Hunters Property Plc – Annual Report & Accounts 2016
SALES / LETTINGS / MANAGEMENT / HUNTERS.COM
Hunters Property Plc 
Annual Report & Accounts 
2016 A vision to be the 
nation’s favourite 
estate agent.
SALES / LETTINGS / MANAGEMENT Adjusted profit  
before tax
+31%
£1.86m
(2015: £1.42m)
£5.6m
Net assets
(2015: £5m)
EBITDA
£2.06m
+31
%
(2015: £1.57m)
Adjusted  
EPS
5.92p
+25
%
(2015: 4.74p)
Turnover
£13.8m
+15
%
(2015: £12.0m)
Network Income
£35.4m
+17
%
(2015: £30.2m)
Operational Highlights 
• Opened 30 new branches, including 
the conversion of 20 independent 
estate agency branches
• Opened 30 or more branches 
in each of the last three years, 
excluding acquisitions
• Independent agents that have 
converted to Hunters, for whom 
2016 was their second full year, 
increased their revenue by 41%
• 186 branches as at 31 December 
2016
• Customer satisfaction rating 96% 
(2015: 96%)
• Average revenue per branch has 
increased by 7%
 
Post Year-End 
• Broken through 200 branches with 
acquisition of Besley Hill in the 
South West
• We are confident in the continued 
growth of our network and 
meeting the Board expectations  
for the full year
Dividend
+27%
1.90p
(2015: 1.50p)
01
Contents
The Hunters difference
 
SEE PAGE 06
Our strategy
 
SEE PAGE 12
Our brand
 
SEE PAGE 08
Financial review
 
SEE PAGE 18
Overview
2016 performance highlights  Inner cover
At a glance  02
Chairman’s statement  04
Strategic report
The Hunters difference 06
Our brand 08
The Hunters Franchise network 11
Our strategy 12
Chief Executive’s statement  14
Key performance indicators  16
Financial review  18
Principal risks  20
Governance
Chairman's introduction  21
Board of Directors  22
Corporate governance  24
Directors' report  26
Financial statements
Independent auditor's report 28
Consolidated statement of  30 
comprehensive income   
Consolidated statement of financial position  31
Company statement of financial position  33
Consolidated statement of  34 
changes in equity  
Company statement of changes  35 
in equity  
Consolidated statement of cash flows 36
Notes to the financial statements 38
Advisers 69
For further investor information: 
www.hunters.com/investor-relations
Essential reads STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
02 03 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Proven  
track record
of organic and acquisitive growth
Opening its first franchising branch in 2006, the Group 
acquired a network in 2011 whose branches have increased 
their respective annual revenue by 54%.
Hunters has driven growth organically, opening 93 branches 
in three years to December 2016 on top of its acquisition in 
2015 of the Country Properties franchised network. Gross 
revenue for the Group’s network ("Network Income") 
increased between 2008 and 2016 by a compound annual 
growth rate of 26% (2015: 27%).
186
branches as at 
December  
2016
At a glance
OVERVIEW
Customer 
service rating
96
%
Average revenue  
per branch
+7
%
The Hunters Group operates one of the largest national sales  
and lettings estate agency and franchise businesses in the UK. 
WHO WE ARE
Established in 1992 on the principles of excellent 
customer service, unrivalled pro-activity and 
achieving the best possible results for our 
customers, these are the same principles that 
drive the business today. 
Our goal is to grow the brand to become the  
UK’s favourite estate agent. By keeping the 
customer at the very heart of the business and  
by expanding our network through organic  
growth and acquisition, we look forward to 
achieving this objective.
At 31 December 2016 the 
Hunters branch network stood  
at 186 branches, of which 
175 were franchised with the 
remaining 11 branches being 
owned by the Group.
National 
marketing 
coverage 
including  TV 
advertising
Branches opened  
over last three years
93
Our heritage and major milestones
2006
First franchisee
commenced trading under the 
Hunters brand with the network 
increasing to 24 branches by 2008
2011
Geographic footprint 
expanded through the  
acquisition of the franchising  
arm of Countrywide
2015 
Hunters launched its first 
national TV commercial  
and brand promise,  
‘Here to get you there’
2013
Broke through 
100 branches
1992  
First branch opened  
in York
2006
Hunters Training 
Academy established
offering free training to 
all staff
2016 
Converted Hunters, 
Midlands
to the Blue Hunters branding 
2014
Launched Hunters 
vocational qualification(s) 
HVQ 
     1992                                             2006                             2011                 2013                 2014                               2015                         2016
When Kevin Hollinrake and John Waterhouse 
established Hunters in 1992, their vision was to 
develop the brand to become the largest estate 
agency group in the UK. 25 years later, they and 
their founding vision remain active within the 
Company and instrumental to its success.
Hunters grew organically, offering sales and 
lettings through 10 owned branches. 2005 
saw the beginning of a new phase with the 
development of its franchising expansion which, 
together with strategic acquisition, has seen the 
network grow to its current size. 
The services offered cover residential sales; 
lettings; buy-to-let and investment; residential 
block management; land and new homes; 
franchising and other property related services. 
Hunters has won more than 30 awards; 
maintained Investor in People certification for 
more than a decade; twice been voted Best UK 
Estate Agent by the Home Sale Network (now 
the Relocation Agent Network) and featured in 
the Sunday Times Best 100 Companies.
2015
Admitted to trading on 
the AIM market of  
The London Stock Exchange STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
04 05 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Chairman
,
s statement
OVERVIEW
We are pleased to report that our first set of full year results as a public company 
were ahead of market expectations. Despite the changes to Stamp Duty Land Tax 
and uncertainties following the EU Referendum result, the Group continued its 
expansion towards becoming the nation’s favourite estate agent. 
In the year we added 30 new branches to the 
network, including 20 independent businesses, 
reaching 186 branches by the year end. The further 
15 due to the recent Bristol-based Besley Hill 
acquisition in March 2017 has now taken our network 
past the 200 mark. 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. Organically, 
we believe we are the fastest growing listed business 
in our sector having opened 93 branches over the 
last three years and a further 30 branches through 
acquisition in that period.
Gross revenue for the Group’s network (“Network 
Income”) reached £35.4 million in 2016 (2015:  
£30.2 million) a 17% increase on the previous year. 
Our average branch revenue rose by 7% to £190,000 
(2015: £178,000). This was a tremendous achievement 
against the background of national activity having 
reduced by 2% for the year
1
. Our adjusted EBITDA 
reached £2.06 million (2015: £1.57 million) an increase 
of 31% on the previous year. Adjusted EPS grew 25% 
to 5.92p (2015: 4.74p).
Our model is about both the number and the 
underlying performance of our branches. We 
invest a great deal of time and resource helping to 
improve each branch's revenue and our increase in 
revenue per branch reflects that investment, those 
improvements and then the underlying increased 
strength of the component parts of our network. 
This is not just a short-term success but a long-term 
strategy. Independent agents that converted to the 
Hunters brand for whom 2016 was their second 
full year as part of the network, have on average 
increased revenue per branch by 41%; illustrating 
that our well known national brand, quality and good 
reputation has delivered improved revenue for our 
network partners, as well as significantly reducing 
their cost of key operating costs, such as portal 
subscriptions, through our economies of scale and 
purchasing power.
Customer satisfaction is always a key measure and 
we improved from the half year, to June, to achieve 
a 96% customer satisfaction rating over the year as a 
whole for the 2nd year running. We have increased 
this score year-on-year since 2012 and it remains 
1  Source: Rightmove Market Activity Report, February 2017
significantly higher than the industry average of 73%
2
. 
Our business and our network partners commit 
within the network to deliver for our customers. This 
underpins our belief that business owners will work 
harder and deliver better results than a network of 
employees, self-employed operatives on short-term 
contracts or those engaged to simply list a home 
rather than actually selling or letting a property. On 
behalf of the Board, I would like to thank everyone in 
the network who has worked so hard to deliver these 
excellent results and our customer service teams for 
working with our clients to help ‘get them there’.
CURRENT TRADING & OUTLOOK
Reports to date suggest that market activity levels 
are likely to be similar, or slightly lower than 2016
3
 
and we had reflected that in our own budget given 
the disproportionate timing effect of the Stamp 
Duty changes in the market in Q1 last year which 
caused an early year surge. We continue to see our 
numbers outperforming these market conditions 
with our instructions for the first two months up 
9% versus the same period last year. Indications are 
therefore that exchanges in the latter half of the year 
look promising. The Government's intention to ban 
lettings tenant fees was confirmed in the Housing 
White Paper, but we do not believe we will be 
significantly impacted given our franchise and sales 
bias and expect fair notice of any intended changes. 
We may benefit from such a ban in any event as 
independent agents seek the assistance of networks 
to grow replacement revenue. Our pipeline of 
new outlets remains healthy and I look forward to 
updating you as the year progresses.
DIVIDEND
The Company is committed to a progressive dividend 
policy and proposes an increased final dividend 
of 1.30p per share, making 1.90p for the year, an 
increase of 27%.
On behalf of the Board
Kevin Hollinrake 
Chairman 
11 April 2017
2 Source: 2015 survey by The Property Academy
3 Source: LSL trading update 7 March 2017 and Numis Broker 
comment of same date
Combined 
Strength
in both sales and lettings
Senior management has considerable experience 
running both sales and lettings and we believe this 
puts the Group at the forefront for independent 
businesses looking to expand their business or 
develop additional revenue streams.
Organic  
growth
93
branches in  
three years
(excluding acquisitions)
186
branches
(2015: 170)
Adjusted  
profit before tax
£1.86m
+31
%
(2015: £1.42m)
Adjusted  
EPS
5.92p
+25
%
(2015: 4.74p)
Network  
Income
+17%
£35.4m
(2015: £30.2m) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
06 07 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
The Hunters difference
STRATEGIC REPORT
Established  
brand
Established brand with strong 
reputation
Since the Company’s inception in 1992, 
Hunters has established a training 
academy which provides its own national 
qualification endorsed by ARLA and 
NAEA. Hunters has a comprehensive 
national marketing campaign including 
prime TV advertising; and has secured 
Investors in People accreditation for over a 
decade at Head Office level. This, alongside 
its strong reputation for good customer 
service, has added stature to the brand.
 
Experienced  
team
An experienced management 
team with a long track record
The Group’s executive management has a 
long track record of operating both sales 
and lettings estate agencies, as owners and 
in developing estate agency franchises. This 
provides in-depth understanding of the 
skills required to manage an estate agency 
business and the challenges that their 
franchisees may encounter.  
Sales and lettings 
combined
Strength in both sales  
and lettings 
Senior management has considerable 
experience running both sales and lettings 
and we believe this puts the Group at 
the forefront for independent businesses 
looking to expand their business or develop 
additional revenue streams.
 
Positioned for 
growth
Proven track record of organic 
and acquisitive growth
Having opened its first franchising 
branch in 2006, the Group completed its 
acquisition of the former franchising arm of 
Countrywide plc in 2011.
Hunters has driven growth organically, 
opening 93 branches in three years to 
December 2016 on top of its acquisition 
of the Country Properties franchised 
network. Network Income increased 
between 2008 and 2016 by a compound 
annual growth rate of 26% (2015: 27%).  
Nationwide 
footprint
A nationwide footprint 
throughout England
The Group has built a nationwide 
footprint over much of England. The 
Group is therefore not over-exposed 
to the performance of any one local 
property market.
 
