Hunters Property Plc 
Annual Report & Accounts 
2015
SALES / LETTINGS / MANAGEMENT
Hunters Property Plc – Annual Report & Accounts 2015
SALES / LETTINGS / MANAGEMENT
HUNTERS PROPERTY PLC 
APOLLO HOUSE, EBORACUM WAY, HEWORTH GREEN, 
YORK, NORTH YORKSHIRE, YO31 7RE
WWW.HUNTERS.COM
A vision to 
be the nation's 
favourite 
estate agent.
SALES / LETTINGS / MANAGEMENT A vision to 
be the nation's 
favourite 
estate agent.
SALES / LETTINGS / MANAGEMENT
Contents
The Hunters difference
 
SEE PAGE 06
Our strategy
 
SEE PAGE 12
Our brand
 
SEE PAGE 08
Financial review
 
SEE PAGE 18
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 been recognised three 
times in the Sunday Times Best Small 
Companies to Work For survey; won the 
“Best Agent” in the Home Sale Network 
(now the Relocation Agent Network) 
twice; and secured Investors in People 
accreditation at Head Office level. This, 
alongside its strong reputation for good 
customer service and national marketing 
activity, 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 63 branches in two years to 
December 2015 on top of its acquisition 
of the Country Properties franchised 
network. Network Income increased 
between 2008 and 2015 by a compound 
annual growth rate of 27% (2014: 24%).  
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.
25%
Lettings CAGR 
between  
2011 and 2015 7%
Sales CAGR  
between  
2011 and 2015
£5.7m to
£30.2m
Network Income 
increase  
2008 to 2015
+56%
Revenue 
increase for the 
2011acquisition 
branches
+29
%
Revenue for 
independent 
agents converting 
to Hunters
STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
08 09 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Our brand
Involved
Invest time and care 
so that the customers 
understand their 
business is important  
to us
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 been 
recognised three times in the Sunday Times Best Small 
Companies to Work For survey; won the “Best Agent” in the 
Home Sale Network (now the Relocation Agent Network) 
twice; and secured Investors in People accreditation at Head 
Office level. This, alongside its strong reputation for good 
customer service and national marketing activity, 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% (2014: 95%).
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
(2014: 95%)
Growth 
40%+
in each of the  
last 3 years
Network  
Income
£30.2m
(2014: £21.2m)
“2015 – Network Income 
has grown by 42%”
Having added 63 branches organically 
in the two years to 2015, 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 5.6% to £178,000 
(2014: £168,000). The top 25 highest 
revenue branches grew by 12% averaging 
£427,000 (2014: £382,000). 
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) and 
Country Properties, in and around 
Hertfordshire (2015).
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
18 19 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Financial review
STRATEGIC REPORT
Income Summary
2015 
£m 
2014
£m Movement
Network Income 30.2 21.2 +42%
Turnover 12.0 9.2 +31%
EBITDA 1.57 1.08 +46%
Adjusted profit before tax 1.42 0.89 +59%
EPS 2.76p 1.78p +55%
Adjusted EPS 4.74p 3.63p +31%
DPS 1.50p
Balance Sheet Summary
2015 
£m 
2014
£m
Cash 1.2 1.1
Net Assets 5.0 1.4
Net Debt 1.1 1.7
Net Debt / EBITDA 0.7x 1.6x
REVENUE
Group revenue for the financial year ended  
31 December 2015 increased by 31% to  
£12.0 million (2014: £9.2 million). This was  
driven by the following factors:
•  First full-year contribution of Hunters Group 
Limited, since they joined the Group in July 
2014. This added £1.8 million of revenue to the 
Group in 2015
•  The acquisition of Country Properties,  
a 23 branch network in and around 
Hertfordshire, Bedfordshire and 
Cambridgeshire in May 2015, adding  
£0.2 million of management service fee  
(“MSF”) revenue in 2015
•  MSF from franchised branches, excluding 
Country Properties acquisition, increased by  
29% following the opening of a further 32 new 
branches in 2015. These new branches were a 
mixture of new cold start branches and existing 
branches converting to the Hunters brand
ADJUSTED EBITDA (earnings before 
interest, tax, one off costs and 
depreciation/amortisation) 
Adjusted EBITDA provides a key measure of 
progress made. Adjusted EBITDA for the year to 
December 2015 was £1.57 million, an increase  
of 46% on the same period last year  
(2014: £1.08 million). 
Administrative expenses increased by £2.4 million 
during the year. Higher costs in 2015 were in part 
due to the additional running costs associated with 
being a publically quoted company and also the 
first full year of costs for Hunters Group Limited.
ADJUSTED PROFIT BEFORE TAX 
(adjusted to exclude amortisation, 
amortised finance costs, acquisition 
costs, one off costs and finance income)
Adjusted profit before tax was £1.42 million,  
an increase of 59% over the prior period  
(2014: £0.89 million). 
Amortisation and acquisition costs increased 
significantly during the period, as the Group 
continued to execute its strategy of growth 
through acquisition.
EARNINGS PER SHARE
Basic earnings per share for the year ended  
31 December 2015 was 2.76p (2014: 1.78p) based 
on a weighted average of 26,317,492 shares  
(2014: 21,292,330) 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 2015, was 4.74p 
(2014: 3.63p).
DIVIDENDS
The Board is proposing a final dividend of 1.00p 
per share for 2015, which subject to shareholder 
approval at the AGM on the 17 June 2016, will be 
paid to shareholders by 23 June 2016 based on 
the register of shareholders as at 13 May 2016. 
Taking this together with the interim dividend of 
0.5p paid to shareholders on 28 October 2015, 
this equates to a total dividend for the year of 
1.50p. The Company intends to pay a progressive 
dividend going forwards.
 
