22nd Sep 2015 09:52
LONDON (Alliance News) - Hunters Property PLC Tuesday reported a fall in profit in the first half of 2015, despite growth in revenue, as it booked higher costs relating to amortisation and acquisitions, although it is confident it will meet expectations for the full year.
The estate agency, which was admitted to AIM in July, said its pretax profit in the six months ended June 30 fell to GBP205,052 from GBP273,686 in the first half of 2014, even though revenue grew to GBP5.2 million from GBP3.6 million.
It said that revenue benefited from new branches being added to its franchise network, but that profit was hit by increased amortisation and acquisition costs as it continues to grow the brand.
Hunters will pay an interim dividend of 0.5 pence.
"While the early part of the year was slow for the estate agency market as a whole and was impacted by the general election, our performance in the first half was on plan. The second half is traditionally the stronger trading period and given the current momentum in the business and the benefit of our expanded branch network we are confident of achieving strong growth and meeting our expectations for the full year," Chief Executive Harry Hill said in a statement.
Shares in Hunters were untraded on Tuesday, last quoted at 86.25 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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