Hunters, the business co-founded by now-Tory MP Kevin Hollinrake, says it has shaken off Brexit uncertainty, after delivering an impressive trading update for the period ended June 30.
Network income is up by 42% at £16.9m (six months to June 2015: £12m), turnover is up by 26% at £6.6m (2015: £5.2m), adjusted profit before tax also up by 134% to £807,000 (2015: £345,000) and adjusted earnings per share up 61% to 2.52p (2015: 1.57p).
Hunters, which opened its first office in York in 1992 and its first franchising branch in 2006, has continued its rapid growth to 180 branches nationwide, with offices in a number of key cities across the UK including London, Birmingham, Exeter, Manchester and many locations in between.
During the six month period, the group opened 17 new branches, including the conversions of 10 existing businesses, and grew the lettings income across the network by 18%. Its services cover residential sales, lettings, buy-to-let and investment, residential block management, land and new homes, franchising and other property related services.
Glynis Frew, managing director of Hunters Property Plc, said: “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.”
Hollinrake, chairman of Hunters who was elected an MP last year, said: “The first six months have seen the group build successfully on the track record built up over the last 24 years, delivering profit, network and revenue growth, all substantially ahead of last year.
“Potential uncertainty following the EU referendum has been mitigated by the franchise strategy of the business. In this economic environment, independent businesses benefit even more from joining the Hunters network.
“We continue to look for strategic acquisitions should they become available and we are delighted to have secured additional funding in this regard.
“The group’s strategy is to continue to grow a predominantly franchise network, and during the first half of 2016 added a further 17 branches, all franchised, of which ten were existing businesses converting to Hunters.
“The business is well placed for the remainder of the year, with a good pipeline.
“The board expects the strong growth of the network in the first half of 2016 to continue in the second half as a consequence of the new network branches, stronger enquiries from other existing businesses and our recently extended facilities.”
Hunters joined the AIM market of the London Stock Exchange in July 2015.
Lets hope its the same income story in the last quarter …..
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This brexit effect is confusing. We are busy. …but….We have not left EU yet.Any money you make now better be put in a war chest to ride out what may come. great fun isnt it
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There has not been much a of a Brexit effect, as yet.
There has been a distinct Stamp Duty deadline effect.
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To quote Supertramp: “Crisis ! What Crisis ?”
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Brexit hasn’t happened!
There has been a referendum and the result is known.
The muck is yet to hit the fan i.e when the EU make an example of us in the negotiations and this is likely to happen as the next natural cycle takes its downward turn, so Brexit will get the blame anyway at some point.
For now, knowing we are 2 years away from actual Brexit, people are just thinking “I’ll worry about it in 2 years” as we tend to do. (My opinion)
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Right Boris or Nige – Which one of you disliked my take on Brexit?
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I’m getting so bored of this brexit ****, more so by agents using it to drag prices down when prices haven’t (in my town) been affected.
Move on and just get on with your lives!
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Coz Brexit hasn’t happened….. oh dear, does nobody get that….. market was good…. we had a vote… they announced we will do nothing for 2 years…… they made borrowing cheaper and the market stayed good…. wow….. who’d of thought it.
I blame OTM for Brexit.
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It HAS to a degree. One thing I find baffling in the area I cover 67% voted LEAVE, and openly buyers have told me they voted out but feel because of BREXIT prices will drop.
Makes total sense!
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