Barbon reported a solid year of results with turnover up 4% to £53.5m last year and earnings before interest tax depreciation and amortisation up 18% to £15.2m compared to 2009.

Barbon said it had seen increased renewals in the property and commercial division despite margin pressure from insurers, clients and rivals.

Organic growth and acquisitions, such as Rentshield in October last year, bought Barbon’s market share to around 30% of the lettings ggents referencing market.

Strong year-on-year income growth of 5% and operational efficiencies have led to a 21% increase in underlying profitability.

Matlese-based underwriter Propgen delivered a profit of £4.4m, 47% ahead of 2009. A focus on reducing the severity of rent guarantee claims has paid dividends and loss ratios have fallen despite the recessionary conditions facing Barbon’s clients.

Chief executive Martin Oliver said: “Despite tough market conditions, Barbon is delighted to report a second successive year of revenue growth.

“Most of Barbon’s success came from organic growth across the lettings division where we have grown our market share of tenant referencing and also improved the rate of cross sell into ancillary insurance products. The acquisition of Rentshield helped and took our market share to around 30%. Benchmarking our three trading companies in this division has also brought significant improvements in processes."

Oliver added: “We have continued to empower each of our eight trading businesses with freedom to compete more effectively in their own niche markets, and for the most part they have responded well. In particular, leadership development has been top of our agenda. Staff morale is continually improving and feedback tells us that they are working for a company that communicates and rewards more effectively.

“Customer loyalty continues to improve and gives the Board some degree of confidence as we progress through 2011. However, margins remain under pressure from both customers and Insurers, but we are encouraged by improvements in our ability to trade and compete more aggressively.”

He concludes: “I would like to take this opportunity to thank our staff for their continued contribution and hard work against the backdrop of a recessionary environment.”

Barbon has offices located in Croydon, Bordon, Lincoln, Chelmsford, Bournemouth, London and Glasgow.

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