Chestertons has announced that it is on the hunt for acquisitions after saying that it put in a record performance in 2019.

It says that its total revenues were up 8% on the year to stand at £43m, with profits up by 60%.

Chestertons’ lettings division is said to have posted a 10% uplift in revenue from the previous year, while its sales operation enjoyed a 7% growth in revenue in a muted London sales market with 12% fewer transactions over the first nine months than in the same period in 2018 according to Land Registry data.

Chestertons has yet to publish its 2019 accounts – and according to Companies House, still has until September to do so.

However, the firm is clearly very proud of last year’s performance.

It says its central London offices and new homes department performed particularly well, helped by increased demand from overseas buyers and investors and international students.

Managing director Guy Gittins said: “To have come through one of the most challenging markets in recent memory and have delivered a record profit and revenue year is a testament to the incredible hard work of every single person at Chestertons.

“As we enter the new decade, we are looking forward to a new period of growth and looking to expand through targeted acquisitions.

“The bold restructuring in 2018 and total transformation of the way we operate has now made Chestertons future-fit and we are in the best ever shape as we enter this new decade.

“The rate of change at Chestertons shows no sign of slowing down and I am confident we can continue to grow the company as we focus on an aggressive acquisition strategy.

“Our success has all been possible because we have the basics: a fantastic brand; many of the best-located branches in London; some excellent new tech solutions; and, most importantly, an incredibly hard-working team that is prepared to embrace change and always willing to go the extra mile for our clients.”

Chestertons has already reported that 2020 has got off to a strong start, stating that between January 2 and 12, sales enquiries were up on last year by 76%, while new buyer registrations and the number of offers being made on properties were up 15.6% and 43.7% respectively.

The number of new properties coming on to the market was also 20% higher than at the start of 2019, giving an encouraging sign that supply issues in London could be starting to ease.

The restructure referred to by Gittins included his own appointment, the creation of a chief operating officer role, centralised marketing, a centralised tenancy progression team, and the introduction of ‘floating’ regional directors plus area directors.