Hunters Property lifts first-half expectations, reassures over letting fee ban

Franchised sales and lettings agency business Hunters Property updated the market on its trading on Friday, reporting that so far this year it has opened seven new branches, compared to three in the same period last year.

The AIM-traded firm announced that its first half was expected to end “slightly better” than the board had previously anticipated, telling shareholders at its annual general meeting that it put it in a “good position”.

Chairman Kevin Hollinrake said that as the company approached the second half it was expecting some challenges in the market due to the tenant fee ban, which it had already factored in, having adapted its plans to manage the transition.

“Given our strong sales profile our exposure is expected to be less significant than predominantly lettings-based businesses,” he said at the meeting.

“We believe that as the burden of regulation increases the demand from independent businesses to join our network to take advantage of our portal discounts, technology, procurement and training and demonstrable record of improving revenue will prove even more compelling.

“Finally, I am further delighted to announce our Customer Service Rating has continued at 96% across both sales and lettings and we retain a healthy pipeline of potential new franchisees seeking to join the network.”