YORK headquartered estate agency network Hunters has hailed its latest results as “robust” amid a “subdued market” as income closes in on £4 million.

The business, which opened its first estate agent office in York in 1992 and is now boasts a network of 213 branches, saw its revenues rise three per cent year on year up to £14.2 million for 2017.

Posting its results for the year ending December 31, 2017, the AIM-listed firm said network income rose 10 per cent, from £35.4 million in 2016 to £38.9 million.

Earnings (before interest, tax, depreciation and amortisation) at Heworth Green-headquartered Hunters rose eight per cent to £2.23 million, while pre tax profits hit £1.94 million, up from £1.86 million the year before.

Kevin Hollinrake, chairman of Hunters, said: “We are delighted to report a robust set of figures, despite subdued the market conditions.

“This performance highlights the robustness of our model and the quality and commitment of our franchisees and their teams across the network.

“We would expect this current market and recently announced additional regulatory requirements to provide us with even more opportunities to expand our branch network and strengthen our market position still further.

“We are already experiencing strong levels of enquiries from high quality independent businesses.”

Hunters opened 37 new branches over the period, including the conversion of 15 independent estate agency branches and the acquisition in the South West of the Besley Hill franchise network.

This contributed to a total of 213 branches as of December 31, 2017, up from 186 branches in 2016, bucking the national average.

In the past four years, Hunters has consistently opened 30 or more new branches per year;

Glynis Frew, chief executive at Hunters said: “The Group has grown its market share of homes sold and let in 2017. So despite market transaction volumes having reduced by 15 per cent turnover, EBITDA and pre-tax profitability have increased.

“This was aided by additional branches added to the network throughout the year.

“It is expected that 2018 will see continued network growth, both through conversions of existing businesses and cold starts although we expect conversions to account for a more significant portion. We see the uncertainty and impact of proposed tenant fee ban as driving enquiries towards Hunters.”