Robust model
Proven franchise business model
Start-up costs are borne by franchisees but 
the model makes use of investment made 
by Hunters. This generates scalable growth 
without committing significant capital. The 
franchise agreement(s) contains minimum 
monthly fee(s) due to the Group, regardless 
of the branch’s revenue, guaranteeing a 
minimum level of revenue.
The Group benefits from having owned 
branches through which it can trial and 
adapt new concepts before rolling them 
out across the network.
The Group implements a rigorous 
Franchisee selection process so as to 
ensure, as far as is possible, that new 
Franchisees are committed to the Group’s 
high standards. Underperforming branches 
can often be reinvigorated through either 
extended training or, if applicable, the sale 
of a franchise to a new team or individual.
The Directors believe that the Group has a number of key strengths underpinning 
past success and promoting strong prospects for growth.
21%
Lettings CAGR 
between  
2011 and 2016
4%
Sales CAGR  
between  
2011 and 2016
£5.2m to
£35.4m
Network Income 
increase  
2008 to 2016
+54%
Revenue 
increase for the 
2011acquisition 
branches
+41
%
Revenue growth 
after 2 years for 
independent 
agents converting 
to Hunters STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
08 09 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Our brand
Integrity
Respect others, 
truly listen and 
provide relevant and 
appropriate advice
Progressive
Delivering a modern  
and relevant service to  
our customers
Empathy
Stand in our customers 
shoes and truly 
understand their aims 
and challenges
Drive
Be passionate  
and deliver the  
customer’s goal
Established 
brand
with a strong reputation
Since the Company’s inception in 1992, Hunters has 
established a training academy which provides its own 
national qualification endorsed by ARLA. Hunters has 
a comprehensive national marketing campaign including 
prime TV advertising; and has secured Investors in People 
accreditation at Head Office level. This, alongside its strong 
reputation for good customer service, has added stature 
to the brand. 
' ' is our brand promise. 
It is at the heart of our business. 
It is the way we act, the way we treat one  
another and the way we treat our customers. 
Our brand promise is built around  
the following five core values:
These core values are as integral to our internal environment for staff 
and franchisees. These values ensure that, as we expand, customers 
continue to receive the best possible service from us. Our principles 
differentiate us from our competitors, which is why we retain a 
customer satisfaction rating of 96% (2015: 96%).
Involved
Invest time and care 
so that the customers 
understand their 
business is important  
to us STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
10 11 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Nationwide 
footprint
The Group has built a nationwide footprint over much 
of England. The Group is therefore not over-exposed 
to the performance of any one local property market.
186 branches  
(2015: 170 branches) 
Our network has grown to 186 branches  
(2015: 170 branches)
STRATEGIC REPORT
A NATIONAL RECOGNISED 
SALES AND LETTINGS BRAND
In 2016 Hunters has cemented its reputation 
as a recognised national brand. This has been 
achieved through a comprehensive and ongoing 
national marketing campaign that has included 
targeted and prime time TV advertising 
schedule, a digital marketing campaign, press 
and media PR coverage and an increase in 
branches throughout the UK. Our TV advert 
achieved 57 million adult views throughout the 
year and Hunters achieved over 700 mentions 
in the media through a comprehensive PR 
campaign.  Our digital campaign delivered 
over 96,000 visits to our website which sees 
an average of 200,000 visits per month.  Over 
54% of site traffic in 2016 came from new visits, 
demonstrating our increasing appeal to new 
audiences. 
ECONOMIES OF SCALE
Individual franchisees and independent 
businesses benefit from centralised support 
services and improved buying rates, for 
example for portals, as compared to 
individual branch costs resulting in 
significant savings.
STRONG REPUTATION FOR 
CUSTOMER SERVICE, PUTTING 
THE CUSTOMER AT THE 
HEART OF OUR BUSINESS
Every sale/let is followed up by a call from 
our Customer Service Team to ensure 
that we always deliver on our promises. 
The results from the 3,648 customers who 
responded in 2016, show a 96% customer 
satisfaction rating; the national average for 
our industry is 73%
1
.
LEGISLATION
There are 160 pieces of legislation that 
lettings agents must comply with and 
over 400 regulations
2
. Being part of the 
Hunters network ensures compliance 
whilst alleviating the increasing strain of 
investigation and research that independent 
agents face in order to be compliant.
REVENUE GROWTH
Independent agents that converted to 
Hunters, for whom 2016 was there second 
full year, increased revenue over two years 
on average by 41%.
TRAINING
The Hunters Training Academy was 
established in 2006 and provides a 
combination of classroom training,
E-Learning courses and video-based training. 
The courses have been written and designed 
by estate agents for estate agents, are 
suitable for first entrants in to the world 
of estate agency and progress through to 
specialised skills for career progression, 
including a suite of management training 
programmes. 
The classroom-based courses are interactive 
and designed for experienced and non-
experienced staff alike and become a forum 
for interaction between staff from different 
branches nationwide, helping to create the 
team culture for which Hunters is renowned.  
We trained 633 delegates across 81 class 
room training courses which took place in 
2016, an increase of 35%.
The Hunters  
Franchise 
network
Independent  
branches converting  
to Hunters have  
increased their revenue 
after 3 years by  
61
%
1  Source: 2015 survey by The Property Academy
2 Source: Residential Landlords Association – June 2015 and 
Association of Residential Lettings Agents – February 2017. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
12 13 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Our strategy
STRATEGIC REPORT
Proven 
franchise 
business model 
Start-up costs are borne by franchisees but the 
model makes use of investment made by Hunters. 
This generates scalable growth without committing 
significant capital. The franchise agreement(s) 
contains minimum monthly fee(s) due to the Group, 
regardless of the branch’s revenue, guaranteeing a 
minimum level of revenue.
96%
Customer 
satisfaction rating
(2015: 96%)
Network 
Income CAGR 
26%
(2015: 27%) 
Since 2008
Network  
Income
£35.4m
(2015: £30.2m)
“2016 –Branches in their first full 
calendar year increase revenue by 11%”
Having added 93 branches organically 
in the three years to 2016, we see 
an attractive opportunity to expand 
further our network with new 
franchised branches. As one of the 
largest estate agency and lettings 
networks in the UK, the Group has 
developed sufficient infrastructure and 
support functions to manage a larger 
business. The Directors believe that 
a significant increase in the franchise 
network would require a materially 
smaller increase in central management 
resource whilst providing enhanced 
operational leverage.
“We aim to add up to  
25 agency businesses to 
the network each year. ”
As well as growth of the Group’s network, 
the Directors target an average of 10% 
annual revenue growth from franchisees. 
Strategies for increasing revenue at branch 
level include introducing sales services to 
branches with strong lettings businesses 
and vice versa; the improvement of 
operating practices; and on-going training 
of staff. The average revenue per branch 
increased in this year by 7.2% (2015: 5.6%) 
to £190,000 (2015: £178,000). The top 
25 highest revenue branches grew by 7% 
averaging £458,000 (2015: £427,000). 
Our acquisition strategy is designed 
to complement the Group’s network 
and reinforce our geographical and 
strategic reach. Notable acquisitions 
include Countrywide’s former 
franchise operation (acquired in 2011), 
Hunters in the West Midlands (2014), 
Country Properties, in and around 
Hertfordshire (2015) and Besley  
Hill, in and around the Bristol area 
(March 2017).
The drive for market consolidation 
is covered by both organic growth 
conversions and the opportunity  
for acquisition.
Our objective is to become the UK’s favourite estate agency.
To achieve this goal we plan to pursue organic growth by adding franchise branches to our network and by increasing average 
performance of existing branches through a focus on customer and staff satisfaction, resulting in high levels of retention and 
recommendation. We will complement our organic growth initiatives by seeking targeted acquisitions.
Build
Add branches 
organically
Improve
Performance per 
branch
Buy
Growth through 
acquisition STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
14 15 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Chief Executive
,
s statement
STRATEGIC REPORT
The Hunters  
Training Academy
Driving Valuations 
through our website 
The Hunters Training Academy launched its 
vocational qualifications, HVQ endorsed by 
ARLA and NAEA. These offer a range of 
courses suitable for agency businesses and 
are run as a combination of classroom and 
E-Learning courses and video-based training. 
This year we incorporated the ability for consumers 
to get a comprehensive free online valuation report 
from our website, which provided consumers with 
an automated online estimate of the value of their 
property within minutes. In July, we also launched 
an integrated 24/7 valuation booking facility on 
hunters.com allowing consumers to book valuation 
appointments with their nearest Hunters branch at 
a time that suits them.
As we reported in our December trading update, the United Kingdom property 
market experienced various challenges during 2016, with the principal issues being 
consumer uncertainty as a result of the EU Referendum, the changes in Stamp Duty 
rules and a shortage of homes both to sell and to let.
The Stamp Duty increases in our view adversely 
affected homes particularly for properties over £2 
million, but this has had little impact on the Group 
as we have limited exposure to prime Central 
London. Market activity was down 2% 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.
Activity in 2017, despite an ongoing 
shortage of property for sale or to let, the 
uncertainty of the BREXIT agreement 
and ever-increasing levels of competition 
between traditional and online-only 
agents, looks promising. 
We entered the year with good ongoing buyer and 
tenant demand and a Government that remains 
openly very supportive of accelerated new home-
building and ownership. We are therefore looking 
set to deliver another successful year. 
Delivering outstanding customer service is at the 
heart of our operation. At exchange of a property 
or at the let of a property a vendor or landlord is 
contacted by a member of our customer service 
team. In 2016, 3,648 (2015: 3,121) customers 
provided feedback resulting in a 96% (2015: 96%) 
customer satisfaction rating.
Maintenance in the quality of the network is key to 
our success. We started the year with 170 branch 
locations. We received 268 (2015: 244) enquiries 
resulting in 30 (2015: 32) new openings under the 
Hunters brand. These openings consisted of 20 
(2015: 23) conversions of existing independent 
estate agency businesses and 10 (2015: 9) new 
“cold start” locations, of which seven were current 
franchisees expanding into new markets. 
The Group implements a rigorous franchisee 
selection process. This ensures, as far as is possible, 
that new franchisees are committed to the Group’s 
high standards. Approximately 80% are rejected 
at an early stage. Additionally, underperforming 
branches can be reinvigorated through training and 
support or alternatively the sale of a franchise to a 
new team or individual. 
We continue to invest in our people and our 
technology, marketing and networks. We have 
devoted over £500,000 this year in training 
and now provide 81 courses, a 35% increase. 
In September we were delighted to launch the 
Hunters Vocational Qualification, endorsed by 
the Association of Residential Letting Agents and 
The National Association of Estate Agents. We 
developed our in-house, market leading software 
to enhance the digital side of the business, for 
example we launched an online valuation booking 
capability in July. Just as importantly we retain the 
levels of service that our customers require so as to 
secure and safeguard a long-term future. In terms 
of marketing we have increased and augmented 
our national campaign around our brand promise 
'Here to get you there’ which will continue to be 
our message in the year ahead. Having been one 
of the first estate agents to launch a national TV 
advert in 2015, our TV advertising campaign has 
been followed by a number of our larger and better 
funded peers. Hunters website traffic has risen by 
38% in the last two years.
Finishing the year with 186 branches I am delighted 
to report the effects of working with Hunters since 
2013. Against a market down 2% (2015: down 3.4%) 
those that converted and traded as Hunters for 
the whole of 2016 as their first full year increased 
their revenue by 11%, that’s a 13% outperformance. 
Those who converted the year before have in 
aggregate improved on average by 41%. Nor is 
improvement just short-term, those who have been 
converted for three whole years to December 
2016 have increased their revenues on average by 
61%. Our 5 year group, from our 2011 network 
acquisition are up, on average, by 54%. Every region 
we trade in has increased over the three year period 
2013 to 2016 on average at a Compound Annualised 
Growth Rate (“CAGR”) of 33%. 
Franchise prospects for 2017 have started well 
given the tight market and uncertainty, with a 
proceeding pipeline of 34 (2015: 21) new branches 
being processed and enquiry levels on target to 
exceed those of 2016. We have expanded the 
team to improve the process and allow more 
ongoing support. A full marketing plan is in place, 
heavily focused on direct marketing to suitable 
independent businesses, increased online presence 
and existing franchisee expansion are integral 
elements of this growth. 
We are delighted that Besley Hill chose us over 
other suitors so giving us the opportunity to bring 
a culture that we believe will suit their network 
as they look to grow and also expand with us. It 
is expected that 2017 will see continued network 
growth, both through conversions of existing 
businesses and cold starts. Hunters’ market 
leading conversion package is designed to allow 
independent agencies to join with minimal cost, 
whilst benefiting from a full estate agency package. 
This produced revenue growth on average of 
41% for converting businesses who completed 
their second full year as Hunters. Conversions are 
expected to account for a significant portion of 
branch growth. 
These excellent results come from our latest 
systems, our support, our experience and our 
ongoing drive and effort and could not have 
been achieved without sterling efforts from our 
employees, our leading and wider back office 
systems, support from our network franchise 
partners and our suppliers. We believe that we 
have some truly outstanding industry professionals 
associated with the business and are grateful to 
them for their dedication to Hunters. 
Glynis Frew
Chief Executive STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
16 17 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Key performance indicators
STRATEGIC REPORT
The Directors believe that the best way to assess the performance  
of the business includes consideration of: 
“Since our conversion to Hunters our sales business 
has increased by over 200%. We now have three 
Valuers in the office following successful completion of 
the Hunters Training Academy listing courses and the 
support network we receive is second to none. My only 
regret is that it took me such a long time to convert, I 
wish I had done it years ago!”
Colin Carr
Franchise Partner for Hunters Dartford.
“The training our staff receive from the Training 
Academy and the focus on customer service that 
is at the heart of Hunters, has helped us gain 
an edge against competitors and enabled us to 
successfully expand our business. In 2016, we 
opened our third Hunters branch with plans  
to open a fourth branch in spring 2017.”
Nicola Simmonds
Nicola and Iain Simmonds, Franchise Partners for  
Hunters Malton, Bridlington and Scarborough.
Network Income
The Network Income for 2016 was 
£35.4 million (2015: £30.2 million), an 
increase of 17%. 
Number of Branches
At 31 December the network consisted 
of 186 branches (2015: 170), having 
opened 30 (2015: 32) or more in each of 
the last three years.
Customer  
Satisfaction Rating
We are delighted to announce a 96% (2015: 96%) 
customer satisfaction rating for the whole of 2016.
1 Source: 2015 survey by The Property Academy
16 16 16 15 15 15 14 14 14
£35.4m 186
96%
170
96%
95%
73%
1
126
Hunters
Hunters
Hunters
National Average
£30.2m
£21.2m
Average Revenue per Branch
Average revenue per branch stood at £190,000  
(2015: £178,000), an increase of 7% (2015: 6%) 
despite subdued market conditions.
Network Income Split
In terms of breakdown, Network Income for the year  
was split between the North – 50% and the South –50% 
(2015: North 50% South 50%) and Sales and lettings  
split held at Sales 72% Lettings 28% (2015: Sales 72% 
Lettings 28%).
2016 2015
  North
  South
50% 50%
50% 50%
Network Income 
CAGR
26%
(2015: 27%)
93
branches opened 
over the last  
three years
£190,250
+7%
All
£457,666
+7%
TOP 25
£496,822
+8%
T op 20
£609,390
+6%
T op 10
What our franchise partners say:
  2016
  2015 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
18 19 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Financial review
STRATEGIC REPORT
Income Summary
2016 
£m 
2015
£m Movement
Network Income 35.4 30.2 +17%
Turnover 13.8 12.0 +15%
EBITDA 2.06 1.57 +31%
Adjusted profit before tax 1.86 1.42 +31%
EPS 2.84p 2.76p +3%
Adjusted EPS 5.92p 4.74p +25%
DPS 1.90p 1.50p +27%
Balance Sheet Summary
2016  
£m 
2015 
£m
Cash 1.2 1.2
Net Assets 5.6 5.0
Net Debt 1.2 1.1
Net Debt / EBITDA 0.6x 0.7x
REVENUE
Group revenue for the financial year ended  
31 December 2016 increased by 15% to  
£13.8 million (2015: £12.0 million).  
This was driven by the following factors:
• Management Service Fee (“MSF”) from 
franchised branches increased due to the 
32 new franchisee branches that joined the 
Group in 2015 and a further 30 new franchisee 
branches that joined the Group in 2016;
• Full year equivalent following the acquisition of 
the 23 branch network, Country Properties, 
operating in and around Hertfordshire, 
Bedfordshire and Cambridgeshire in May 2015;
• Lettings revenue grew as we introduced lettings 
to new franchisees and continued to grow our 
existing lettings offices.  Network Income for 
Lettings grew 19% (2015: 28%).
ADJUSTED EBITDA (earnings before 
interest, tax, acquisition costs, share-
based payments and depreciation /
amortisation) 
Adjusted EBITDA provides a key measure of 
progress made. Adjusted EBITDA for the year 
to December 2016 was £2.06 million, an  
increase of 31% on the same period last year  
(2015: £1.57 million).
Administrative expenses increased by £1.3 million 
during the year. Higher costs in 2016 were in part 
due to full year additional running costs associated 
with being a publically quoted company and also 
the first full year of costs since the acquisitions of 
Country Properties and RealCube.
ADJUSTED PROFIT BEFORE TAX 
(adjusted to exclude amortisation, 
amortised finance costs, acquisition 
costs, share-based payments  and 
finance income)
Adjusted profit before tax was £1.86 million, 
an increase of 31% over the prior period 
(2015: £1.42 million).
Amortisation and acquisition costs increased 
significantly during the period, as the Group 
continued to accelerate its growth through the 
acquisition element of its strategy.
EARNINGS PER SHARE
Basic earnings per share for the year ended 31 
December 2016 was 2.84p (2015: 2.76p) based 
on a weighted average of 28,365,454 shares 
(2015: 26,317,492) in issue during the year.
ADJUSTED EARNINGS PER SHARE
Adjusted earnings per share, excluding 
amortisation and acquisition costs, finance timing 
and investment income and using standard tax 
rates for the year to December 2016, was 5.92p 
(2015: 4.74p) an increase of 25%.
DIVIDENDS
The Board is proposing a final dividend of 1.30p 
per share for 2016, which subject to shareholder 
approval at the AGM on the 19 May 2017, will be 
paid to shareholders by 24 May 2017 based on the 
register of shareholders as at 28 April 2017. Taking 
this together with the interim dividend of 0.6p 
paid to shareholders on 19 October 2016, this 
equates to a total dividend for the year of 1.90p  
an increase of 27%.  The Company intends to pay 
a progressive dividend going forwards.
LIQUIDITY
The Group had cash balances of £1.2 million at  
31 December 2016 (2015: £1.2 million).
In September 2016 the Group refinanced and 
secured facilities totaling £5.0 million to support 
the ongoing expansion of its franchising activities. 
The facility is a quarterly rolling facility with 
repayments of £22.5k each quarter.
Total bank facilities available to the Group at  
31 December 2016 stood at £5.0 million of which 
£2.2 million is drawn.
FINANCIAL POSITION
The Group has generated strong cashflow from 
operations of £1.7m (2015: £0.9m) which is 
expected to continue in 2017. These cashflows, 
together with undrawn facilities available, ensure 
the Group is in a strong financial position from 
which to carry out its strategy to grow the 
franchise business both organically and through 
acquisition in the coming year.
Ed Jones
Chief Financial Officer
Group turnover
16 15 14
£13.8m
£12.0m
£9.2m
EBITDA
16 15 14
£2.06m
£1.57m
£1.08m
The Group has had a 
good year and continues 
in a strong position to 
carry out its strategy to 
grow the business STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
21 20 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Principal risks
STRATEGIC REPORT
THE HOUSING MARKET
The Group is exposed to material 
fluctuations in the housing market. In a falling 
or low-volume market, there is a reduction 
in the number of transactions resulting in 
increased competition which puts additional 
pressure on fees, leading to lower revenues 
on a smaller number of transactions. The 
Group mitigates these effects by:
• Retaining both sales and lettings disciplines 
across its network
• Growing the number of branches in the 
network
• Improving the performance of branches 
across the network
ECONOMIC AND POLITICAL 
ENVIRONMENT
General economic conditions, including 
movements in interest and inflation rates in 
the Group’s markets may have an adverse 
effect on the Group’s activities. The Group 
may be exposed to risks such as unexpected 
changes in regulatory requirements, longer 
payment cycles, problems in collecting debts, 
fluctuations in currency rates and potentially 
adverse tax consequences. The Group’s 
operations, business and profitability could be 
affected by these factors, which are beyond 
the control of the Group, and the property 
market as a whole may also be subject to 
political uncertainties. The Group seeks to 
mitigate by employing strategies that relate 
to the market whilst focusing on a market 
leading customer service proposition. 
ABILITY TO RECRUIT AND RETAIN 
SKILLED FRANCHISEES
The ability of the Group to attract new 
Franchisees with the appropriate expertise 
and skills, in available and suitable locations, 
cannot be guaranteed. The Group retains a 
robust selection process to reduce the risk of 
failure. The Company conducts checks on the 
suitability of its prospective Franchisees and 
maintains ongoing training and monitoring.
The Group may experience difficulties in 
finding appropriate Franchisees and the 
failure to do so may have a detrimental effect 
upon trading performance.
REPUTATION
The Group takes extremely seriously the 
protection of its reputation and its brand. 
One of the ways it seeks to protect both is 
through the continuous audit programme it 
operates, which tests the financial probity of 
its Franchisees and periodically audits other 
aspects of the franchise system. However, 
it is possible that a Franchisee may from 
time to time behave in a way that potentially 
damages the Group, for example, by retaining 
tenants’ deposits outside the government 
endorsed tenancy deposit protection scheme. 
The Directors believe that the provisions of 
the Company’s franchise agreement ensure 
the Company can control its Franchisees’ 
activities sufficiently to protect its brand and 
to take swift action against such practices but 
there can be no guarantee that it will always 
succeed in taking preventative action.
The Company conducts extensive checks on 
the suitability of its prospective Franchisees 
but it cannot be entirely certain that a 
Franchisee does not have some potentially 
embarrassing adverse history which may 
come to light and which risks damaging the 
reputation of the brand.
The Group’s business and its success is highly 
dependent on both the service it and its 
Franchisees provide. Failure by either the 
Group of its Franchisees to meet the required 
levels of service or any diminution in client 
satisfaction and loyalty and/or regulatory 
breaches or alleged breaches, criticisms of its 
services or litigation may damage the Group’s 
reputation and may have a material adverse 
impact on the Group’s business, operations 
and financial performance.
FINANCIAL RISK
Additional financial risks are set out in note 21  
to the financial statements.
Chairman
,
s introduction  
to Governance
GOVERNANCE
This section provides information about our Board, sets out our corporate 
governance approach and give details of our Directors’ remuneration.
“We recognise the importance of a sound corporate governance approach 
and applying the principles of good governance across our business. 
Our aim is to maintain a flexible, efficient and effective management 
framework to deliver long-term, sustainable growth for our shareholders.”
Kevin Hollinrake 
Chairman
Governance
Chairman's introduction  21
Board of Directors  22
Corporate governance  24
Directors' report  26
Governance
Our commitment to transparency
The Directors recognise the importance of 
sound corporate governance and comply 
with the QCA Corporate Governance 
Code to the extent appropriate for a 
company of its size.  STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
23 22 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
HARRY HILL
Non-Executive  Deputy Chairman    
Harry Hill was appointed Non-Executive Deputy Chairman in December 2016 following his stint guiding 
the Company through the flotation process.  He has extensive property experience having worked in 
the industry for over 40 years. He was previously Chief Executive and Chairman of Countrywide plc 
and was also Chairman of Rightmove plc, which today holds the position as the leading property listing 
portal in the UK.
GLYNIS FREW
Chief Executive 
Glynis Frew joined Hunters in 1999 and was appointed Chief Executive in December 2016 having 
previously been Managing Director.  Prior to joining Hunters, Glynis held a number of roles with blue 
chip companies such as United Biscuits and PepsiCo, where she specialised in sales and training. Her 
roles within Walkers Snack Foods (Division of PepsiCo) included running key accounts, training 
and integrating sales forces. 
Board of Directors
GOVERNANCE
KEVIN HOLLINRAKE
Chairman  
Kevin Hollinrake co-founded Hunters in 1992, acting as Managing Director from this date until February 
2015, when he became Chairman. Prior to this, he worked at Prudential Property Services from 1987 
to 1991 as an Area Manager. As Managing Director of the Group he oversaw its expansion from a 
single branch to a national estate agency business. In 2008 Kevin founded Vizzihome, a market research 
business, which was later sold to Zoopla. He was also one of the founders of RealCube, the company 
which designed the software package used by the Company and the Franchisees and which is now 
wholly owned by Hunters. He is currently the Member of Parliament for Thirsk and Malton.
ED JONES
Chief Financial Officer 
Ed Jones joined Hunters as Finance Director in 2006. Prior to this, from 2000 to 2006 he was 
an executive at Williams de Broë PLC in corporate broking where he acted for a number of 
publicly listed companies, advising on flotations, takeovers, mergers and acquisitions, fund raising 
and regulatory compliance. Ed qualified as a member of the Securities Institute in 2000 having 
qualified as an accountant with Price Waterhouse in 1995. Between 1995 and 2000, Ed worked for 
PricewaterhouseCoopers within its corporate finance division. 
DEAN FIELDING
Non-Executive Director   
Dean Fielding was appointed a Non-Executive Director in April 2015. He joined GA Property Services 
in 1995 and became Finance Director of Your Move in 2002. Dean subsequently served as Group 
Finance Director of LSL Property Services plc from 2004 to 2010. Dean was responsible for the 
financial strategy and ensuring strong financial controls internally.
  Audit Committee 
  Remuneration Committee
Experienced  
T eam
The Group’s executive management has a long track record of operating both sales 
and lettings estate agencies, as owners and in developing estate agency franchises. 
This provides in-depth understanding of the skills required to manage an estate 
agency business and the challenges that their franchisees may encounter. 
The Group’s founders have over 20 years’ experience in the UK estate  
agency market and remain involved in the business, providing insight  
and management expertise. 
Glynis Frew was appointed Chief Executive of 
the Group in December 2016, following over 
15 years of experience in the estate agency 
sector having been Managing Director and also 
Operations Director previously. Glynis has held a 
number of roles with blue chip companies where 
she specialised in sales and training including 
running key accounts and integrating sales forces. 
The Group’s other senior managers have a 
diverse range of experience drawn from previous 
roles in the UK estate agency market, financial 
services, and global business. The Board believes 
that this combination of skills provides the Group 
with excellent thought leadership and the drive 
to achieve its strategic goals.
Brief biographical details of the Directors are set 
out below. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
24 25 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
The Directors recognise the importance of sound corporate governance and comply 
with the QCA Corporate Governance Code to the extent appropriate for a 
company of its size. The QCA Corporate Governance Code has been devised by 
the Quoted Companies Alliance and sets out for smaller quoted companies and, in 
particular, AIM companies how they can apply the principles of good governance 
in the UK Corporate Governance Code to their own circumstances.
An alternative code was proposed because the 
QCA considers the UK Corporate Governance 
Code to be inappropriate to many AIM 
companies, having been written principally 
for larger listed companies. The QCA Code 
states that: “The objective of good corporate 
governance is to deliver growth in long-term 
shareholder value by maintaining a flexible, 
efficient and effective management framework 
within an entrepreneurial environment.”
BOARD OF DIRECTORS
Currently the Board consists of five Directors 
(including the Chairman). The performance of the 
Directors is evaluated on an ongoing basis. The 
Board meets at least ten times a year and has full 
and timely access to all relevant information to 
enable it to carry out its duties. 
The Board regularly reviews and oversees the 
Group’s progress towards its goals. The Board 
monitors the implementation of its strategy whilst 
delegating the day-to-day operations to Executive 
Directors and management. 
Processes are in place to ensure the Board has the 
access it requires to advisors and the Company 
Secretary to keep up to date with corporate 
governance matters and that applicable rules and 
regulations are followed.
BOARD COMMITTEES
The Board has delegated specific responsibilities 
to the Audit and Remuneration Committees.  
The Board considers that all the members  
of each committee have the appropriate 
experience required of them without having 
conflicts of interest.
AUDIT COMMITTEE
The Audit Committee comprises Dean Fielding 
(Chairman) and Harry Hill. The Audit Committee 
meets at least twice a year and is responsible for 
ensuring that the financial performance of the 
Company is properly reported on and monitored, 
including reviews of the annual and interim 
accounts, results announcements, internal control 
systems and procedures and accounting policies. 
The Audit Committee also has responsibility for 
recommending the appointment of the external 
auditor. In carrying out this responsibility the 
Audit Committee reviews the cost-effectiveness, 
independence and objectivity of the current 
proposed auditors. During the period, the Audit 
Committee reappointed Mazars LLP as the 
auditors for the Group. Mazars LLP have not 
provided any non-audit services to the Group 
during the period.
REMUNERATION COMMITTEE
The Remuneration Committee is chaired by Dean 
Fielding and its other members are Kevin Hollinrake 
and Harry Hill. The Remuneration Committee meet 
at least annually. The Remuneration Committee 
has responsibility for determining, within agreed 
terms of reference, the Group’s policy on the 
remuneration of senior executives and specific 
remuneration packages for the Executive Directors. 
It is also responsible for making recommendations 
as to the adoption of share options schemes and 
longterm incentive plans for senior executives and 
for grants under such schemes or plans to individual 
senior executives. 
Details of the Directors’ remuneration are 
disclosed in the notes to the accounts.
INTERNAL CONTROL
The Board is responsible for ensuring there 
is an adequate system of internal control and 
for reviewing its effectiveness. Such a system 
is designed to mitigate risk to an acceptable 
level rather than eliminate internal control 
risks completely. These internal controls 
include controls over financial, operational and 
compliance risk factors. The Board is satisfied that 
the current level of internal control meets the 
needs of the Group and reduces its exposure  
to risk to an appropriate level.
FINANCIAL REPORTING
Clear financial reporting procedures have been 
established which ensure the Board have access 
to reliable and timely financial reports on a weekly 
and monthly basis. Financial reporting includes 
monitoring performance against budget and prior 
year results as well as cashflow forecasts.
CORPORATE RESPONSIBILITY
Employees – the Group believes in equal 
opportunities and people’s development. The 
Group appoints based entirely on merit regardless 
of gender, age, marital status, sexual orientation, 
religion, nationality, ethnicity or disability. Where 
employees become disabled, the Group looks 
where possible to adjust the environment to 
accommodate the same. Communication – the 
Group sees communication as key with its 
customers and that philosophy extends from 
the way we deal with both employees and our 
franchise network. We hold regular meetings and 
conferences, provide regular updates through 
our intranet underpinning developments and 
encourage the sharing of information and help. 
Anti-bribery policy – the Group operates a zero 
tolerance towards bribery.
Legislative Compliance – the Group 
conforms with all relevant legislation and codes 
of best practice and this is monitored regularly 
by the Board. The Group appreciates the social 
and environmental impact its decisions can make 
and considers these as part of its decision making 
process. The Group takes the overall impact that 
it has long-term very seriously. 
RELATIONS WITH SHAREHOLDERS
The Company maintains open communications 
with its Shareholders and provides up to date 
information through market announcements 
and website postings. Copies of all results 
and announcements are available online on 
the Company website, www.hunters.com/
investorrelations. Investor presentations are also 
available for potential and current shareholders 
to attend. 
Shareholders receive 21 days’ notice of the Annual 
General Meeting which presents an important 
opportunity for shareholders to meet with the 
Board of Directors. The AGM is set for 10:00am 
19 May 2017 at our Head Office, Apollo House, 
Eboracum Way, York YO31 9JX.
Corporate governance
GOVERNANCE
Summary of Board  
Committee attendance Board Audit Remuneration
Mrs GJ Frew 11
Mr KP Hollinrake 10 1
Mr E A Jones 12
Mr HD Hill 11 2 1
Mr DA Fielding 10 2 1
Total number of meetings held 12 2 1 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
26 27 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Directors’ report
GOVERNANCE
The Directors present their annual report and financial statements for the year 
ended 31 December 2016.
PRINCIPAL ACTIVITIES
The Company's principal activity continued to be 
that of providing property services to consumers 
and businesses through franchised and licenced 
arrangements including for sales, lettings and 
property related services.
FUTURE DEVELOPMENTS
The future developments of the Group are 
included in the Strategic Report.
DIRECTORS
The Directors who held office during the year 
and up to the date of signature of the financial 
statements were as follows:
Mr KP Hollinrake  
Mrs GJ Frew
Mr HD Hill
Mr EA Jones 
Mr DA Fielding
RESULTS AND DIVIDENDS
The results for the year are set out on page 30. 
An interim ordinary dividend was paid amounting 
to £170,000. The Directors recommend the 
payment of a final dividend of 1.30p (£372,000) 
making a dividend for the year of £542,000  
(or 1.90p per share).
DIRECTORS’ INDEMNITY
The Group maintains Directors’ and Officers’ 
liability insurance which gives cover against legal 
action that may be taken against them.
RISKS
The principal risks of the Group are included in 
the Strategic Report.
STATEMENT OF DIRECTORS’ 
RESPONSIBILITIES
The Directors are responsible for preparing 
the Strategic Report, Directors’ Report and 
the Group and Parent Company financial 
statements in accordance with applicable law 
and regulations. Company law requires the 
Directors to prepare Group and Parent Company 
financial statements for each financial year. As 
required by the AIM rules of the London Stock 
Exchange they are required to prepare the Group 
financial statements in accordance with IFRSs as 
adopted by the EU and applicable law and have 
elected to prepare the Parent Company financial 
statements on the same basis. Under company 
law the Directors must not approve the financial 
statements unless they are satisfied that they give 
a true and fair view of the state of affairs of the 
Group and Parent Company and of their profit 
or loss for that period. In preparing each of the 
Group and Parent Company financial statements, 
the Directors are required to: 
• select suitable accounting policies and then 
apply them consistently; 
• make judgements and estimates that are 
reasonable and prudent; 
• state whether IFRS as adopted by the European 
Union have been followed subject to any 
material departures disclosed and explained in 
the financial statements; 
• provide additional disclosures when compliance 
with specific requirements in IFRS is insufficient 
to enable users to understand the impact 
of particular transactions, other events and 
conditions on the entity’s financial position and 
financial performance; and 
• prepare the financial statements on the going 
concern basis unless it is inappropriate to 
presume that the Group and Parent Company 
will continue in business. 
The Directors are responsible for keeping 
adequate accounting records that are sufficient 
to show and explain the Group’s transactions 
and disclose with reasonable accuracy at any time 
the financial position of the Group and enable 
them to ensure that its financial statements 
comply with the Companies Act 2006. They 
have general responsibility for taking such steps 
as are reasonably open to them to safeguard the 
assets of the Group and the Company to prevent 
and detect fraud and other irregularities. The 
Directors are responsible for the maintenance 
and integrity of the corporate and financial 
information included on the Company’s website. 
Legislation in the UK governing the preparation 
and dissemination of financial statements may 
differ from legislation in other jurisdictions.
AUDITORS
Mazars LLP were appointed auditors of the 
Company during the financial year. In accordance 
with S489 of the Companies Act 2006, a proposal 
for reappointment of the auditors will be put 
forward at the Company’s AGM.
STATEMENT OF DISCLOSURE TO 
AUDITORS
So far as each person who was a Director at 
the date of approving this report is aware, there 
is no relevant audit information of which the 
Company’s auditors are unaware. Additionally, the 
Directors individually have taken all the necessary 
steps that they ought to have taken as Directors 
in order to make themselves aware of all relevant 
audit information and to establish that the 
Company’s auditors are aware of that information. 
On behalf of the Board
Ed Jones
Chief Financial Officer
11 April 2017 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
28 29 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
To the members of Hunters Property Plc
Independent auditor’s report
We have audited the financial statements of Hunters Property Plc for the year ended 31 December 2016 which comprise the Consolidated 
Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company 
Statements of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes. The financial reporting framework that 
has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European 
Union and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR 
As explained more fully in the Directors’ Responsibilities Statement set out on page 26, the Directors are responsible for the preparation  
of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards 
for Auditors. This report is made solely to the Parent Company’s members, as a body in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we 
are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body for our audit work, for this 
report, or for the opinions we have formed.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS 
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at www.frc.org.uk/
auditscopeukprivate.
OPINION ON FINANCIAL STATEMENTS 
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2016 
and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the Parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union  
and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and Directors’ Report for the financial year for which the financial statements are prepared  
is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, 
we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,  
in our opinion:
•  adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from 
branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Richard Metcalfe (Senior Statutory Auditor)
for and on behalf of Mazars LLP 
11 April 2017
Chartered Accountants and Statutory Auditor 
Tower Bridge House 
St Katharine's Way 
London 
E1W 1DD STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
30 31 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2016 As at 31 December 2016
Consolidated statement of comprehensive income Consolidated statement of financial position
Notes
2016  
£000s
2015  
£000s
Revenue 3 13,833 12,045
Administrative expenses (11,772) (10,471)
Operating profit before depreciation, amortisation, acquisition  
& share-based payment expenses 2,061 1,574
Depreciation and profit on disposal 4 (104) (162)
Amortisation and profit on disposal 4 (584) (368)
Business combination acquisition expenses 15 (30) (57)
Share-based payment expense 25 (192) (12)
Operating profit 4 1,151 975
Finance income 7 4 88
Finance costs 8 (168) (183)
Profit before taxation 987 880
Taxation 9 (181) (158)
Profit for the financial year 806 722
Other comprehensive income – –
Total comprehensive income for the year 806 722
Profit and total comprehensive income for the financial year attributable to:
Equity holders of the parent 806 726
Non-controlling interests – (4)
806 722
Earnings per share
Basic (pence per share) 11 2.84 2.76
Diluted (pence per share) 11 2.72 2.66
    
