Estate agent group Hunters builds on strong foundations as revenues rise 15%

Listed sales and lettings agents Hunters have seen an “impressive” set of results as it embarks on its 25th year in business.

Revenues were up 15% at the York-based group to £13.8m. Pre-tax profits were up from £880,000 to £987,000.

Hunters said that despite the changes to Stamp Duty Land Tax and uncertainties following the Brexit decision, the group continued its expansion during 2016.

It opened 30 new branches during the year, including conversions of 20 independent estate agency branches, and has a pipeline of 34 planned new branches for the coming year.

Kevin Hollinrake, chairman and founder of Hunters Property Plc, said: “We are pleased to be able to report our set of full year results were ahead of market expectations. We are especially proud of this achievement as it coincides with the Group’s 25th anniversary this month. Our ambition has always been to become the nation’s favourite estate agent and 2016 saw a step forward in our pursuit of this goal.

“We continue to attract good quality independent businesses who see the benefits of a support network, reduced operating costs and opportunities to improve their income. Independent agents that have converted to Hunters, for whom 2016 was their second full year, increased their revenue by 41%. Organically, we believe we are the fastest growing listed business in our sector having opened 93 branches over the last three years and a further 30 branches through acquisition in that period.”

Glynis Frew, chief executive of Hunters Property Plc, said: “Market activity was down 2% in 2016 but despite these tougher market conditions the Group has, aided by the additional branches added to the network throughout the year, performed very well and increased the Company’s market share of homes sold and let, resulting in material increases in both turnover and pre-tax profitability.”

The company said it was committed to a “progressive dividend policy” and proposed an increased final dividend of 1.30p per share, making 1.90p for the year, an increase of 27%.

Hunters was founded by Kevin Hollinrake and John Waterhouse, and opened its first branch in York in April 1992.

It obtained its first franchisee in 2006, and acquiring the franchising arm of Countrywide in 2011.

Hunters joined the AIM market of the London Stock Exchange in 2015.