28th Apr 2016 07:37
LONDON (Alliance News) - Hunters Property PLC on Thursday said its pretax profit almost doubled in 2015 on the back of strong revenue growth, in the first set of the company's full-year results after it was admitted to AIM in July.
The estate agency said its pretax profit was GBP880,000 for the year ended December 31, from GBP484,000 a year earlier, on the back of a 31% increase in revenue to GBP12.0 million from GBP9.2 million. Hunters said its earnings before interest, tax, depreciation and amortisation was up 46% for the year to GBP1.6 million from GBP1.1 million a year earlier.
As such, the company said it will pay a maiden full year dividend of 1.50 pence per share, after proposing a final dividend of 1.00p per share.
Hunters said it has opened 32 new branches over the year, converted 23 existing businesses and increased its average branch revenue by 5.6% to GBP178,000 from GBP168,000.
Hunters noted revenue in the first quarter of 2016 was 14% ahead of the same period last year and said it has opened a further seven branches.
"Despite the UK property market experiencing various challenges in 2015, the group has performed very well and I am pleased therefore to present to shareholders our first annual results as a public company," said Chairman Kevin Hollinrake.
"It is expected that the year ahead will see continued network growth. The first quarter has started well with seven new branches opened and revenue ahead of the same period in 2015. We are growing faster than general market activity and our pipeline of new branches is running significantly ahead of last year," Hollinrake added.
Shares in Hunters were untraded on Thursday, having last traded at 74.50p.
By Hannah Boland; [email protected]; @Hannaheboland
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