infrastructure and product offering over the next 12 months.

“This is to ensure that we are well positioned to capitalise on the growth potential in the marketplace while continuing to offer our partners and customers excellent service.”