Income up to £42.4m at listed sales and lettings agency

Hunters Property, a York-headquartered franchised sales and lettings agency businesses, saw its network income for the year rise 7% to £42.4m.

The business has published a trading update ahead of its final results for the year ended 31 December 2019.

It opened 20 branches during the year bringing the total network’s branches to 206. The average Network Income from branches that joined in 2019 was £278,000 (2018: £186,000).

The update adds: “Since the tenant fee ban was introduced on 1 June 2019 we have been steadily mitigating its impact, to less than 1.5% of turnover for those seven months.

“Overall our Network Income in lettings increased by 12% and in sales by 5%. Our underlying strategies and unaudited results have exceeded expectations.

“Though we are only four weeks into the New Year the view in the market is that sentiment feels to be improving.

“As things stand, we anticipate that we will be ahead of expectations. We retain a strong financial position to both expand our network and with healthy dividend cover look to increase and maintain the company’s progressive dividend policy.”

Glynis Frew, chief executive, said: “We are pleased that our underlying business strategies have delivered ahead of the tenant fee ban and market challenges.

“I am delighted with our customer service results as customers will always be our primary focus. Going forward, our technology project will enhance our service by driving productivity at a local level whilst simultaneously facilitating cost reductions in branches.

“This, combined with our success in growing branch numbers organically means we are optimistic for continued success over the next few years.”

The company expects to announce its full year results on or around 2 April 2020.