London-focused agent Chestertons is looking to make acquisitions and go on a recruitment drive after announcing a doubling in profits last year.

With one of the largest lettings departments in London, Chestertons said it grew its revenue from this division by 9% over 2018, which was underpinned by a 7% increase in the number of tenancies agreed and by increasing its portfolio of managed properties by 10%.

The company’s sales division also managed to increase its revenue year-on-year, despite a challenging market in which transaction numbers across London are thought to have dropped by 16% (according to the Land Registry) and some leading competitors have seen their sales revenues drop by as much as 25%.

Former sales director Guy Gittins, who took over as managing director last spring, said: “I am enormously proud of the whole team at Chestertons, as every single employee put in an incredible amount of work to make these fantastic results possible, despite an exceptionally tough trading environment.

“Chestertons is now entering 2019 in the strongest shape it has ever been, and with last year’s success behind us, we have now stepped up the search for suitable acquisitions and are especially interested in lettings businesses that we could assimilate into our existing structure.

“We are also looking to expand teams in all areas of the business and are on a recruitment drive, looking for hard-working positive people that want to join a company that has proved capable of growth in all markets.”

The firm, which has not put a figure on its increased profits and is not expected to publish its accounts until October, has 33 offices in London and over 70 international branches in Europe, North America, the Middle East and Asia.