Hunters Property PLC Update re Covid-19 and trading (0996I)
30 Marzo 2020 - 08:37AM
UK Regulatory
TIDMHUNT
RNS Number : 0996I
Hunters Property PLC
30 March 2020
30 March 2020
The information communicated in this announcement contains
inside information for the purposes of Article 7 of EU Regulation
596/2014.
Hunters Property PLC
("Hunters" or "the Group")
Update re Covid-19 and trading
Hunters Property Plc ("Hunters" or the "Company" or the "Group"
(Aim: HUNT)), one of the UK's largest franchised sales and lettings
agency businesses, provides the following update regarding the
impact of the Covid-19 outbreak on current trading and on the
publication of the results for the year ended 31 December 2019.
In response to recent guidance from the Financial Conduct
Authority and London Stock Exchange, Hunters PLC announces that the
publication of its preliminary results, previously expected on or
around 2(nd) April 2020, will be delayed. The Annual general
Meeting will also be delayed.
In a trading statement dated 30(th) January, the Group reported
a strong finish to 2019. This strong momentum carried through to
2020, with instructions and gross sales across the network up 8%
and 17%, respectively, in the period to 29(th) February as against
the first two months of 2019.
Since then, however, the terrible spread of the Covid-19 virus
and the necessary steps taken by the Government in response has had
a material adverse impact on the economy, leading to a very
significant slowing of activity in the housing market. We have
taken and will continue to take appropriate measures to mitigate
the impact on our colleagues and to ensure we are able to support
our network and customers.
Despite a strong start to the year, this will lead to a material
adverse impact on our performance in 2020. It is too early to
quantify exactly what this impact will be, but in the short term we
expect that revenues from Residential Sales will be most affected,
which represented approximately 25% of revenues in 2019. Franchise
and Lettings revenues we would expect to be more robust, which
together represented 66% total revenues in 2019. We will provide
clearer guidance with the eventual publication of our 2019
results.
For further information please contact:
Hunters Property PLC Tel: 01904 756 197
Glynis Frew, Chief Executive
Ed Jones, Chief Financial
Officer
SPARK Advisory Partners Tel: 0113 370 8971
Limited
Mark Brady and Andrew Emmott
(Nominated Adviser)
Dowgate Capital Limited Tel: 020 3903 7715
James Serjeant (Corporate
Broking)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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