 
Notes
2016  
£000s
2015  
£000s
Non-current assets
Goodwill 12 3,973 3,973
Other intangible assets 12 4,078 3,439
Property, plant and equipment 13 429 340
Investments 14 1 1
Deferred tax assets 23 82 43
8,563 7,796
Current assets
Trade and other receivables 16 1,452 1,629
Cash and cash equivalents 1,187 1,211
2,639 2,840
Total assets 11,202 10,636
Current liabilities
Borrowings 17 (366) (1,014)
Obligations under finance leases 18 (47) (37)
Current tax liabilities (117) (162)
Trade and other payables 19 (2,376) (2,492)
(2,906) (3,705)
Non-current liabilities
Borrowings 17 (1,993) (1,309)
Obligations under finance leases 18 (81) (30)
Other payables 20 (52) (68)
(2,126) (1,407)
Provisions for liabilities
Provisions 22 (66) (75)
Deferred tax liability 23 (456) (465)
(522) (540)
Net assets 5,648 4,984 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
32 33 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
As at 31 December 2016 As at 31 December 2016
Consolidated statement of financial position (continued) Company statement of financial position
Notes
2016  
£000s
2015  
£000s
Equity
Attributable to the owners of the parent:
Share capital 26 1,145 1,131
Share premium account 27 2,633 2,579
Merger reserve 1.2 899 899
Retained earnings 971 375
5,648 4,984
Total equity 5,648 4,984
The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2017 and are signed on its behalf by:
Mr E A Jones
Director
Company Registration No. 09448465
 
