Hunter Property share price surges after results update

Shares in AIM-listed estate agency Hunter Property (LON:HUNT) increased by 12.82% to 44p (as of 12:55 BST) after it announced a 5% increase in adjusted profits before tax. EBITDA for the year ended 31st December climbed by a narrower 2%, but the company’s total dividend was upped by 9%.

Chairman Kevin Hollinrake said: “We are delighted to report another strong set of results in what has been a challenging market. In 2018, we increased Network Income, Income per branch, Customer Service Rating and adjusted both profit before tax and earnings per share under our strategy to attract and improve businesses. For 2019 we expect activity levels to remain subdued and the impact of the tenant fee ban disruptive in the short term. We see the developments in the sector as providing further opportunities and it remains our intention to invest in our technology to keep us in the best place to benefit for the longer term. We have opened seven branches already this year and I am pleased that we are seeing an increasing number of high quality independent businesses. I look forward to updating you further during the year“.