Hunters Property PLC Trading Statement (3417B)
30 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMHUNT
RNS Number : 3417B
Hunters Property PLC
30 January 2020
Embargoed until 07:00am Thursday
30(th) January 2020
The information communicated in this announcement contains
inside information for
the purposes of Article 7 of EU Regulation 596/2014.
Hunters Property PLC
("Hunters" or "the Group")
Year end trading update
Hunters Property Plc ("Hunters" or the "Company" or the "Group"
(Aim: HUNT)), one of the UK's largest franchised sales and lettings
agency businesses, is pleased to provide the following trading
update ahead of its final results for the year ended 31 December
2019.
Summary Headlines:
- A stronger finish to 2019, with Network Income for the year up 7% at GBP42.4m
- Ahead of plans to mitigate against the implementation of the tenant fee ban
- Housing market sentiment improving
We are pleased to report the Group finished 2019 strongly,
increasing Network Income(1) for the year by 7% to GBP42.4m (2018:
GBP39.4m). We opened 20 branches during the year bringing the total
Network's branches to 206. The average Network Income from branches
that joined in 2019 was GBP278,000 (2018: GBP186,000).
Since the tenant fee ban was introduced on 1 June 2019 we have
been steadily mitigating its impact, to less than 1.5% of turnover
for those seven months. Overall our Network Income in Lettings
increased by 12% and in Sales by 5%. Our underlying strategies and
unaudited results have exceeded expectations.
We are delighted to announce that in 2019 we retained our 96%
Customer Service Rating (2018: 96%), the 8(th) year in a row where
we have exceeded 90%, and that Network Income per branch has grown
3% to GBP206,000 (2018: GBP200,066) despite the market's
challenges(2) .
We announced a further investment in technology last year with
the aim to keep us at the forefront of productivity and
efficiencies across our branches. We remain pleased this project
remains on track. The plan is to roll out following testing and to
have all offices converted by the end of 2021. We look forward to
updating you on progress further in the year.
We continue with our assisted acquisition programme to help
branches buy businesses. We have invested in 7 lettings books over
the last 18 months and this remains a policy that we are keen to
develop further. For 2019 our income split was 66/34 Sales/Lettings
(2018: 67/33).
Though we are only four weeks into the new year the view in the
market is that sentiment feels to be improving and we look forward
to updating you on our progress when we announce our full year
results for 2019. As things stand, we anticipate that we will be
ahead of expectations. We believe market conditions and increasing
compliance requirements will continue to motivate proven
independent operators to become part of stronger group. Growing the
lettings business as well as having grown to third in the market
for Sold Subject to Contract (3) , our investment in technology,
training, marketing, and significant cost reductions, particularly
in terms of portal charges means Hunters are well placed to attract
independent agents looking to progress. We retain a strong
financial position to both expand our network and with healthy
dividend cover look to increase and maintain the Company's
progressive dividend policy.
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."
The Company expects to announce its full year results on or
around the 2 April 2020.
For further information please contact:
Hunters Property PLC Tel: 01904 756 197
Glynis Frew, Chief Executive
Ed Jones, Chief Financial Officer
SPARK Advisory Partners Limited Tel: 0113 370 8971
Mark Brady and Andrew Emmott
(Nominated Adviser)
Dowgate Capital Limited Tel: 020 3903 7715
James Serjeant (Corporate Broking)
Notes:
(1) Network Income is the gross sales and lettings revenue of
the Franchisee and Owned branch network.
(2) Instructions in sales for 2019 were down 3.4% - Source:
Rightmove, 15 January 2020
(3) Source: TwentCI, 15 January 2020
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END
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