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TODAY'S OTHER NEWS

Four new branches for franchise agency as it releases strong figures

Franchise giant Hunters, which started 2019 by announcing two new branches, is to open another four next month after an upbeat set of figures were reported to its shareholders. 

The company saw income across its network increase 1.4 per cent last year to £39.4m, up from £38.9m in 2017. 

Last year saw the average income for Hunters branches increase by an average of 10 per cent from £182,000 in 2017 to £200,016 in 2018, with new branches joining the network posting an average turnover of £186,000 compared to £173,000 in 2017.

Through its financial support scheme Hunters completed 13 assisted lettings book acquisitions in the past 12 months, four of which came in the second half of the year. 

Lettings revenue growth increased 13 per cent to £13m, up from £11.5m in 2017, and in the words of the company’s statement to shareholders “it contributed to a more balanced Sales/Lettings revenue split of 67 per cent and 33 per cent respectively. Those figures were at 70 per cent and 30 per cent previously.”

The company says this uptick comes against a backdrop of well-documented challenges faced by the industry, in which market transactions fell by as much as 11 per cent in the 10 months to October compared to the same period in 2017 according to recent Land Registry figures.

In addition to four new branches to be announced in February the firm will “continue to place a strong emphasis on training, marketing and technology, which it believes will put it in a strong position in the face of a challenging year ahead.”

Chief executive Glynis Frew says:“We are, once again, pleased with our performance and the progress we are making in adding high quality businesses to our network. We have added 124 branches organically over the last five years and we are optimistic that the success of this strategy leaves us well placed.”

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