Franchised sales and lettings agent Hunters Property has reported a 7% decrease in pre-tax profit to £900,000 in its full year results compared with £969,000 in the same period in 2018.
For the year ended 31 December 2019, finance costs were £336,000, up from £201,000 the previous year.
However, the company reported a 21% increase in EBITDA to £2.76m in its final results for the year compared with £2.28m in 2018
Network income also increased by 7% to £42.3m compared with £39.4m in 2018.
Hunters Property reported the figures as a “strong” finish to 2019 with the company having opened an additional 20 new branches.
Kevin Hollinrake, chairman, said: “2020 had started very positively with sales valuations up 17% in the two months to February compared to the same period last year. Of course, the effects of Covid-19 are hard to predict but will certainly significantly impact on results.
“We took a timely decision to implement a range of cost savings, such as significant utilisation of government support such as the Job Retention Scheme and securing an additional £3.5 million facility, whilst continuing our core operations.”
He added: “The short, medium and long-term effects of Covid-19 are impossible to predict accurately, however, we are confident that our mitigation measures will put us in a strong position to take advantage of the economic recovery.”