Hunters Property Plc has posted a set of robust interim results for six months ended 30 June 2020.

Network income was £17.1m (2019: £19.2m), with EBITDA rising 30% to £1.44m (from £1.11m in 2019), and cash balances increasing to £5.6m (31 December 2019: £1.3m).  Net debt reduced to £2.2m (31 December 2019: £3.2m).

The company achieved record levels of lettings income in the last 12 months and record levels of sales activity in each of June, July and August, with August instructions being 38% ahead of last year.  This led to the network pipeline being ahead by +43%.

The group also saw website usage up by 25%, owing in part to its interactive COVID-19 support hub, while its customer satisfaction record stands at 97%.

There have been five new branch openings including in London, Manchester and Torquay, with the network reporting high levels of activity as people look to re-evaluate their living situations in light of the lockdown and increased flexible working.

Hunters secured a Coronavirus Business Interruption Loan but has not had to draw on it and intends to pay it back in due course.

The group does not deem it appropriate to pay a dividend whilst the loan remains on its balance sheet but anticipates announcing the CBILS repayment, reinstatement of its progressive dividend policy, and a full year final dividend to shareholders alongside its year end results in April.

Glynis Frew, chief executive of Hunters, said:

“Despite the pandemic and associated uncertainty, we are pleased with these results that show growth despite shifting conditions.

“We remain extremely proud of our customer satisfaction rating and used the early lockdown period to significantly bulk up our training programme, which has also helped to attract new franchisees.

“We are optimistic about 2021 and beyond, with a strong pipeline and the planned roll out of our new technology platform SKIPA, which is currently undergoing testing and will give us a further competitive edge.

“We have long said that technology is the battleground where modern estate agency will be won or lost, which is why we have continued to invest heavily in our technological capability from personnel and training through to new infrastructure and software.”