York-based Hunters’ network income surpasses £30m for first time

Hunters, the York-based sales and lettings estate agency, has reported strong results following a trading update for the 12 months ending 31 December 2015.

In the first half of 2015, Hunters attracted fresh capital to accelerate the growth of the business and on the 2 July, floated on AIM.

The UK property market experienced a number of well-publicised challenges during 2015. The start of the year saw subdued activity in advance of the General Election, and afterwards there has been, as widely reported, a national shortage of properties for sale and to let.

Despite this, the group performed well across all divisions, with network income above £30m for the first time (2014: £21.2m). Independent businesses that converted to Hunters experienced an average increase in revenue of 29% for 2015, therefore the company expects to post results for the full year ahead of the Board’s expectations and significantly ahead of the prior year.

During 2015, 32 new branches joined the network. Over the last two years Hunters has attracted 63 new branches, which the Board believes is significantly more than any other business in this sector.

In addition, hunters acquired a 23 branch franchise network bringing the Group at year end to 170 offices, with 11 owned and 159 franchised.

Full year results are expected to show turnover to have increased by 32% to £12m, and EBITDA to have increased by over 30%. The company is cash generative and has only modest debt.

The Board declared a maiden dividend payment of 0.5p per share in October, and as indicated at that time, intend to adopt a progressive dividend policy.

Hunters begins 2016 with strong levels of letting activity and the pipeline of agreed sales in the hands of lawyers is at a record level for the time of year.

The Board expects further significant expansion during 2016 by attracting high quality franchisees and by acquisition.

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