Hunters Property earnings surge in first half

National sales and lettings estate agency and franchise businesses Hunters Property announces its interim results for the six months to 30 June on Thursday, with network Income up 42% to £16.9m.

The AIM-traded company’s revenue grew 26% to £6.6m , while adjusted operating profit increased by 107% to £0.92m.

Adjusted profit before tax surged 134% to £0.81m, making for adjusted earnings per share of 2.52p, up 61%.

Hunters’ board declared an interim dividend up 20%, at 0.6p per share.

“We have delivered strong results in the six months to June 2016 bolstered by growth in the franchise network and we are encouraged by the robust pipeline of future franchisees interested in joining the network,” said managing director Glynis Frew.

“The EU referendum has reduced some activity levels in the market, particularly in London and the South East.

“However in the wider UK market, which mirrors our national structure, activity is more encouraging and there has been less or little evidence of a downturn.”

Frew said branch performance has improved on average, and in lettings in particular.

“The first half included a full contribution from Country Properties, [and] the second half of 2016 has started strongly.

“We are delighted that our lenders, HSBC, see the exciting potential and growth in our business and have made a new line of credit available to the group to deliver on its growth strategy and we are confident of our growth prospects and meeting our expectations for the full year.”