Spicerhaart Reports Financial Results for 2023, Highlighting Growth in Lettings and Strategic Reinvestment Plans

The latest accounts filed at Companies House for the year ending December 2023 reveal a resilient financial performance for Spicerhaart, with specific areas of growth despite broader market headwinds.

The group's residential lettings turnover increased by 9%, largely due to a 2% growth in properties under management and improved average rental prices. Similarly, the Land and New Homes division saw a 2% increase in turnover, driven by heightened activity that resulted in a 42% larger exit pipeline compared to the previous year.

However, mirroring the national trend in estate agency, Spicerhaart's overall group turnover experienced a decline, influenced by decreases in estate agency sales, surveying, and financial services revenue. The market faced significant pressures, including a 19% drop in transactions (as reported by HMRC), as well as disruptions from elevated interest rates following the impact of the mini-budget.

Despite these challenges, Spicerhaart still delivered a group turnover of £126m, with a pre-tax loss of £3.4m. The company remains on solid financial footing, with net assets standing at £21.9m and still being debt-free. Cash reserves increased to £19.9m, up from the previous year, positioning the company well to fund its future growth initiatives in key strategic areas.

Throughout the year, Spicerhaart maintained a focus on reinvestment to support its growth strategy. The group aims to expand through acquisitions that align with its vision and high-performance culture, with ongoing investment in expanding training, career opportunities, and technology- all of which are expected to contribute to significant improvements in operational performance.

Founder and Chairman Paul Smith stated: “Our goal is to acquire businesses that align with our vision, values, and strong performance culture. With a new government, lower interest rates, and stable inflation, Spicerhaart is expecting growth across all sectors of the business. We remain focused on building a more competitive and resilient company, well-prepared for medium-term growth.”