Hunters has reported strong results for last year, with network income up by 17% to £35.4m.

The firm, which is largely franchised, reported a 15% rise in revenue to £13.8m.

Hunters, which was started 25 years ago by Yorkshire brothers Kevin and Keith Hollinrake together with John Waterhouse, opened 30 new branches last year, including the conversion of 20 independent branches.

The firm said that those which had converted to the Hunters brand have seen their income grow since. For those for whom 2016 was their second full calendar year, their revenue grew on average by 41%.

As at December, the network stood at 186 branches. Average revenue per network branch rose by 7% to £190,000.

Since the end of last year, Hunters has bought the franchise network of Besley Hill, which operates in and around Bristol.

Hunters chairman and co-founder Kevin Hollinrake said: “In our first full year as a public company I am pleased to report figures ahead of the market’s expectation despite the UK property market facing various challenges, namely the increase in Stamp Duty and the political uncertainty following the EU referendum result.

“I am also delighted to welcome the branches of Besley Hill into the Hunters network.

“We have secured a leading and long-established network of offices; the ongoing roles of management; and management’s long-term commitment by committing their three branches to new franchise agreements as part of the deal.

“The first quarter has therefore started well, taking us past 200 branches.

“We continue to out-perform general market activity, our instructions are up on last year and our pipeline of new branch prospects remains healthy.”

Hunters, which launched on AIM in 2015, is led by chief executive Glynis Frew, who said that while market activity was down 2% last year, the firm had increased market share in both sales and lettings.

Shareholders are likely to be happy: Hunters is to pay a proposed dividend of 1.30p per share, making 1.90p for the year, an increase of 27%.