Two of Britain’s best-known franchising firms, AIM-listed Winkworth and Belvoir, have announced their preliminary results for last year.

Winkworth had less revenue – £5.5m compared with Belvoir’s £6.5m – but made more pre-tax profit at £1.93m, compared with Belvoir’s £1.8m.

Winkworth’s revenue for the year to December 31 was up 11.3% on 2013, with profits up by almost 14%.

Winkworth CEO Dominic Agace said that 2014 franchisees set a new record in terms of revenue of some £50m.

Revenues generated from home sales were £32.3m while rental income rose 9% to £17.5m.

Chairman Simon Agace said of current trading conditions: “In what is likely to be a ‘year of two halves’, 2015 may be affected by policies mooted in election promises, but we believe that Winkworth will continue to grow, even if more modestly than its recent rapid rate.

“The election will, we hope, bring clarification of the various parties’ intentions towards the workings of the homes market, residential investment and buy-to-let.

“The key issue is the ‘mansion tax’ which appears to be an ‘occupational’ tax impacting mainly London.

“This would create difficulties with short leases where, for instance, the occupational value (the freehold) may be significantly higher than the leasehold occupational interest. Similarly, in the rental market, corporate tenants may well occupy a house with a freehold value above the mansion tax threshold and, therefore, will be paying an occupational mansion tax.

“This will affect corporate budgets and has tax implications.”

Simon Agace continued: “I started my career in the property world as a chartered surveyor in the late 1960s when I witnessed the ending of rental controls, which healed the damage done on the provision of homes and improved the quality of property in London.

“I therefore note the current climate with a certain degree of anxiety for the home-buying public.”

Last year, Winkworth opened six new offices, including one in Spain, and shut “poor performing” offices in Walthamstow, Sheffield, South Woodford and India.

So far this year, it has opened two more offices with a further six openings planned.

The Winkworth network currently has 97 offices in the UK, mainly London oriented, and three abroad, compared with Belvoir’s 162.

Winkworth floated on AIM in 2009.