Hunters opened 37 branches during 2017 and increased income by nearly 10%, results reveal

first_imgFranchise sales and lettings group Hunters says it outperformed the market during 2017 and increased its income by 9.8% to £38.9m, up from £35.4m in 2016, despite the “well-documented challenging conditions in the UK”.Today’s results come from its latest trading update to the City and includes details of its aggressive expansion, which included 37 new branch openings last year, taking it to a total of 213 branches.Like its competitors Martin & Co, EweMove and Belvoir, Hunters is hoping the choppy trading conditions within the UK property market at the moment will persuade more independent agents to seek safe anchorage in its branded franchise network.Cost reductions“Market conditions will continue to encourage independent operators to be part of a stronger group that can also offer significant cost reductions, particularly in terms of portal charges for Rightmove, Zoopla and OnTheMarket,” its update says.“We are already seeing an improved level of enquiries from high quality independent businesses. Our financial strength will enable us to both expand our network and reward shareholders with an attractive dividend.”In December last year Hunters began listing its properties centrally via OnTheMarket.com, rather than leaving it to individual franchisees.The City would seem to agree with this point of view – unlike many of its PLC counterparts shares in Hunters have been rising steadily in recent weeks, up from £0.45p at the end of January to £0.51p today, helped by its announcement last month that it is partnering with a proptech firm to enable empty rental and sales properties to be rented out via Airbnb.“We are pleased with our performance and the progress we are making in adding high quality businesses to our network,” says Glynis Frew, Hunters’ Chief Executive (pictured, left).“Our organic growth is significantly stronger than our competitors and we are optimistic that this will lay the foundations for further growth.”The latest branch openings within the Hunters network make it larger than competitors Winkworth (101 branches) and Belvoir (165 branches) but some way behind Martin & Co (403 offices).Read more about Hunters.Glynis Frew Martin & Co Hunters Belvoir February 20, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Hunters opened 37 branches during 2017 and increased income by nearly 10%, results reveal previous nextAgencies & PeopleHunters opened 37 branches during 2017 and increased income by nearly 10%, results revealAggressive expansion plan seems to be working despite “challenging conditions” says latest trading update.Nigel Lewis20th February 20180818 Viewslast_img read more