Martin & Co has reported a 24% rise in revenue for last year, from £4.1m to £5.1m.

Of that, £0.3m of income was attributable to Xperience, which Martin & Co bought from Legal & General in October, increasing its network from 194 to 282 offices and adding 44 more franchise areas.

In an update for the year ended December 31, 2014, Martin & Co also said that the number of managed properties increased from 30,623 to 32,201.

A total of 14 new franchises were recruited, with five new offices opened and two more preparing to launch.

Although the firm has gone into sales, it said that the group “remains heavily weighted towards lettings”.

However, the number of Martin & Co offices now offering sales rose last year from 90 to 152. The Xperience acquisition has also added to the group’s estate agency capability, with another 88 offices already offering sales.

In the update, ahead of its full year results at the end of March, Martin & Co said: “The board remains confident in its acquisition strategy and will look to progress further acquisitions where it can see potential for value creation.”

The firm, listed on AIM, said it does not believe that general election uncertainty will materially affect its trading prospects for 2015. It said the letting market continues to experience strong tenant demand.

CEO Ian Wilson said: “I am pleased by the growth of the group in its maiden IPO year. In line with our key strategic objectives, the acquisition of Xperience has added considerable value. It has significantly increased our UK footprint and the number of properties under management across our five franchise brands.

“We are now a top 10 UK property business, measured both in terms of number of offices and market share.

“We remain very positive about the outlook for our core lettings business, from which 78% of our franchise royalty income is derived.

“I look forward to providing a further update at our full-year results in March.”