30th Mar 2020 17:37
(Alliance News) - Hunters Property PLC said Monday it has seen a "very significant" slowing of activity in the housing market since the end of February.
Shares in the real estate agent closed down 23% at 25.00 pence each.
Hunters previously reported a strong finish to 2019.
"This strong momentum carried through to 2020, with instructions and gross sales across the network up 8% and 17%, respectively, in the period to February 29 as against the first two months of 2019," Hunters added.
Since then, however, Hunters said the housing market has slowed.
The company continued: "Despite a strong start to the year, this will lead to a material adverse impact on our performance in 2020."
Hunters noted it is too early to know exactly how much it will be hurt by the coronavirus, but expects revenue from Residential Sales will take the biggest hit, which represented about 25% of revenues in 2019.
"Franchise and Lettings revenues we would expect to be more robust, which together represented 66% total revenues in 2019. We will provide clearer guidance with the eventual publication of our 2019 results," Hunters said.
Hunters noted its 2019 results, originally scheduled for this Thursday have been delayed.
By Paul McGowan; [email protected]
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