Notes
2016  
£000s
2015  
£000s
Non-current assets
Investments 14 1,071 879
Current assets
Trade and other receivables 16 3,120 2,929
Total assets 4,191 3,808
Current liabilities
Current tax liabilities (20) –
Trade and other payables 19 (27) (26)
(47) (26)
Net assets 4,144 3,782
Equity
Share capital 26 1,145 1,131
Share premium account 2,633 2,579
Share option reserve 203 12
Retained earnings 163 60
Total equity 4,144 3,782
The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2017 and are signed on its behalf by:
Mr E A Jones 
Director 
Company Registration No. 09448465 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
34 35 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2016
Company statement of changes in equity
Notes
Share  
capital  
£000s
Share 
premium 
account 
£000s
Share  
option 
reserve 
£000s
Retained 
earnings 
£000s
Total  
£000s
Balance at 1 January 2015 – – – – –
Period ended 31 December 2015:
Profit and total comprehensive income for the year – – – 201 201
Issue of share capital 26 1,131 2,579 – – 3,710
Dividends 10 – – – (141) (141)
Transfers – – 12 – 12
Balance at 31 December 2015 1,131 2,579 12 60 3,782
Year ended 31 December 2016:
Profit and total comprehensive income for the year – – – 556 556
Issue of share capital 26 14 53 – – 67
Dividends 10 – – – (453) (453)
Share based payment expense of subsidiary 14 – – 192 – 192
Exercise of share options – 1 (1) – –
Balance at 31 December 2016 1,145 2,633 203 163 4,144
For the year ended 31 December 2016
Consolidated statement of changes in equity
Notes
Share  
capital  
£000s
Share 
premium 
account 
£000s
Merger 
reserve 
£000s
Retained 
earnings 
£000s
Total equity 
attributable 
to owners of 
the parent 
£000s
Non-
controlling 
interests 
£000s
Total  
equity  
£000s
Balance at 1 January 2015 – – 1,662 (222) 1,440 8 1,448
Year ended 31 December 2015:
Profit and total comprehensive 
income for the year – – – 726 726 (4) 722
Issue of share capital 26 1,131 2,579 104 – 3,814 – 3,814
Dividends 10 – – – (141) (141) – (141)
Credit to equity for equity settled 
share-based payments 25 – – – 12 12 – 12
Share for share exchange – – (867) – (867) (4) (871)
Balance at 31 December 2015 1,131 2,579 899 375 4,984 – 4,984
Year ended 31 December 2016:
Profit and total comprehensive 
income for the year – – – 806 806 – 806
Issue of share capital 26 14 53 – – 67 67
Dividends 10 – – – (453) (453) – (453)
Credit to equity for equity settled 
share-based payments 25 – – – 192 192 – 192
Deferred tax on share-based 
payment transactions – – – 52 52 – 52
Exercise of share options – 1 – (1) – – –
Balance at 31 December 2016 1,145 2,633 899 971 5,648 – 5,648 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
36 37 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
Notes
2016  
£000s
2015  
£000s
Cash flows from operating activities
Operating profit 1,151 975
Adjustments for:
Share-based payment expense 25 192 12
Depreciation of property, plant and equipment 13 134 162
Gain on disposal of property, plant and equipment 4 (17) (30)
Amortisation and impairment of intangible assets 12 597 368
Gain on disposal of intangible assets 4 (13) –
Release of provisions 22 (16) (5)
Costs of acquisition 15 30 57
Changes in working capital:
Decrease/(increase) in trade and other receivables 16 177 (392)
(Decrease)/increase in trade and other payables 19 (130) 2
Cash generated from operations 2,105 1,149
Interest paid 8 (111) (85)
Income taxes paid (292) (180)
Net cash inflow from operating activities 1,702 884
Investing activities
Purchase of intangible assets 12 (887) (866)
Proceeds on disposal of intangibles 42 –
Purchase of property, plant and equipment 13 (124) (76)
Proceeds on disposal of property, plant and equipment 20 32
Business acquisitions, net of cash acquired 15 (325) (1,390)
Payment of deferred considerations (23) (89)
Purchase of investments – (192)
Proceeds on disposal of investments – 263
Interest received 7 4 5
Net cash used in investing activities (1,293) (2,313)
Notes
2016  
£000s
2015  
£000s
Financing activities
Proceeds from issue of own shares 68 2,700
Share issue costs – (558)
Proceeds from issue of subsidiary shares prior to acquisition 1.3 – 104
Repayment of deferred consideration debentures 17 (375) (470)
Proceeds of new bank loans 2,175 380
Repayment of bank loans and borrowings 17 (1,807) (495)
Payment of finance leases obligations 18 (41) (26)
Dividends paid 10 (453) (141)
Net cash (used in)/generated from financing activities (433) 1,494
Net (decrease)/increase in cash and cash equivalents (24) 65
Cash and cash equivalents at beginning of year 1,211 1,146
Cash and cash equivalents at end of year 1,187 1,211
Major non-cash transactions 
During the year the Group entered into a number of non-cash transactions as follows:
1. The Group has entered into new finance lease contracts with an inception value of £101,787.
Company Statement of Cash Flows 
The Company has not held any cash and cash-equivalents during the year or the comparative year. During the prior year the Company 
entered into a number of equity transactions which were enacted via intercompany accounts. Accordingly, the Directors have not presented a 
Company Statement of Cash Flows. 
For the year ended 31 December 2016
Consolidated statement of cash flows STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
38 39 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES 
Company information
Hunters Property Plc (“the Company”) is a public limited company domiciled and incorporated in England and Wales. The registered office 
is Apollo House, Eboracum Way, York, North Yorkshire, YO31 7RE. The consolidated financial information (or “financial statements”) 
incorporate the financial information of the Company and entities (its subsidiaries) controlled by the Company (collectively comprising the 
“Group”).
The principal activity of the Group is the provision of property services to consumers and businesses which include sales, lettings, franchising 
and related services.
1.1 Accounting convention
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the 
European Union, and the requirements of the Companies Act 2006.
The financial statements are prepared in pounds sterling, which is the functional currency of the parent Company. Monetary amounts in these 
financial statements are rounded to the nearest £000s.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of certain financial 
instruments at fair value. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income. The Company’s 
profit for the year was £556,000.
1.2 Basis of consolidation 
The Group financial information consolidates those of the Company and the subsidiaries that the Company has control of. Control is 
established when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to 
affect those returns through its power over the subsidiary.
Where a subsidiary undertaking is acquired/disposed of during the year, the consolidated profits or losses are recognised from/until the 
effective date of the acquisition/disposal.
All inter-company balances and transactions between group companies have been eliminated on consolidation.
Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those 
used by the Group.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net assets that are not held 
by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-
controlling interest based on their respective ownership interests.
The Group applies the acquisition method of accounting for business combinations enacted after the date of creation of the Group following 
incorporation of Hunters Property Plc, as detailed further below. The consideration transferred by the Group to obtain control of a subsidiary 
is calculated as the sum of the acquisition-date fair value of assets transferred by the Group, liabilities incurred by the Group to the former 
owners of the acquiree and the equity interest issued by the Group. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been 
previously recognised in the acquired subsidiary’s financial information prior to the acquisition. Assets acquired and liabilities assumed are 
measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the fair value of consideration 
transferred, over the Group’s share of the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed 
the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other 
components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
Entities other than subsidiary undertakings or joint ventures, in which the Group has a participating interest and over whose operating and 
financial policies the Group exercises a significant influence, are treated as associates. In the consolidated financial statements, associates are 
accounted for using the equity method.
Entities in which the Group holds an interest and which are jointly controlled by the Group and one or more other venturers under  
a contractual arrangement are treated as joint ventures. In the Group financial statements, joint ventures are accounted for using the  
equity method.
The Group has applied the principles of merger accounting in consolidating the results, as control was only acquired by Hunters Property Plc 
via a share-for-share exchange on 27 March 2015. Merger accounting requires that the results of the Group are presented as if the Group has 
always been in its present form, and does not require a re-evaluation of fair values as at the point of acquisition. Accordingly, as a result of this 
merger accounting a merger reserve is recognised within equity which represents the difference between the net assets of the Group and the 
retained profits recognised by the Group as at 27 March 2015.
1.3 Going concern
As at the year end the Group has net current liabilities, but net assets overall. The nature of the Group's trade is that there exist significant 
intangibles which generate strong cashflows, and are expected to continue doing so. The Group has substantial headroom available in its 
flexible bank financing as disclosed in note 17; including this the Directors have further considered 12 month cashflow forecasts from the  
date of approval of the financial statements, and do not foresee any cashflow issues arising.
Taking these factors into account, as at the time of approving the financial statements, the Directors have a reasonable expectation that the 
Group has adequate resources to continue in operational existence for the foreseeable future. Thus Directors continue to adopt the going 
concern basis of accounting in preparing the financial statements.
1.4 Revenue
Revenue represents the amount receivable for the provision of services during the year, excluding VAT and trade discounts. Revenue is 
recognised to the extent that it is probable that economic benefits will flow to the Group and the revenue can be measured reliably.
Revenue from residential, commercial and land sales is recognised on the basis of exchange of contract.
Financial services revenue is recognised at the later of the policy inception date or confirmation of entitlement to the commission.
Revenue from commission earned as letting agents is recognised in the month in which the income is received and when there is fulfilment  
of all but inconsequential or perfunctory actions.
At inception of a franchisee contract, revenue is recognised upfront which matches to the profile of estimated incurred costs of time and 
knowledge to create the franchiser-franchisee contractual arrangement. No amounts are deferred as the Directors are of the opinion that 
virtually all inception costs are incurred at the outset, and hence although contracts run for several years this policy is considered to be the 
fairest presentation to comply with the matching and accruals concepts.
Revenue from franchisee management service fees are recognised monthly in arrears, calculated by reference to the terms of the contract  
and the value of sales attributable to each franchisee.
Deferred income arises where services are invoiced in advance of performance. The amount is released to the profit or loss in subsequent 
periods in reference to the stage of completion of the transaction at the reporting date.
1 . 5	 Int an gible 	 fi x ed 	 a sset s 	 – 	 g oodwil l
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually 
identifiable and separately recognised. See note 15 for information on how goodwill is initially determined. After initial recognition, goodwill  
is measured at cost less accumulated impairment losses. See note 1.9 for a description of impairment testing procedures.
For the year ended 31 December 2016
Notes to the financial statements STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
40 41 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1 . 6	 Int an gible 	 fi x ed 	 a sset s 	 ot her 	 t han 	 g oodwil l	
Intangible assets are initially measured at cost. Where intangible assets are acquired as part of a business combination, cost is determined by 
reference to a fair value estimation technique as disclosed further in note 15. After initial recognition, intangible assets are recognised at cost 
less any accumulated amortisation and any accumulated impairment losses.
The depreciable amount of an intangible asset with a finite useful life is allocated on a systematic basis over its useful life. Amortisation begins 
when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner 
intended by management.
The amortisation period and the amortisation method for intangible assets with a finite useful life is reviewed each financial year-end. If the 
expected useful life of the asset is different from previous estimates, the amortisation period is changed accordingly.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised  
to the extent that the technical, commercial and financial feasibility can be demonstrated.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the  
following bases:
Software 3-7 years or over the life of the license
Franchise development costs Over the life of the franchise contract (typically 10-15 years)
Brands 10 years
Customer lists 2-12 years
1.7 Property, plant and equipment
Property, plant and equipment are recognised as an asset only if it is probable that future economic benefits associated with the item will flow 
to the Group and the cost of the item can be measured reliably.
An item of property, plant and equipment that qualifies for recognition as an asset is measured at its cost. Cost of an item of property, plant 
and equipment comprises the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for  
it to be capable of operating in the manner intended by management.
After recognition, all property, plant and equipment are carried at costs less any accumulated depreciation and any accumulated impairment 
losses.
1.7 Property, plant and equipment continued
Depreciation is provided at rates calculated to write down the cost of assets, less estimated residual value, over their expected useful lives  
on the following basis:
Leasehold land and buildings Straight line over the life of the lease
Plant and machinery 25% Reducing balance
Fixtures, fittings and equipment 25% Reducing balance or 10%-33% straight line
Motor vehicles 25% Straight line
The residual value and the useful life of an asset are reviewed at least at each financial year-end and if expectations differ from previous 
estimates, the changes are accounted for as a change in an accounting estimate in accordance with IAS 8 Accounting Policies, Changes  
in Accounting Estimates and Errors.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds  
and the carrying value of the asset and are recognised in profit or loss.
1.8 Non-current investments
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to 
obtain benefits from its activities.
Other investments in equity instruments that have a quoted market price in an active market and other equity instruments whose fair value 
can be reliably measured are measured at fair value; otherwise investments in equity instruments are measured at cost less accumulated 
impairment losses.
1.9 Impairment of non-current assets
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash flows. As a result, 
some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those cash-
generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the 
Group at which management monitors goodwill.
Cash-generating units to which goodwill has been allocated are tested for impairment at least annually. All other individual assets or cash-
generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be 
recoverable.
An asset or cash-generating unit is impaired when its carrying amount exceeds its recoverable amount. The recoverable amount is measured 
as the higher of fair value less cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on 
financial forecasts discounted back to present value.
The impairment loss is allocated to reduce the carrying amount of the asset, first against the carrying amount of any goodwill allocated to the 
cash-generating unit, and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. With the 
exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. 
An impairment loss is reversed if the asset’s or cash-generating unit’s recoverable amount exceeds its carrying amount.
1.10 Financial instruments
Loans and receivables 
Financial assets are recognised in the statement of financial position when, and only when, the Group becomes a party to the contractual 
provisions of the instrument.
All financial assets excluding investments are classified as loans and receivables; these comprise trade and other receivables and cash and  
cash equivalents. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an 
active market.
Financial assets are initially recognised at fair value plus directly attributable transaction costs.
After initial recognition, loans and receivables are measured at amortised cost using the effective interest method. Discounting is omitted 
where the effect of discounting is immaterial.
If there is objective evidence that there is an impairment loss on loans and receivables, the amount of the loss is measured as the difference 
between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective 
interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced either directly or 
through use of an allowance account.
A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset  
and all substantial risks and rewards are transferred.
Financial assets held for trading 
Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition 
at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near 
term. This category includes derivative financial instruments entered into by the Company that are not designated as hedging instruments  
in hedge relationships as defined by IAS 39. The Company has not designated any financial assets upon initial recognition as at fair value 
through profit or loss.
Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective  
hedging instruments.
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
42 43 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1.10 Financial instruments continued
Financial assets held for trading continued
Financial assets at fair value through profit and loss are carried in the Statement of Financial Position at fair value with changes in fair value 
recognised in finance revenue or finance expense in the Statement of Comprehensive Income.
I mp air me nt 	 of 	 fi n anci al 	 a s se t s	
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting  
end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition 
of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between 
the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment 
loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. 
The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not 
previously been recognised. The impairment reversal is recognised in profit or loss.
De re cognit ion 	 of 	 fi n anci al 	 a s se t s	
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group 
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards  
of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated 
third party.
Cl a s si fic at ion 	 of 	 fi n anci al 	 li abilit ie s
Financial liabilities include borrowings and trade and other payables.
Financial liabilities are obligations to pay cash or other financial assets and are recognised in the statement of financial position when, and only 
when, the Group becomes a party to the contractual provisions of the instrument.
Financial liabilities are initially recognised at fair value adjusted for any directly attributable transaction costs.
After initial recognition, financial liabilities are measured at amortised cost using the effective interest method, with the effective interest 
recognised as an expense in finance costs.
D e re co g nit ion 	 of 	 fi n an ci al 	 li abilit ie s
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
1.11 Equity instruments
Share capital represents the nominal value of shares that have been issued.
Share premium represents the excess consideration received over share capital upon the sale of shares, less any incidental costs of issue.
Retained earnings include all current and prior period retained profits.
The non-controlling interest represents the portion of equity ownership in subsidiaries which is not attributable to the owners of the Company. 
There was no non-controlling interest for the whole of 2016.
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity 
instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The merger reserve has arisen as described in note 1.2.
Within the Company, the share option reserve is recognised in respect of the cumulative fair value of share options recognised, net of issues 
made, where the benefit of the services received under the share option are recognised within subsidiaries of the Company. Once the share 
options are exercised, the element included within this reserve for fair values expensed are transferred to the share premium account. Full 
details on share options existing as at the year end is given in note 25.
1.1 2	 T a xation
The tax expense represents the sum of the tax currently payable and deferred tax.
Cur re nt 	 t a x
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never 
taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the 
reporting end date.
De fe r re d 	 t a x
Deferred taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and 
their tax bases.
A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available 
against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or 
liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit 
(tax loss). However, for deductible temporary differences associated with investments in subsidiaries a deferred tax asset is recognised when 
the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can 
be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the 
liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
1.13 Provisions
Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the 
Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end 
date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present 
value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the 
period it arises.
1 . 1 4	 E mplo y ee 	 bene fi t s
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as 
part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment 
of an employee or to provide termination benefits.
1 . 1 5 	 R e ti r ement 	 b ene fi t s
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16 Share-based payments
The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis 
over the vesting period based on the Group’s estimate of shares or options that will eventually vest. Full disclosure of the calculation models is 
given in note 25.
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
44 45 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1.17 Leases
The economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards of ownership of 
the leased asset. Where the Group is a lessee in this type of arrangement, the related asset is recognised at the inception of the lease at the 
fair value of the leased asset or, if lower, the present value of the lease payments plus incidental payments, if any. A corresponding amount is 
recognised as a finance lease liability.
This liability is reduced by lease payments net of finance charges. The interest element of lease payments represents a constant proportion of 
the outstanding capital balance and is charged to profit or loss, as finance costs over the period of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of 
the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from 
the lease asset are consumed.
1.18 Standards, amendments and interpretations adopted in the year
The current standards, amendments and interpretations have been adopted in the year and have not had a material impact on the Group and 
Company's financial statements:
• Amendment to IAS 1 ‘Presentation of Financial Statements’, clarifying disclosures;
• Amendments to IAS 16 ‘Property, Plant and Equipment’ and IAS 38 ‘Intangible Assets’, clarifying acceptable methods of depreciation and 
amortisation;
• Amendments to IAS 16 ‘Property, Plant and Equipment’ and IAS 41 ‘Agriculture’ in respect of bearer plants;
• Amendments to IAS 19 ‘Employee Benefits’ for employee contributions to defined benefit pension schemes;
• Amendments to IAS 27 ‘Separate Financial Statements’ to revise the equity method in separate financial statements;
• Amendments to IFRS 10 ‘Consolidated Financial Statements’, IFRS 12 ‘Disclosure of Interests in Other Entities’ and IAS 28 ‘Investments in 
Associates and Joint Ventures’, around application of the consolidation exemption;
• Amendments to IFRS 11 ‘Joint Arrangements’ on accounting for acquisitions of interests in joint operations;
• Annual improvements to IFRS’s (2010 – 2012);
• Annual improvements to IFRS’s (2012 – 2014).
1.19 Standards, amendments and interpretations in issue but not yet effective
At the authorisation of these financial statements, the Group has not applied the following new and revised standards that have been issued 
but are not effective yet and in some cases have not been adopted by the EU:
EU effective date – period 
beginning on or after
Amendments to IAS 12 ‘Income Taxes’ – Amendments to the recognition of deferred tax assets for unrealised losses 1 January 2017
*
Amendments to IAS 7 ‘Statement of Cash Flows’ – Disclosure amendments 1 January 2017
*
Amendments to IAS 40 ‘Investment Property’ for transfers of investment property 1 January 2017
*
IFRS 15 ‘Revenue from Contracts with Customers’, and clarifications thereon 1 January 2018
IFRS 2 ‘Share-based Payment’, for classification and measurement of sharebased payment transactions 1 January 2018
*
Amendments to IFRS 4 ‘Insurance Contracts’ around interaction with IFRS 9 1 January 2018
*
IFRS 9 ‘Financial Instruments’ 1 January 2018
IFRS 16 ‘Leases’ 1 January 2019
*
Annual improvements to IFRS’s (2014 – 2016) 1 January 2017
*
IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ 1 January 2018
*
*
 These standards, amendments and interpretations have not yet been endorsed by the EU and the dates shown are the expected dates.
Since the release of IFRS 15 'Revenue from Contracts with Customers', management have not yet fully assessed the impact from this on  
the financial statements of the Group, although there may be a material impact. The adoption of IFRS 16 'Leases' is expected to have a 
material impact on the reported assets and liabilities on the Statement of Financial Position, although there is not expected to be any impact 
