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Hunters outperforms market as it expands branch network
Franchised sales and lettings agency business Hunters updated the market on its trading on Tuesday, ahead of its results for the year ended 31 December.
The AIM-traded firm reported that, despite challenging conditions in the UK housing market in 2017 which saw completed transactions fall from 996,650 in 2016 to 850,281, it outperformed the market, increasing network income by 9.8% to £38.9m.
As a consequence, it said results for 2017 would be broadly in line with expectations.
During the year, the firm added 37 new branches, ending 2017 with 213 branches.
Whilst the board said it expected 2018 to be no less challenging, it added that it believed that would provide the company with the opportunity to expand its branch network further and strengthen the brand.
Market conditions would continue to encourage independent operators to be part of a stronger group that can also offer significant cost reductions, it claimed, particularly in terms of portal charges for Rightmove, Zoopla and OnTheMarket.
Hunters said it was already seeing an improved level of enquiries from independent businesses.
It added that its financial strength would enable it to both expand our network and reward shareholders with an attractive dividend.
"We are pleased with our performance and the progress we are making in adding high quality businesses to our network," said chief executive Glynis Frew.
"Our organic growth is significantly stronger than our competitors and we are optimistic that this will lay the foundations for further growth."
Hunters said it expected to announce its full year results around 12 April.