Chestertons posts record revenues despite Covid-19 pandemic

Chestertons has released their financial results for the year 2020.

In a year with upheaval like no other, the London-based estate agency still managed to report revenues higher than any other year in their history.

Chestertons has announced that revenue increased by 6% in 2020 – the fourth consecutive year of growth, with revenue from its lettings division up 8% and from its sales division increased by 7%.

Speaking on the results, Salah Mussa, chairman of Chestertons, commented: “The business has proved itself to be highly resilient and capable of delivering growth in the toughest of markets and the most demanding of conditions.

“We are expecting 2021 to be another challenging year but we are confident that the market will quickly return to normality when restrictions eventually ease and Chestertons will be best positioned to continue to deliver industry-leading results.”

The company is keen to point out that Chesterons sold more prime London properties than any other agency, according to figures provided by LonRes.

The network for London agents says that Chestertons increased its market share and sold more properties than any other agent in prime London in 2020, selling 11.8% of all properties sold in the region, compared to 10.6% in 2019.

Figures also show that in the space of four years since 2017, Chesterons has also increased its market share in prime central London region from 6.6% to 8%.

Chestertons’ chief executive, Guy Gittins, commented: “To have successfully navigated our way through one of the most challenging years in living memory and deliver a fourth consecutive year of organic revenue growth is an achievement of which we are incredibly proud and testament to the relentless hard work and dedication from every single person at Chestertons.

“The team’s determination and willingness to adapt, combined with Chestertons’ progressive culture, continues to drive the business forward and was recognised by our winning of Lettings Agency of the Year at the recent Resi Awards and also by LonRes when they confirmed we had sold more properties in Prime London than any other agent in 2020.”

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5 Comments

  1. AlwaysAnAgent

    Increasing profits and revenue at the expense of the taxpayer?

     

    Has Chestertons repaid taxpayers money if its profits and turnover is higher in 2020 than in 2019? Or will our money be used to pay bonuses and dividends? Chestertons should confirm either way and why isn’t PIE asking if they’re accepting a press release that talks about 2020 financial results?

     

    According to press releases last year Chestertons heavily used furlough and other Government support schemes. These schemes were not intended to increase profits that go straight into Directors’ profits. Let’s hope they do the right thing.

     

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    1. watchdog13

      If a company had to shut its doors or reduce staff costs during the pandemic, it has every right to use the furlough system. In addition, building up a cash reserve is a sensible thing to do as we are not out of the woods yet. Chestertons are a ell run sensible business.

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      1. AlwaysAnAgent

        Not true. It’s a case of whether a firm and management have morals.
         
        Pocketing tax payers cash when a firm doesn’t need it is inexcusable.

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        1. pieinthesky

          All agents are all playing on the same field, with the same ball. Foxtons revenues (to take a published example) were 15% down, Chestertons are 7% up. Seems to indicate that Chestertons operated efficiently in the pandemic, while Foxtons… not so much.

          Are either of you saying that a business that’s operating well, and more importantly served its clients well, should be penalised for its good performance, while a business that’s operated less well, and in some agents’ cases virtually gone into hibernation, should be rewarded for its less-good performance?

          if “profits and turnover is higher in 2020 than in 2019”, they’ll be taxed in the normal way. But it doesn’t seem right that any business should have to do anything that their competitors don’t…

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          1. AlwaysAnAgent

            It’s really simple. Directors, management and shareholders should not, under any circumstances, be rewarded from funds that come from the taxpayer. In this case, the funds were not needed and should be repaid.

             

            A number of large agents have already repaid Government money and that is simply because they have a moral compass.

            These funds could be used elsewhere; in the NHS, deprived children, schools etc.

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