from this standard on the reported results of the Group. All other amendments are not expected to have a material impact on the Group's 
financial statements.
2  JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions 
that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated 
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the 
results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other 
sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in 
which the estimate is revised and in any future periods affected.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial 
statements:
Basis of consolidation
The Group was formed on 27 March 2015 when Hunters Property PLC acquired shares in its subsidiaries through a share-for-share exchange. 
This type of common control transaction falls outside the scope of IFRS 3 and therefore UK GAAP has been referred to for best practice 
guidance. The result is that the Group adopted merger accounting as a basis for the Group consolidation.
Franchisee revenue
Franchisee sign up fees are recognised upfront at the inception of a franchisee contract, which in the Directors’ opinion matches to the 
estimated cost of time and knowledge to create the franchiser-franchisee contractual arrangement.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are 
as follows:
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date. 
Each period the Directors assess the risks and uncertainties surrounding the obligation and review the discount rates applied when calculating 
the present value. When reviewing the discount rates the Directors refer to the Group weighted average cost of capital. Further details on the 
assumptions made for specific provisions are disclosed in note 22.
Business combinations and goodwill
The Group has made acquisitions during the year and comparative year. Judgements and estimations are made in respect of the measurement 
of the provisional fair values of assets and liabilities acquired and the consideration transferred. Furthermore, estimation techniques have been 
used to value the intangibles acquired.
The Directors test annually for impairment of the Group's intangible assets and goodwill, details of which are given in note 12.
3 REVENUE 
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of internal reports of the Group that are regularly 
reviewed by the Group’s chief operating decision maker. The chief operating decision maker of the Group is considered to be the Board of 
Directors.
The Group has operating segments: Residential Sales, Lettings, and Franchising. Due to the specific nature of the Group’s market, each 
component of revenue naturally falls within one of these segments. The operating segments are monitored by the Group’s chief operating 
decision maker and strategic decisions are made on the basis of adjusted segment operating results. All assets, liabilities and revenues are 
located in, or derived in, the United Kingdom.
The Group does not have any major customers which account for 10% or more of revenues.
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
46 47 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2016
Notes to the financial statements (continued)
Segmental analysis of revenue
2016  
£000s
2015  
£000s
Residential sales 5,042 4,840
Lettings sales 3,176 2,460
Franchising sales 4,035 3,271
Other 1,580 1,474
13,833 12,045
Revenue analysed by geographical market
2016  
£000s
2015  
£000s
United Kingdom 13,833 12,045
Further disclosure of the segmental analysis of goodwill is made in note 12. Due to the nature of operations, the Directors, as the chief 
operating decision-making body, review financial information for the Group's overall business and have identified a single operating segment at 
cost and asset/liability levels. Accordingly, further disclosure has not been made of these elements.
4 OPERATING PROFIT 
2016  
£000s
2015  
£000s
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment 120 149
Depreciation of property, plant and equipment held under finance leases 14 13
Gain on disposal of property, plant and equipment (30) (30)
Amortisation of intangible assets 597 368
Write back of loans – 80
Gain on disposal of intangible assets (13) –
Research and Development tax credits – (46)
Share-based payments (note 25) 192 12
Operating lease charges (including rent) 724 459
The Group's subsidiary RealCube Limited has undertaken research and development activities on which tax credits were received in the prior 
year. Expenses in relation to this are included within employment costs.
5 AUDITOR'S REMUNERATION 
2016  
£000s
2015  
£000s
Fees payable to the Company's auditor and its associates:
For audit services
Audit of the financial statements of the Group and Company 15 15
Audit of the Company's subsidiaries 25 25
40 40
No non-audit services were provided to the Group by its auditors.
6 EMPLOYEES 
The average monthly number of persons (including Directors) employed by the Group during the year was:
2016  
Number
2015  
Number
Sales and administration 184 180
Directors 5 5
189 185
Their aggregate remuneration comprised:
2016  
£000s
2015  
£000s
Wages and salaries 5,718 5,087
Social security costs 511 508
Pension costs 89 110
6,318 5,705
Details of Directors' remuneration is provided in note 31.
7 FINANCE INCOME 
2016  
£000s
2015  
£000s
Interest income
Interest on bank & similar deposits 4 1
Interest on other financial instruments – 3
Finance income on financial assets held at amortised cost – 13
Total interest revenue 4 17
Income from non-current asset investments
Gain on disposal of financial assets held for trading – 71
Total income 4 88
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss 4 15 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
48 49 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
8 FINANCE COSTS 
2016  
£000s
2015  
£000s
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans 98 71
Interest on finance leases 13 14
111 85
Other finance costs:
Unwinding of discount on loans and borrowings 50 89
Unwinding of discount on provisions 7 9
57 98
Total finance costs 168 183
9 TAXATION 
2016  
£000s
2015  
£000s
Current tax
UK corporation tax on profits for the current period 246 221
Adjustments in respect of prior periods (1) (1)
Total current tax 245 220
Deferred tax
Origination and reversal of temporary differences (31) (58)
Changes in tax rates (21) (4)
Deferred tax on share-based payments charge (12) –
Total deferred tax (64) (62)
Total tax charge 181 158
The charge for the year can be reconciled to the profit per the Consolidated Statement of Comprehensive Income as follows:
2016  
£000s
2015  
£000s
Profit before taxation 987 880
Expected tax charge based on a corporation tax rate of 20% (2015 – 20%) 197 176
Tax effect of expenses that are not deductible in determining taxable profit 4 31
Tax effect of utilisation of tax losses not previously recognised (6) –
Change in unrecognised deferred tax assets – (7)
Effect of change in corporation tax rate (21) (4)
Permanent capital allowances in excess of depreciation – (3)
Depreciation on assets not qualifying for tax allowances 2 –
Amortisation on assets not qualifying for tax allowances 8 –
Share based payment charge (5) 2
Under provided in prior years (1) (1)
Other adjustments 3 (36)
Total tax charge 181 158
In addition to the amount charged to the income statement and other comprehensive income, the following amounts relating to tax have been 
recognised directly in equity:
2016  
£000s
2015  
£000s
Deferred tax:
Change in estimated excess tax deductions related to share based payments (52) –
The UK corporation tax rate was 20%, throughout the year.
A reduction in the UK corporation tax rate from 20% to 19% (effective from 1 April 2017) was substantively enacted in October 2015. Further 
reduction to 17% (effective from 1 April 2020) was substantively enacted in September 2016. These rates have therefore been considered 
when calculating deferred tax at the reporting date. Deferred tax balances at the reporting date are measured at 18% (2015: 19%), except for 
on share options which are expected to be exercised before 1 April 2020 and as such are measured at 19%.
10 DIVIDENDS
2016  
per share
2015  
per share
2016  
£000s
2015  
£000s
Amounts recognised as distributions to equity holders:
Final paid (pence per share) 1.00 – 283 –
Interim paid (pence per share) 0.60 0.50 170 141
1.60 0.50 453 141
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
50 51 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
10 DIVIDENDS CONTINUED
The proposed final dividend for the year ended 31 December 2016 is:
Per  
share
2016  
Total  
£000s
Ordinary shares (pence per share) 1.30 372
The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.
11 EARNINGS PER SHARE 
The calculation of the basic and diluted earnings per share is based on the following data: 
2016  
£000s
2015  
£000s
Earnings
Earnings for the purpose of basic earnings per share being net profit attributable to owners of the parent 806 726
Effects of dilutive potential ordinary shares – –
Earnings for the purposes of diluted earnings per share 806 726
2016  
No.
2015  
No.
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share 28,365,454 26,317,492
Net weighted average number of diluted potential ordinary shares for the purposes of diluted earnings per share 1,264,396 945,051
Weighted average number of ordinary shares for the purposes of diluted earnings per share 29,629,850 27,262,543
Basic earnings per share (pence per share) 2.84 2.76
Diluted earnings per share (pence per share) 2.72 2.66
In each period there were share options outstanding. As at 31 December 2016 these were mostly in the money, and are due to expire at 
various stages over the next 10 years.
The Directors use adjusted earnings before time-value interest, investment revenue, amortisation, costs of acquisition, and share-based 
payment expenses ("Adjusted Earnings") as a measure of ongoing profitability and performance. The calculated Adjusted Earnings for the 
current period of accounts is as follows:
2016  
£000s
2015  
£000s
Profit after taxation attributable to equity holders of the parent 806 726
Adjusted for:
Time-value interest costs 57 99
Investment revenues (4) (15)
Amortisation 597 368
Costs of acquisition 30 57
Share-based payment expense 192 12
Adjusted Earnings 1,678 1,247
Basic Adjusted Earnings per share (pence per share) 5.92 4.74
12 GOODWILL AND OTHER INTANGIBLE ASSETS
Group
Goodwill 
£000s
Software 
£000s
FDG's & 
rebrands 
£000s
Brands  
£000s
Customer 
lists  
£000s
Total  
£000s
Cost
At 1 January 2015 3,579 – 348 465 164 4,556
Additions – separately acquired – 86 780 – – 866
Additions – business combinations 429 507 – 169 1,498 2,603
Disposals – – (10) – – (10)
At 31 December 2015 4,008 593 1,118 634 1,662 8,015
Additions – separately acquired – 27 857 3 – 887
Additions – business combinations – – – – 378 378
Disposals – – (36) – – (36)
At 31 December 2016 4,008 620 1,939 637 2,040 9,244
Amortisation and impairment
At 1 January 2015 35 – 45 19 136 235
Amortisation charged for the year – 40 84 58 186 368
At 31 December 2015 35 40 129 77 322 603
Amortisation charged for the year – 85 131 64 317 597
Disposals – – (7) – – (7)
At 31 December 2016 35 125 253 141 639 1,193
Carrying amount
At 31 December 2016 3,973 495 1,686 496 1,401 8,051
At 31 December 2015 3,973 553 989 557 1,340 7,412
The Company had no intangible assets as at 31 December 2016 or 31 December 2015.
Franchise Development Grants ("FDG’s") and rebrand costs are expenses incurred at the inception of certain contracts with franchisees 
in order to assist with the transition to using the Hunters brand name. The amounts invested are amortised over the minimum life of the 
underlying franchise contract, typically 10 to 15 years.
The Group tests goodwill annually for impairment, or more frequently if events or changes in circumstances indicate that the asset might be 
impaired. Goodwill is assessed for impairment by comparing the carrying values with the value-in-use calculation, which is determined by 
calculating the net present value (NPV) of future cash flows arising from the original acquired business.
The NPV of future cash flows is based on budgets and forecasts for the next 5 years to 2021, using growth rates of 0%-6% based on  
past experience and outlook. Thereafter growth is assumed to be 0-3% in to perpetuity based on long-term housing sector growth rates.  
A discount rate of 7% has been used based on the Group's estimated cost of capital.
The key sensitivities in assessing the value in use of goodwill are forecast cashflows and the discount rate applied as follows:
• A 1% reduction in long-term growth rates would have no impact on carrying values; and
• A 2% increase in the discount applied would have no impact on carrying values. 
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
52 53 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
12 GOODWILL AND OTHER INTANGIBLE ASSETS CONTINUED
The carrying amounts of goodwill have been assigned to the following cash-generating units: 
Group
2016  
£000s
2015  
£000s
Residential sales 1,330 1,330
Lettings 561 561
Franchising 2,048 2,048
Other 34 34
3,973 3,973
13 PROPERTY, PLANT AND EQUIPMENT 
Group
Leasehold 
land and 
buildings 
£000s
Plant and 
machinery 
£000s
Fixtures, 
fittings and 
equipment 
£000s
Motor 
vehicles 
£000s
Total  
£000s
Cost
At 1 January 2015 102 307 22 122 553
Additions 3 54 10 9 76
Business combinations – 1 5 – 6
Disposals – – – (48) (48)
Transfers (93) 93 – – –
At 31 December 2015 12 455 37 83 587
Additions 4 43 174 5 226
Disposals – (1) – (48) (49)
At 31 December 2016 16 497 211 40 764
Depreciation and impairment
At 1 January 2015 5 96 5 27 133
Depreciation charged in the year 6 91 13 52 162
Eliminated in respect of disposals – – – (48) (48)
Transfers (2) 2 – – –
At 31 December 2015 9 189 18 31 247
Depreciation charged in the year 2 87 15 30 134
Eliminated in respect of disposals – – – (46) (46)
At 31 December 2016 11 276 33 15 335
Carrying amount
At 31 December 2016 5 221 178 25 429
At 31 December 2015 3 266 19 52 340
The Company had no property, plant and equipment assets at 31 December 2016 or 31 December 2015. 
The net carrying value of property, plant and equipment includes the following in respect of assets held under finance leases or hire purchase 
contracts, which are secured by the lessors' title to the assets. The depreciation charge in respect of such assets amounted to £24,622 (2015 – 
£13,125) for the year.
Group
2016  
£000s
2015  
£000s
Fixtures, fittings and equipment 172 –
Plant and machinery – 64
Motor vehicles 11 27
183 91
Bank borrowings are secured by a fixed and floating charge over the current and future assets of the Group that include the property plant 
and equipment, as disclosed further in note 17.
14 INVESTMENTS
Group Company
Notes
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Investments in subsidiaries 33 – – 867 867
Other investments in subsidiaries 33 – – 204 12
Unlisted investments 1 1 – –
1 1 1,071 879
Movements in non-current investments 
Group
Loans  
£000s
Shares  
£000s
Total  
£000s
Cost or valuation
At 1 January 2015 74 1 75
Additions – 192 192
Unwinding of discount 7 – 7
Transfer to intercompany receivable (81) – (81)
Disposals – (192) (192)
At 31 December 2015 – 1 1
Additions – – –
Disposals – – –
At 31 December 2016 – 1 1
Impairment
At 1 January 2015 & 31 December 2015 – – –
Carrying amount
At 31 December 2016 – 1 1
At 31 December 2015 – 1 1
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
54 55 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
14 INVESTMENTS CONTINUED
Movements in non-current investments 
Company
Equity 
investments 
in subsidiaries 
£000s
Other 
investments 
in subsidiaries 
£000s
Total  
£000s
Cost or valuation
At 1 January 2015 – – –
Additions 867 – 867
Additions through share based payment expense – 12 12
At 31 December 2015 867 12 879
Additions through share based payment expense – 192 192
At 31 December 2016 867 204 1,071
Impairment
At 31 December 2016 – – –
At 31 December 2016 – – –
Carrying amount
At 31 December 2016 867 204 1,071
At 31 December 2015 867 12 879
15 BUSINESS COMBINATIONS 
Acquisition of two Manchester lettings books 
During the year, the Group acquired two Manchester lettings books. The consideration paid totalled £310,000, being settled in cash.
As part of the acquisitions, the Directors have identified intangible assets, being the lettings books. This was determined to be equal to the 
amount paid for the book, after adjustment for deferred tax. Historical data and forecasts have been used, together with an appropriate 
discount rate and an assumption of a useful life of each lettings book to estimate the fair value of this intangible. 
Carrying 
value  
£000s
Fair value 
adjustments 
£000s
Fair value 
recognised 
on acquisition 
£000s
Assets
Intangible assets – 378 378
Total assets – 378 378
Liabilities
Deferred tax liabilities – 68 68
Total liabilities – 68 68
Total identifiable net assets – 310 310
Goodwill arising on acquisition –
Purchase consideration transferred 310
The analysis of the cash flows on acquisition is:
£000s
Transaction costs of the acquisition (15)
Cash and cash equivalents acquired on combination –
Cash and cash equivalents paid for the combination (310)
Net cash flow on acquisition (325)
From the date of acquisition, the lettings books contributed £107,675 of revenue and £65,988 of profit before tax from continuing operations 
of the Company.
In addition to the above, the business combination acquisition expenses disclosed on the face of the Consolidated Statement of 
Comprehensive Income includes £15,000 (2015 – £nil) of expenses accrued for due diligence performed on a target business, which was 
completed on 24 March 2017 as disclosed further in note 30. 
16 TRADE AND OTHER RECEIVABLES 
Group Company
Amounts falling due within one year:
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Trade receivables 852 871 – –
Amounts due from subsidiary undertakings – – 3,120 2,929
Other receivables 144 266 – –
Prepayments and accrued income 456 492 – –
1,452 1,629 3,120 2,929
Trade receivables at the reporting date are shown above net of provisions.
Trade receivables are stated net of impairment for estimated irrecoverable amounts of £93,271 (2015: £124,957). This impairment has been 
determined by reference to past default experience and known issues. Write offs are made when the irrecoverable amount becomes certain. 
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Movement on the allowance for irrecoverable amounts on trade receivables are as follows:
2016  
£000s
2015  
£000s
Beginning of the year 125 41
Acquired on business combinations – 30
Provision for bad receivables 15 69
Released during the year (47) (15)
End of the year 93 125
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
56 57 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
16 TRADE AND OTHER RECEIVABLES CONTINUED
An analysis of the trade receivables past due but not impaired is:
2016  
£000s
2015  
£000s
60 to 120 days 27 66
More than 120 days 135 129
Less provision (93) (125)
Total trade receivables past due but not impaired 69 70
Add:
Less than 60 days 783 801
Net trade receivables 852 871
The Directors consider the credit quality of trade and other receivables that are neither past due nor impaired to be good. 
17 BORROWINGS 
Group
2016  
£000s
2015  
£000s
Deferred consideration debenture loans 287 618
Bank loans 2,072 1,705
2,359 2,323
Payable within one year 366 1,014
Payable after one year 1,993 1,309
During the year, the Group replaced the five bank loans with two new flexible loan facilities.
The first loan has a maximum facility amounting to £4,550,000; at the year end £1,725,106 had been drawn down and is disclosed as payable 
after one year. The loan has flexible repayment terms and bears interest at 2.80% above Libor.
The second loan received in the year amounted to £450,000; at the year end £434,913 was outstanding. The loan is repayable at £90,000 per 
annum and bears interest at 2.80% above Libor.
Included within the above are establishment fees of £88,000 (2015 – £nil) which are netted off the total liability presented.
Both the above bank loans are secured by a fixed and floating charge over the current and future assets of the Group. All of the Group's 
borrowings are due for repayment within five years.
Debenture loans relate to non-interest bearing loan notes issued as deferred consideration which are redeemable in full on 31 July 2017. These 
are carried at their present value, determined using the Company's discount rate of 10%, and are carried at £287,382 as at the year end. 
Finance costs are recognised as the debenture loan unwinds towards maturity.
18 OBLIGATIONS UNDER FINANCE LEASES 
Future minimum lease payments due under finance leases: 
Group
2016  
£000s
2015  
£000s
Within one year 58 44
In two to five years 97 32
155 76
Less: future finance charges (27) (9)
128 67
The finance leases relate to improvements and furniture for use in the Head Office, and to motor vehicles included within non-current assets. 
There are no lease incentives or contingent elements attracting to the leases.
19 CURRENT TRADE AND OTHER PAYABLES 
Group Company
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Other taxation and social security 711 925 – –
Trade payables 645 556 – –
Other payables 260 213 – –
Accruals and deferred income 760 798 27 26
2,376 2,492 27 26
20 NON-CURRENT TRADE AND OTHER PAYABLES 
Group Company
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Other payables 52 68 – –
21 FINANCIAL INSTRUMENTS 
Market and liquidity risks 
The Group trades entirely within the UK property market, and accordingly there is a risk relating to the underlying performance of that 
market; this creates an exposure to the risk of large-scale failure in the property trading market which would have a corresponding impact on 
the results of the Group. The Directors monitor this risk closely with the intention to foresee downturns in trade.
Within the Group there exists a sizeable lettings division which generates a fixed percentage income based on the letting and management 
of properties owned by third parties, and the Directors consider this to be a more secure income stream and a suitable diversification of the 
trade and corresponding risk, based on historic performance whereby a downturn in the property trading market creates more buoyancy 
within the lettings market, and vice versa. As such, the Directors believe that the Group maintains sufficient liquidity and flexibility to continue 
trading through a potential downturn in the UK property market.
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
58 59 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
21 FINANCIAL INSTRUMENTS CONTINUED
Market and liquidity risks continued
In the year the Group refinanced its bank borrowings as further explained in note 17. The Group has a bank loan and loan facility upon which 
interest is charged at 2.8% over the Bank of England base rate. The outstanding value of these bank loans at the year end are £2,160,019 (2015 
– £1,705,295). The Directors do not consider that the Group is exposed to a material risk from fluctuations in these interest rates; had the 
base rate been 2.0% higher throughout the increased interest costs would have been approximately £43,000 (2015 – £31,000).
The Group makes use of structured loans to finance its acquisitions and ongoing trading activities as an alternative to overdraft financing, due 
to the certainty of repayment timings and predictable lower interest rates which attract to this. Accordingly, the Directors consider that the 
market risks arising from these interest-bearing loans are acceptable and minimal on a risk-reward profile compared to overdraft finance.
Similarly, fixed rate finance lease agreements are used to acquire property, plant and equipment; this ensures that the Group maintains its 
existing working capital and ensures certainty of costs at the point of acquisition of those assets.
The Group does not trade in overseas markets and has no financial instruments denominated in non-Sterling currencies, and accordingly it has 
no exposure to currency risks.
Credit risk 
The Group does not make sales under the traditional credit term agreement model, with cash typically being recognised at the completion 
date of property or upon receipt of regular rent from tenants; credit is, however, granted to franchisees, financial services partners and survey 
& valuation partners.
The highest risk exposure is in relation to loans and franchisees. The Group closely monitors the performance of its franchisees, on a frequent 
and ongoing basis. Operationally the Group are actively involved in the running of the franchising businesses, including frequent exchange of 
financial and key performance data, and are able to manage their own credit risk by using this knowledge to minimise exposure to potential 
bad debt. Additionally, franchisees are encouraged to remit via Direct Debit arrangements, which helps to maintain the Group’s working 
capital whilst mitigating against long-term credit risk exposure.
Only reputable and accredited partners are used, and ledger balances are carefully monitored to minimise exposure to material credit risk.
Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns 
for shareholders and other stakeholders. The Group manages the capital structure, being cash and cash equivalents, availability of longer term 
bank funding, and reinvestment of a proportion of profits generated, and makes changes in light of movements in economic conditions. In 
order to maintain or adjust the capital structure, the Group may adjust its borrowings and investment decisions. The most substantial change 
during the year to 31 December 2016 is the replacement of bank borrowing arrangements.
 Group Company
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Carrying amount of financial assets
Debt instruments measured at amortised cost 2,182 2,348 3,120 2,929
Equity instruments measured at cost less impairment 1 1 – –
2,183 2,349 3,120 2,929
Carrying amount of financial liabilities
Measured at amortised cost 3,442 3,227 26 26
The undiscounted contractual maturity analysis for Group financial instruments is shown below. The maturity analysis reflects the contractual 
undiscounted cashflows, including future interest charges, which may differ from the carrying value of the liabilities as at the reporting date. 
Demand and 
less than 3 
months
From  
3 to 12 
months
From  
12 months  
to 2 years
From 2  
to 5 years Total
Financial assets
Trade and other receivables 1,137 – – – 1,137
Cash and cash equivalents 1,211 – – – 1,211
As at 31 December 2015 2,348 – – – 2,348
Trade and other receivables 996 – – – 996
Cash and cash equivalents 1,187 – – – 1,187
As at 31 December 2016 2,183 – – – 2,183
Demand and 
less than 3 
months
From  
3 to 12 
months
From  
12 months  
to 2 years
From 2  
to 5 years Total
Financial assets
Trade and other payables 751 182 23 39 995
Debenture loans – 375 295 – 670
Bank loans and overdrafts 130 477 485 614 1,706
Other loans – 19 – – 19
Finance leases 9 28 30 – 67
As at 31 December 2015 890 1,081 833 653 3,457
Trade and other payables 887 17 23 17 944
Debenture loans – 295 – – 295
Bank loans and overdrafts 23 56 90 1,904 2,073
Other loans – 19 – – 19
Finance leases 8 38 26 55 127
As at 31 December 2016 918 425 139 1,976 3,458
22 PROVISIONS FOR LIABILITIES 
Group
Notes
2016  
£000s
2015  
£000s
Contingent acquisition costs 20 37
Office dilapidations provision 46 38
66 75
Deferred tax liabilities 23 456 465
522 540
   
