(Alliance News) - Hunters Property PLC on Thursday reported a fall in revenue and profit despite income from sales and lettings rising year-on-year in the first half of 2019.
Revenue in the six months to June 30 fell by 1.5% to GBP6.6 million from GBP6.7 million in the first half of 2018 and pretax profit fell 6.5% year-on-year to GBP246,000 from GBP263,000. The drop in revenue and profit was attributed to adoption of a new accounting rules.
Adjusted pretax profit, which does not include the impact of adoption of new new accounting rules, rose by 9.9% to GBP785,000 from GBP714,000, Hunters said.
Network income from sales and lettings totalled GBP19.2 million, up 7.3% from GBP17.9 million in 2018's interim period.
The company lifted its interim dividend by 8.8% to 0.87 pence per share from 0.80p, "as part of its policy to pay a progressive dividend".
The firm's branch network grew to 200 from 197 from December and it acquired two lettings books during the period, taking its total investments to 15.
Hunters said it is confident that its second half will outperform the first, like in years before, despite the impact of the UK government's ban on tenant fees, which became effective in June.
Chief Executive Glynis Frew said: "We have delivered a good set of results in the first six months. The market has been held back by the wider economic uncertainty and the tenant fee ban. However, we continue to roll out our mitigation strategy as regards the ban which is well underway and is on plan."
Shares in Hunters were untraded in London on Thursday afternoon, last quoted at 44.80 pence each.