Spicerhaart’s shift to a hybrid model and investment in the business and staff has contributed to a £5m loss for 2022, the independent agency brand has revealed.
The company revealed in its annual accounts for 2022 that it had generated £139m turnover – the same as the previous year, despite the challenges facing the housing market including a nationwide 16% reduction in transactions.
However, Spicerhaart said an £11m increase in operating costs, including investment in staffing, led to an overall £5m loss for the year.
During 2022, Spicerhaart said it “ploughed millions of pounds into exciting growth plans, employing more people across its business and further developing its self-employed network of financial advisers.”
New Spicerhaart executive chairman Paul Smith said: “Last year was extremely challenging for most in our industry, with economic and political uncertainty, inflationary pressures, the cost-of-living crisis, conveyancing capacity issues and protracted mortgage completions.
“Despite all this, the Spicerhaart Group traded well relative to challenging market conditions, generating a 9% increase in turnover for financial services and a 4% increase in residential lettings.
“Estate agency outperformed the wider sales market decline and mitigated the turnover reduction to 5% and the income for our surveying division declined, impacted heavily by the significant and unexpected market reduction in the last quarter of 2022.
“We are now focusing on building a more competitive and resilient business which will benefit as market conditions improve and is well placed to deliver growth in the medium term.
“Our team has been extremely resilient during these challenging times and, on behalf of the board, I would like to convey my sincere thanks for all their hard work and continued commitment to delivering the best service possible to our customers across the UK.”