Econveyancing news: TM Group enjoys record growth
Swindon-based TM Group, a specialist provider of online conveyancing tools, continues to buck the economic gloom with strong earnings, growing numbers of staff and an appetite for acquisitions. TM Group develops online conveyancing services for all stakeholders involved in buying and selling property, including local authorities, conveyancers and mortgage lenders. Despite the depressed economic environment, the company now delivers nearly 100,000 searches per month, equivalent to approximately 500 searches per hour, and the firm’s constant investment in technology and innovation has helped drive profits. In 2011, TM Group reported a turnover of £32.8m, up 5% from 2010, while operating profit increased 160% to £1.1m.
Staff numbers at TM Group have increased over 70% since 2006 to 76 people at the start of 2012 and the firm is continuing to recruit further: the most recent addition is the new sales and marketing director, Ben Harris. The increase in numbers has meant the firm recently moved to new, larger offices in West Swindon – it has taken a five-year lease on the whole of the top floor of a neighbouring office, Delta 1200.
Paul Albone, managing director at TM Group, said: “Despite the weak economic environment, TM Group is on course to grow by a further 20% this year and the May/June 2012 figures show our average daily revenues are the highest for these months in six years. Our focus on innovation and technology has really helped position us in the UK market; we reduced the search ordering process from 45 minutes to just five and our latest product, an advanced mortgage fraud risk management platform to major UK lenders, continues this drive. We have further aggressive growth plans, through expansion of our services and possibly acquisitions.”