 
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
60 61 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
22 PROVISIONS FOR LIABILITIES CONTINUED
Movements on provisions apart from deferred tax liabilities: 
Contingent 
acquisition 
costs  
£000s
Office 
dilapidations 
provision 
£000s
Total  
£000s
Group
At 1 January 2015 119 32 151
Additional provisions in the year – 3 3
Reversal of provision (5) – (5)
Utilisation of provision (83) – (83)
Unwinding of discount 6 3 9
At 31 December 2015 37 38 75
Additional provisions in the year – 4 4
Reversal of provision (20) – (20)
Unwinding of discount 3 4 7
At 31 December 2016 20 46 66
The contingent acquisition costs relate to amounts provided in respect of contingent payments due arising from the acquisition of Hunters 
Group Limited during the year to 31 December 2014. The provision is discounted to present value, with £20,000 (£19,462 discounted) falling 
contingently payable in July 2017.
The office dilapidations provision has been created in respect of restoration costs anticipated for an office leased by the Group. The provision 
is anticipated to result in an ultimate cash outflow of £75,000 by the end of 2019.
23 DEFERRED TAXATION
The following is the analysis of the deferred tax balances for financial reporting purposes:
Liabilities Assets
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Group
Accelerated capital allowances 46 19 – –
Decelerated capital allowances – – – 17
Fair value adjustments to intangible assets on business combinations 410 446 – –
Share based payments – – 64 –
Dilapidations provision – – 8 7
Other provisions and accruals – – 10 19
456 465 82 43
The Company did not have any deferred tax balances as at 31 December 2016 or 31 December 2015.
Group
2016  
£000s
2015  
£000s
Movements in the year:
Net liability at 1 January 2016 422 74
Credit to profit and loss (43) (58)
Charge to equity (52) –
Effect of change in tax rate – income statement (21) (4)
Acquired on business combinations 68 410
Net liability at 31 December 2016 374 422
Movements by category of deferred tax are as follows:
Liability/
(asset) at  
1 January  
2015
Charge  
to profit  
or loss
Effect  
of change  
in tax rate
Acquired 
on business 
combinations 
& other
Liability/
(asset) at  
31 December 
2015
Accelerated capital allowances 28 (9) – – 19
Decelerated capital allowances (17) – – – (17)
Fair value adjustments to intangible assets  
on business combinations 108 (68) (4) 410 446
Dilapidations provision (6) (1) – – (7)
Other provisions and accruals (11) (8) – – (19)
Prior year adjustment (28) 28 – – –
Net deferred tax movement 74 (58) (4) 410 422
Liability/
(asset) at  
1 January 
2016
Charge  
to profit  
or loss
Effect  
of change  
in tax rate
Acquired 
on business 
combinations 
& other
Liability/
(asset) at  
31 December 
2016
Accelerated capital allowances 19 30 (3) – 46
Decelerated capital allowances (17) 17 – – –
Fair value adjustments to intangible assets  
on business combinations 446 (85) (19) 68 410
Dilapidations provision (7) (1) – – (8)
Share based payments – (12) – (52) (64)
Other provisions and accruals (19) 8 1 – (10)
Net deferred tax movement 422 (43) (21) 16 374
Within RealCube Limited there exists tax losses totalling £431,528 on which no deferred tax asset is recognised, due to restrictions on the use 
of these losses and uncertainty on timing of potential utilisation. 
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
62 63 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
24 RETIREMENT BENEFIT SCHEMES
2016  
£000s
2015  
£000s
Defined contribution schemes
Charge to profit and loss in respect of defined contribution schemes 89 110
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of 
the Group in an independently administered fund.
25 SHARE-BASED PAYMENT TRANSACTIONS
Number of share options
Weighted average  
exercise price
2016  
Number
2015  
Number
2016  
£
2015  
£
Group
Outstanding at 1 January 2016 1,794,967 931,250 0.43 0.16
Granted 675,000 887,156 0.04 0.54
Exercised (349,657) (23,439) 0.19 0.42
Expired (53,250) – 0.73 –
Outstanding at 31 December 2016 2,067,060 1,794,967 0.23 0.28
Exercisable at 31 December 2016 935,060 353,467 0.25 0.43
The options exercised during the year had a weighted average share price on the date of exercise of £0.773.
The options outstanding at 31 December 2016 had an exercise price ranging from £0.04 to £0.73, and a remaining contractual life ranging 
between May 2017 and January 2026.
The options exist at 31 December 2016 across the following share option schemes: 
Number  
of shares
Exercise  
price per 
share (£)
Fair value  
of scheme
Vesting  
period
Option name & date of issue
Employee share options 625,000 0.16 – 3 years
Options issued January 2015 150,000 0.40 9,455 3 years
Options issued May 2015 310,060 0.42 7,233 2 months
Options issued December 2015 307,000 0.73 1,063 3 years
Options issued January 2016 – 1 175,000 0.04 99,371 1 year
Options issued January 2016 – 2 175,000 0.04 97,429 2 years
Options issued January 2016 – 3 175,000 0.04 95,524 3 years
Options issued January 2016 – 4 150,000 0.04 81,681
Up to  
3.25 years
2,067,060 391,756
The fair value of the schemes are being expensed over the vesting period. All share options expire 10 years after the date of issue. 
Fair value of options granted 
The weighted average fair value of options granted during the year was £0.55 per share. Fair value was measured using the Black-Scholes model.
Inputs were as follows:
January 
options 1  
£
January 
options 2  
£
January 
options 3  
£
January 
options 4  
£
Weighted average share price 0.76 0.76 0.76 0.76
Weighted average exercise price 0.04 0.04 0.04 0.04
Expected volatility 2.30% 2.30% 2.30% 2.30%
Risk free rate 0.61% 0.61% 0.61% 0.61%
Expected dividends yields 1.90% 1.90% 1.90% 1.90%
The 4th options were granted to a member of the Board and are contingent on certain events occurring, for which it is not possible to specify 
an exact date. Once such an event has taken place, the options can be immediately exercised. The Directors have modelled the probability 
of that event occurring and have determined that on a weighted average basis the options are most likely to have an exercise date of 30 April 
2019, and accordingly the expense of these share options is being recognised to that date.
The expected volatility is based on an assessment of the Group's historical volatility, adjusted where applicable for anticipated changes  
in the market.
Group Company 
  
