ESPC results show continued strength
We are pleased to release our financial results for 2012-2013 and announce new Board members.
The financial results of ESPC to 31 May 2013 report a turnover of £7,896,355 (2012 - £8,821,955*) and delivering pre-tax profits of £386,308 (2012, £969,470*). The reduction in profits reflects the company’s shift in focus from recapitalising the business to consolidating and improving the market position for ESPC and its membership.
Comment on the results, Robin Stimpson, Chairman at ESPC said:
“Throughout the year the residential property market continued to endure challenging trading conditions. ESPC maintained a dominant market share across East Central Scotland as well as investing in marketing channels and technology to support the brand and its members.
“The year end results, although down on last year, reflect the investment we have put back into the business. This is one of the benefits of our business structure which, with no shareholders, allow the Board to take a longer-term view. As the market has picked up in the second half of 2013, we are starting to see the return via our income. In addition, we are seeing more house hunters to ESPC.com, with the average views per property per week up 60% year on year between July and September.
“Our brand awareness research has also highlighted record levels in terms of buyers and sellers intending to use ESPC services.”
In August 2013, ESPC restructured the business with the controlling rights for ESPC Ltd, a company limited by guarantee, passing to the ESPC member firms who individually became £1 guarantors. Robin Stimpson added:
“The new arrangements placed control of ESPC in the hands of the solicitor businesses at the very heart of what we do. Our members’ experience and expertise in the local market is second to none and we can now tap directly into that as we look to the future of ESPC.
“The out-going Non-Executive Directors and myself are delighted to passing ESPC in such a strong position to the new board. The Board will drive sensible revenue growth over the coming year, which will be reinvested to strengthen and support the ESPC membership in the highly competitive property marketplace.”
The new board members, voted in at the ESPC AGM on 13th November are:
- Sue Calder, Business Development Partner, Pagan Osborne
- Craig Forster, Property Partner, Allan McDougall
- Allan Hartley, Finance Director, Mactaggart & Mickel
- Gordon Kerr, Director, Morton Fraser
Gordon Kerr, the new ESPC Chairman, said:
“ESPC is such a vital resource for solicitor estate agents in East Central Scotland. Our aim is to build on the work to date and ensure that solicitor estate agents remain the number one choice for home sellers and buyers.”
*The figures contained within the 2011 - 2012 accounts were restated due to recognised income, reflecting the change in business practice from selling a 6-month product, to it now being marketed on a ‘hold until sold’ basis.