"These results are incredibly strong, and are a reflection of the growth of the modern method of auction"
IAM Sold has reported a 40% rise in sales to £12.7m for its financial year ending October 2016, while maintaining healthy growth with profit increasing by 43% (£1.4m).
Part of the Intelligent Services Group (ISG), IAM Sold is based in Newcastle upon Tyne and employs over 120 people making it one of the largest in the UK.
Ben Ridgway, Managing Director of ISG, comments: “We are thrilled with last year’s result which demonstrates our unique, integrated offering to estate agents across the country and we remain on track to achieve our ambitious target of doubling revenue and profits within the next three years. Our people are behind every aspect of our strategy and we will continue to invest heavily in them and our infrastructure to ensure these targets are met.
We have a number of significant projects to execute this year which will put the Group on a stable footing and give us a platform for success having recently made two key appointments bringing in Malcolm McClen as Sales and Operations Director and Eoghan Johnston as Finance Director. We are continuing to invest significantly in our future growth and this expansion includes our move in July to bespoke office space, and investing in the technical infrastructure in order to further improve our service offering.”
Jamie Cooke, Managing Director of IAM Sold, added: “These results are incredibly strong, and are a reflection of the growth of the modern method of auction which is fast becoming a preferred approach for consumers to sell their property in a quick, secure and transparent manner. It’s an exciting time for the real estate market with change quickly gathering pace across the sector. While political uncertainties are dampening the appetite for investment in some areas of the market, we are continuing to invest upwards of £500k in our people, infrastructure and product offering over the next 12 months. This is to ensure that we are well positioned to capitalise on the growth potential in the marketplace while continuing to offer our partners and customers excellent service.
With IAM Sold recently named in the FTSE 1000 fastest growing companies in Europe, as well as ISG named in the 1000 companies to inspire Britain, it is a huge acknowledgement of the unique service offering and all the hard work that our people put into the business every day.”