ESPC opens door on third profit in row

ESPC, the property marketing service for Edinburgh, Lothians and Fife, has reported strong profits for the third year running, while increasing its investment in key areas of the business.

Despite a slower market and a reduced turnover of £8.8 million, down from £11.4m last year, the company delivered pre-tax profits of £949,000, compared with £1.6m in 2011.

The company also made significant investments in new marketing initiatives, improvements to its digital service and a refurbishment of the ESPC George Street showroom totalling £200,000.

In 2009, ESPC faced major financial issues as it struggled to cope with an unsustainable cost base, the slowdown in the housing market and the tightening of mortgage lending.

Chief executive Malcolm Cannon said: “As a company we are, in many ways, a barometer for the Capital’s property market. Our results show that while the flow of properties on to the market has reduced, the market is working well and in a strong place to build again.”