Profits rise at listed estate agency group
Hunters Property, one of the UK’s largest franchised sales and lettings agency businesses, has reported a rise in pre-tax profits for first half of 2018.
During the six months ending 30 June, the York-headquartered company saw pre-tax profits increase 38% to £238,000, compared to the £191,000 achieved the previous year. Adjusted pre-tax profits rose 8% from £663,000 to £714,000.
The listed company’s turnover remained flat at £6.7m due to the challenging market conditions.
During the period, Hunters opened eight branches, including six that were existing businesses which converted to Hunters. At the end of June, the network stood at 203 branches, of which 192 are franchised.
Glynis Frew, Chief Executive of Hunters Property, said: “We have delivered robust results in the six months to June 2018 against a backdrop of markets that have continued to contract in terms of completed sales transactions which HMRC reported as at June as being down 8.8% as against the same period last year.
“We are underpinned by our strategy to grow and develop the franchise network and we are bolstered by the pipeline of prospective franchisees interested in joining Hunters. We are encouraged with the take-up from our network as looking to expand and taking advantage of our facility to do so.
“We are especially encouraged at the increase in strength of prospects we have registered reinforcing our view, especially in this environment, of the comparative benefits of joining the Hunters network.
“Our view is that the challenging market is unlikely to improve in the foreseeable future, but our intention is to continue the industry’s consolidation.”
