Double for urbanbubble
PROPERTY MANAGEMENT SPECIALISTS SEE 46PC RISE IN REVENUES
RESIDENTIAL property management specialist urbanbubble has doubled revenues with plans for further growth.
The group of four businesses comprising its Manchester and Liverpool operations, sales and lettings and short-stay lettings operation Urbana, saw revenues in its financial year to the end of June 2019 increase by 46 per cent to £5.55m from £3.8m in the previous 12 months.
Manchester-based urbanbubble’s core business achieved total revenue of £3.69m in the most recent financial year, representing an increase of 46 per cent from £2.65m in the preceding 12 months.
The group expects to achieve turnover of £8m in the year to June 2020 and £11.5m in the following 12 months to June 2021.
urbanbubble reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £225,000 across its business, reflecting major investment in the group to prepare for growth which began in the fourth quarter of 2018.
The group is forecast to improve earnings to £620,000 by June 2020 and a total of £1.3m by June 2021.
Michael Howard, founder and managing director of urbanbubble, said: “Alongside strong revenue growth for the next five years where we expect to continue to post 40 per cent sales growth over the same period, the senior leadership team is committed to driving continued annual improvements to EBITDA through leveraging of our scale, operating efficiencies and the use of technology with our residents and owners.”
As part if its growth plans, Mr
Howard said urbanbubble had increased its headcount to 250 full-time staff with the number rising to 320 by June 2020 and to 400 by June 2021, led by a senior leadership team of seven including himself, a non-executive director and an advisor. The business he founded 10 years ago from his apartment in the Northern Quarter now manages a combined total of 10,000 residential units throughout England on behalf of property developers and institutional investors Legal & General and DTZ Investors (DTZi).
The senior leadership team is committed to driving continued annual improvements
urbanbubble has plans for further growth