YORK estate agency group Hunters has unlocked a 31 per cent rise in pre tax profits pushing the firm closer to the £2 million mark.

As the Group approaches its 25th anniversary later this month, it has reported a 15 per cent rise in turnover to £13.8 million alongside pre tax profits of £1.86 million in its second set of annual results as a public company.

In the year ending December 31, 2016, Hunters’ network income rose to £35.4 million, up from £30.2 million the year before, bolstered by the opening of 30 new branches over the 12 month period.

Of the additional sites, 20 were conversions of independent estate agency branches to the Hunters brand, marking the third year in a row the Group has opened 30 or more branches. And 2017 is on track to become the 4th according to bosses, who say franchise prospects for the year have “started well”with a proceeding pipeline of 34 new branches being processed and enquiry levels on target to exceed those of 2016.

Kevin Hollinrake, chairman and founder of Hunters Property Plc, said: “We are pleased to be able to report our set of full year results were ahead of market expectations.

“We are especially proud of this achievement as it coincides with the Group’s 25th anniversary this month.

“We continue to attract good quality independent businesses who see the benefits of a support network, reduced operating costs and opportunities to improve their income.

“Independent agents that have converted to Hunters, for whom 2016 was their second full year, increased their revenue by 41 per cent.”

Mr Hollinrake founded the company with John Waterhouse in April 1992 when they opened the first branch in York.

The Group obtained its first franchise in 2006, before going on to acquired the franchising arm of Countrywide in 2011, and in 2015 joined the AIM market of the London Stock Exchange.

In its latest results the group reported a 25 per cent rise in adjusted earnings per share to 5.92p, and proposed a 27y per cent increase in divident per share to 1.90p for the year.

Glynis Frew, chief executive of Hunters Property Plc, said: “Market activity was down two per cent in 2016 but 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.

“In 2016 we developed our in-house software to enhance the digital side of the business as we recognise consumer behaviour has evolved since our conception. Since launching this tool we have seen an increase of over 300% in bookings through the website.

“We have also introduced an instant online valuation facility; this combined offering brings exceptional benefit and value to our current and future customers.”

Over its quarter of a century in business the Group has grown its services to cover residential sales, lettings, buy-to-let and investment, residential block management, land and new homes, franchising and other property related services.