A YORK estate agency which grew to become a national franchise network with 170 branches has reported pre-tax profits of £1.4 million in its first results as a list company.

Hunters, based in Eboracum Way, saw its network income rise by 42 per cent to £30.2 million in the year ending December 31, 2015, boosting turnover by 31 per cent to £12 million, with a subsequent 59 per cent increase in profit before tax pushing it beyond the million pound mark, up from £890,000 the year before.

The results are the first to be published by the business after joining the London Stock Exchange's Alternative Investment Market (AIM) in July last year.

Hunters, which opened its first office in York in 1992 and its first franchising branch in 2006, saw its branch network increase to 170 nationwide with 32 new sites opened over the year, include the conversion of 23 independent estate agency businesses. It also launched its first national television marketing campaign during the year.

Kevin Hollinrake, chairman and founder of Hunters, said: "2015 saw a step forward in pursuit of the Group’s clear ambition to become the nation’s favourite estate agent.

"Having opened 63 branches in the last two years through organic growth, we are without doubt the fastest growing business in our sector.

"In 2015 we secured additional capital, added 32 new branches to the network, including 23 independent businesses, and added another 23 branches through the purchase of a highly successful home counties franchised chain, Country Properties.

"Our average branch revenue rose by 5.6 per cent to £178,000, a tremendous achievement against the background of a more subdued market.

"Independent agents that converted to the Hunters brand, for whom 2015 was their first full year as part of the network, increased revenue per branch by 29 per cent, a clear illustration that our quality, well known national brand and good reputation has delivered improved income for our network partners.

"Customer satisfaction will always be a key measure and we achieved 96 per cent customer satisfaction for the year."

The business reported that market activity levels so far this year are 14.1 per cent higher compared to the same period last year.

It said the first quarter has "started well", with seven new branches opening, putting revenue ahead of Q1 2015, ahead of general market trends, plus a pipeline of new branches that is running significantly ahead of 2015.

Chief executive Harry Hill said: "The United Kingdom property market experienced various challenges during 2015, with the principal issues being consumer uncertainty in advance of the May General Election and a shortage of homes to sell or let afterwards.

"Despite these tougher market conditions the group has, aided by the additional branches added to the network throughout the year, performed very well and increased the company's market share of homes sold and let, resulting in material increases in both turnover and pre-tax profitability.

"Activity in 2016, despite an ongoing shortage of property for sale or to let, the uncertainty of the EU Referendum and ever-increasing levels of competition between traditional and online-only agents, looks promising.

"We are therefore well set to deliver another successful year."