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
Expenses recognised in the year
Arising from equity settled share based payment transactions 192 12 – –
26 SHARE CAPITAL
Group and Company
2016  
£000s
2015  
£000s
Ordinary share capital 
Issued and fully paid
28,636,649 Ordinary of 4p each 1,145 1,131
The Company's sole class of equity shares carry one vote per share, and rank pari-passu in respect of dividend and capital distribution rights.
Ordinary 
Number
Reconciliation of movements during the year:
At 1 January 2016 28,286,992
Issue of fully paid shares 349,657
At 31 December 2016 28,636,649
During the year, 349,657 share options were exercised at a total premium of £53,245.
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
64 65 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
27 SHARE PREMIUM ACCOUNT 
Group Company
2016  
£000s
2015  
£000s
2016  
£000s
2015  
£000s
At beginning of year 2,579 – 2,579 –
Issue of new shares 53 3,337 53 3,337
Share issue expenses – (758) – (758)
Other movements 1 – 1 –
At end of year 2,633 2,579 2,633 2,579
During the period, shares were issued at a premium of £53,245, which related to the exercise of share options granted in prior periods. On 
exercise, a transfer of £1,013 has been recognised from other reserves in respect of the fair value of share options expensed matching to the 
shares issued. 
28 GUARANTEES AND CONTINGENT LIABILITIES
At 31 December 2016, the Group and Company had no guarantees or contingent liabilities (2015 – none) other than the borrowings disclosed 
in note 17 and secured over the assets of the Group including the Company.
At 31 December 2016 the Group held client monies in approved bank accounts amounting to £4,481,494 (2015: £3,496,720). Neither the cash 
asset nor any corresponding obligation has been recognised by the Group.
29 OPERATING LEASE COMMITMENTS
Lessee
Operating leases relating to land and buildings are on normal commercial terms with no rent-free periods or other incentives, and include 
requirements to restore sites at the end of the agreements for which amounts have been provided for. Other agreements relate to motor 
vehicles on terms of one to three years, with no lease incentives.
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating 
leases, which fall due as follows:
Group
2016  
£000s
2015  
£000s
Land and buildings
Within one year 617 614
Between two and five years 1,661 1,937
In over five years 1,763 2,265
4,041 4,816
Other
Within one year 22 40
Between two and five years 1 21
23 61
4,064 4,877
30 EVENTS AFTER THE REPORTING DATE 
Acquisitions
On 24 March 2017, the Group purchased the trade and assets of Besley Hill Franchising Limited ("Besley Hill") for £2,300,000 in cash, together 
with £250,000 settled by way of issue of 421,578 new ordinary shares at a premium of £0.55301 per share, with these shares subject to a 
twelve month lock-in agreement. The most recent accounts of Besley Hill, to 31 March 2016, showed revenue of £914,570 and an unadjusted 
profit before tax of £18,238. As at the date of approval of the financial statements, the Directors are still assessing the fair values acquired and 
accordingly have not presented further information in respect of the acquisition nor on its expected impact on Group results.
Other than the issue of shares to the vendors as noted above, the acquisition was financed through a combination of existing cash, a 
£1,000,000 extension to the group's revolving credit facility, and the new issue of 2,400,000 ordinary shares at a premium of £0.51 per share.
Besley Hill currently operates from fifteen offices across counties in the south west of England, all of which will come into the Hunters network 
through their franchise agreements, and the business combination will increase the Group's geographic penetration in the south west.
31 DIRECTORS' REMUNERATION AND TRANSACTIONS 
2016  
£000s
2015  
£000s
Remuneration for qualifying services 465 397
Remuneration recognised in share premium – 33
Company pension contributions to defined contribution schemes 25 28
490 458
The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2015 – 3).
During the year to 31 December 2016 the Directors received remuneration as follows:
Salary  
£000s
Bonus  
£000s
Benefits  
in kind  
£000s
Pension 
£000s
Total  
£000s
Director
Ms G Frew 112 50 3 11 176
Mr H Hill 54 – – – 54
Mr K Hollinrake 59 – 2 3 64
Mr E Jones 104 49 2 11 166
Mr D Fielding 30 – – – 30
Total 359 99 7 25 490
During the year to 31 December 2015 the Directors received remuneration as follows:
Salary  
£000s
Bonus  
£000s
Benefits  
in kind  
£000s
Pension 
£000s
Total  
£000s
Director
Ms G Frew 91 37 12 8 148
Mr H Hill 50 – – – 50
Mr K Hollinrake 71 – 11 10 92
Mr E Jones 89 35 11 10 145
Mr D Fielding 23 – – – 23
Total 324 72 34 28 458
     
