Hunter’s Property has reported a 7% increase in network income to £42.4m for the year ending 31 December 2019, after it saw a “strong” end to the year.
The firm also revealed it opened 20 branches during the year bringing its total portfolio to 206. It added the average Network Income from branches that joined in 2019 was £278,000 up from £186,000 the previous year.
Since the tenant fee ban was introduced on 1 June 2019 the company said it has been “steadily mitigating its impact”, to less than 1.5% of turnover for the seven months. Overall its network income in lettings increased by 12% and in sales by 5%. It added its underlying strategies and unaudited results have “exceeded expectations”.
Looking ahead the firm said its view in the market is that “sentiment feels to be improving” and it anticipates market conditions and increasing compliance requirements will “continue to motivate”.
Glynis Frew, chief executive, said: “We are pleased that our underlying business strategies have delivered ahead of the tenant fee ban and market challenges. I am delighted with our Customer Service results as customers will always be our primary focus.
“Going forward, our technology project will enhance our service by driving productivity at a local level whilst simultaneously facilitating cost reductions in branches. This, combined with our success in growing branch numbers organically means we are optimistic for continued success over the next few years.”