Reeds Rains has reported an increase in operating profit for the year to the end of last December, despite a fall in revenue from sales.

However, other sources of revenue were up.

In 2017 its total operating profit was £3,246,599, up 16% from the 2016 operating profit of £2,700,000.

Pre-tax profits were also up, from £2,224,000 in 2016 to £3,246,000 last year.

Last year, Reeds Rains brought in slightly more revenue overall at £46,347,000, up from £43,994,000.

However, the main source of its income was down, with residential sales bringing in £16,688,000, down from £18,061,000 the year before.

Lettings income was £13,296,000, while other sources of income included financial services at £11,330,000 and conveyancing at £2,741,000.

In accounts newly posted at Companies House, it reported having 114 owned branches, down from 116, and the same number of franchised branches at 40.

Reeds Rains also had a reduced headcount of 918 employees, down from 970 the year before. Despite this, payroll costs rose slightly to £25,859,000.

Reeds Rains, part of the LSL Property Services Group, said in its report that it is “well placed” to deliver a solid performance this year.