For the year ended 31 December 2016
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
66 67 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
31 DIRECTORS' REMUNERATION AND TRANSACTIONS CONTINUED
Share options
On 28 January 2016 awards were made under the Hunters Property Senior Executive Share Option Scheme (the “Share Scheme”) to certain 
Executive Directors. Chief Executive, Harry Hill was separately granted share options as described below.
The Share Scheme has been introduced in order to incentivise and retain key members of the executive management team, and to drive 
shareholder value creation. Share options granted over ordinary shares of 4p each in the Company (“Ordinary Shares”) under the Share 
Scheme (“Share Options”) vest, subject to the achievement of certain earnings per share performance conditions, as to one third following the 
end of each of the Company’s current and two subsequent financial years. The exercise price of the Share Options is 4 pence per Ordinary 
Share. Share Options which have vested are exercisable following the preliminary announcement of the Company’s results for the financial 
year. Subject to the rules of the Scheme, Share Options lapse 10 years after the date of grant.
Number of 
options granted 
under the share 
scheme
% of the existing 
issued share 
capital at grant 
date
Director
Kevin Hollinrake 100,000 0.35%
Glynis Frew 150,000 0.53%
Ed Jones 150,000 0.53%
Opti ons 	 a war d 	 to 	 Chief 	 E x ecutiv e
On 28 January 2016 Harry Hill was granted an option over 150,000 Ordinary shares, exercisable at a price of 4 pence per Ordinary share, 
which vests upon the fulfilment of certain strategic performance conditions. The option may be exercisable in whole or in part (in tranches of 
not less than 25,000 Ordinary shares) at any time after it has vested. Subject to the provisions of the option agreement between the Company 
and Harry Hill, the option lapses 10 years after the date of grant.
No Directors exercised share options during the current or prior year.
During the year the Directors of the Group received dividends as follows: 
2016  
£000s
2015  
£000s
Director
Ms G Frew 28 9
Mr H Hill 3 –
Mr K Hollinrake 67 21
Mr E Jones 58 18
Mr D Fielding 1 –
157 48
The Directors advanced loans to the Group in the prior year as follows: 
2016  
£000s
2015  
£000s
Ms G Frew
Brought forward – 13
Advanced during the year – –
Repaid during the year – (13)
Carried forward – –
Mr K Hollinrake
Brought forward – 12
Advanced during the year – –
Repaid during the year – (12)
Carried forward – –
Mr E Jones
Brought forward – 27
Advanced during the year – –
Repaid during the year – (27)
Carried forward – –
32 RELATED PARTY TRANSACTIONS
Remuneration of key management personnel
The key management personnel are considered to be the Board of Directors and members. Refer to note 31 for details of key management 
personnel remuneration.
Transactions with related parties 
During the year the Group entered into the following transactions with related parties:
Purchase of services
2016  
£000s
2015  
£000s
Group
RealCube Limited (prior to acquisition by Group) – 49
No guarantees have been given or received by the Group.
For the year ended 31 December 2016
Notes to the financial statements (continued) 68 69 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
69 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Advisers
Company Secretary
Edward Anthony Jones
Registered Office 
Apollo House  
Eboracum Way  
Heworth Green 
York  
YO31 7RE
Website
www.hunters.com
Nominated Adviser and Broker
SPARK Advisory Partners Limited 
5 St John’s Lane 
London 
EC1M 4BH 
Dowgate Capital Stockbrokers Limited 
Talisman House 
Jubilee Walk 
Three Bridges 
West Sussex 
RH10 1LQ
Solicitors to the Company
Spearing Waite LLP  
34 Pocklingtons Walk  
Leicester 
LE1 6BU
Auditor
Mazars LLP 
Tower Bridge House  
St Katharine’s Way  
London 
E1W 1DD
Registrar
Neville Registrars Limited  
Neville House 
18 Laurel Lane 
Halesowen  
B63 3DA
FINANCIAL STATEMENTS
33 SUBSIDIARIES 
Details of the Company's subsidiaries at 31 December 2016 are as follows:
% Held
Name of undertaking and country of incorporation or residency Nature of business Class of shareholding Direct Indirect
Hunters Property Group Limited England & Wales Estate agents Ordinary 100.00
Hunters Franchising Limited England & Wales Franchising of estate agents Ordinary 100.00
Hunters Partners Limited England & Wales Franchising of estate agents Ordinary 100.00
Greenrose Network (Franchise) Limited England & Wales Franchising of estate agents Ordinary 100.00
Hunters Group Limited England & Wales
Intermediate holding 
company Ordinary 100.00
Hunters (Midlands) Limited England & Wales Estate agents Ordinary 100.00
RealCube Technology Limited England & Wales
Intermediate holding 
company Ordinary 100.00
RealCube Limited England & Wales Software Ordinary 100.00
Hunters Financial Services Limited England & Wales Financial services Ordinary 100.00
Hapollo Limited England & Wales
Lettings and management  
of office spaces Ordinary 100.00
Hunters Land & New Homes Limited England & Wales Dormant Ordinary 100.00
Maddison James Limited England & Wales Dormant Ordinary 100.00
Hunters Survey & Valuation Limited England & Wales Dormant Ordinary 100.00
Herriot Cottages Limited England & Wales Dormant Ordinary 100.00
The registered office of Hunters Group Limited, Hunters (Midlands) Limited, Hunters Financial Services Limited, and Hunters Survey & 
Valuation Limited is 1626 High Street, Knowle, Solihull, West Midlands, B93 0JU. All other subsidiaries have the same registered office as  
the Company.
The investments in subsidiaries are all stated at cost less impairment in the financial statements.
 
For the year ended 31 December 2016
Notes to the financial statements (continued) Hunters Property Plc – Annual Report & Accounts 2016
SALES / LETTINGS / MANAGEMENT
HUNTERS PROPERTY PLC 
APOLLO HOUSE, EBORACUM WAY, HEWORTH GREEN, 
YORK, NORTH YORKSHIRE, YO31 7RE
WWW.HUNTERS.COM