Listed estate agency in ‘strong financial position’ following acquisitive year

Hunters Property, the York-headquartered franchised sales and lettings agency business, has seen lettings revenue grow by 13% to £13m following an acquisitive year.

In a trading update for the year ending 31 December, Hunters Property reported that it increased network income by 1.4% to £39.4m (2017: £38.9m), with the average branch breaking through the £200,000 threshold.

New branches joining the network in this period also, on average, reported a higher turnover with an average of £186,000.

During this period, the company completed 13 assisted acquisitions including four in the second half of the year. The network’s lettings revenue grew by 13% in the year to £13 million (2017: £11.5 million) further balancing the business for 2018 as 67% Sales and 33% Lettings (2017: Sales 70%, Lettings 30%).

Going forward, Hunters has added two further branches this month and signed up a further four by the end of February.

A spokesperson for the company said: “We are in a strong financial position to both expand our network and reward shareholders by maintaining the Company’s progressive dividend policy.”

Glynis Frew, chief executive of Hunters, added: “We are, once again, pleased with our performance and the progress we are making in adding high quality businesses to our network. We have added 124 branches organically over the last five years and we are optimistic that the success of this strategy leaves us well placed.”