Listed estate agency group reports ‘robust’ annual results
York-headquartered listed sales and letting company Hunters has posted “robust” annual results, with revenues and pre-tax profits rising.
Reporting on the year ended 31 December 201, Hunters saw its overall network income rise 10% to £38.9m (2016: £35.4m), with revenue increasing by 3% to £14.2m (2016: £13.8m) and EBITDA up by 8% to £2.23m (2016: £2.06m). Pre-tax profits was up by 4% to £1.94m (2016: £1.86m).
Glynis Frew, chief executive, said: “The Group has grown its market share of homes sold and let in 2017. So despite market transaction volumes having reduced by 15% turnover, EBITDA and pre-tax profitability have increased.
“It is expected that 2018 will see continued network growth, both through conversions of existing businesses and cold starts although we expect conversions to account for a more significant portion of branch growth. We see the uncertainty and impact of proposed tenant fee ban as driving enquiries towards Hunters’ market leading conversion package, designed to allow independent agencies to join with minimal cost, whilst benefiting from a full estate agency package.”
Hunters, which opened its first office in York in 1992, opened 37 new branches during the year. This contributed to a total of 213 branches as of 31 December 2017, up from 186 branches in 2016.
In the past four years, Hunters has opened 30 or more new branches per year; on average, independent agents that converted to Hunters reported an average revenue increase of 29%.
Kevin Hollinrake, chairman of Hunters, said: “We are delighted to report a robust set of figures, despite subdued the market conditions. This performance highlights the robustness of our model and the quality and commitment of our franchisees and their teams across the network.
“We would expect this current market and recently announced additional regulatory requirements to provide us with even more opportunities to expand our branch network and strengthen our market position still further.”
