30th Jan 2019 10:54
LONDON (Alliance News) - Sales and letting agency Hunters Property PLC on Wednesday said it outperformed a challenging UK housing market in 2018, but it expects conditions to remain difficult in 2019.
The company's results for 2018 are set to be in line with expectations, with network income up by 1.4% to GBP39.4 million from GBP38.9 million in 2017.
During 2018, Hunters' network lettings revenue rose by 13% to GBP13 million from GBP11.5 million, with 67% from Sales and 33% Lettings.
Its average network income per branch rose by 10% to GBP200,016 from GBP182,000 in 2017.
The company said the UK housing market was tough in 2018, with completed land transactions falling by 11% in the 10 months to October compared to the same period in 2017, according to the Land Registry.
Hunters expects 2019 to be no less challenging, but believes it can meet its expectations for the year, with the addition of two branches in January and four scheduled for February.
"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 5 years and we are optimistic that the success of this strategy leaves us well placed," said Chief Executive Glynis Frew.
Hunters will publish its full year results on April 4. Shares were up 3.5% at 44.50 pence on Wednesday.
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