LIQUIDITY
The Group had cash balances of £1.2 million  
at 31 December 2015 (2014: £1.1 million). 
Since the year end the Group has secured 
further debt funding of £1.2 million to support 
the ongoing expansion of its franchising activities. 
The facility is repayable in full in April 2020, with 
repayments to be made in monthly instalments 
from 13 months after the first drawdown. 
Total bank facilities available to the Group are 
£2.9 million of which £1.7 million is drawn.
FINANCIAL POSITION
The Group has generated strong cashflow from 
operations which is expected to continue in 2016. 
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
*14 months to December
15 14 13
£12.0m
£9.2m
£7.8m *
EBITDA
*14 months to December
15 14 13
£1.57m
£1.08m
£0.73m *
The Group is in 
a strong financial 
position from which to 
carry out its strategy to 
grow the business. 
Overview
2015 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  29 
comprehensive income   
Consolidated statement of financial position  30
Company statement of financial position  32
Consolidated statement of  33 
changes in equity  
Company statement of changes  34 
in equity  
Consolidated statement of cash flows 35
Notes to the financial statements 37
Advisers 73
For further investor information: 
www.hunters.com/investor-relations
Essential reads 73
Adjusted profit  
before tax
+59%
£1.42m
(2014: £0.89m)
£5m
Net assets
(2014: £1.4m)
Dividend
1.50p
in maiden  
year
EBITDA
£1.57m
+46
%
(2014: £1.08m)
Adjusted  
EPS
4.74p
+31
%
(2014: 3.63p)
STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
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 
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT
Solicitors to the Company 
Spearing Waite LLP
34 Pocklingtons Walk
Leicester
LE1 6BU
Auditors 
Mazars LLP
Tower Bridge House
St Katharine’s Way
London
E1W 1DD
Registrar 
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
B63 3DA
Turnover
£12.0m
+31
%
(2014: £9.2m)
Network Income
£30.2m
+42
%
(2014: £21.2m)
Operational Highlights 
•  Opened 32 new branches, 
including the conversion of 23 
independent estate agency 
branches
•  Opened 63 branches over the last 
two years, excluding acquisitions
•  170 branches as at  
31 December 2015
•  Independent agents that have 
converted to Hunters, for whom 
2015 was their first full year, 
increased their revenue by 29%
•  Average revenue per branch has 
increased by 5.6%
• Customer satisfaction rating 96% 
(2014: 95%)
 
 
Post Year-End 
•  Q1 2016 opened 7 new  
branches (Q1 2015: 8)
•  We are confident in the continued 
growth of our network and 
meeting the Board expectations for 
the full year STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
03 04 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Proven  
track record
of organic and acquisitive growth
Having opened its first franchising branch in 2006, the Group 
completed an acquisition in 2011. This group of branches has 
increased its respective annual revenue by 56%. 
Hunters has driven growth organically, opening 63 branches 
in two years to December 2015 on top of its acquisition of 
the Country Properties franchised network. Gross revenue 
for the Group’s network ("Network Income") increased 
between 2008 and 2015 by a compound annual growth  
rate of 27% (2014: 24%). 
170
branches as at 
December  
2015
At a glance
OVERVIEW
Customer 
service rating
96
%
T op 25 branches  
average revenue  
per branch
+12
%
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 2015 the 
Hunters branch network stood at 
170 branches, of which 159 were 
franchised with the remaining  
11 branches being owned by  
the Group. 
First 
national TV 
campaign
Branches opened  
over last two years
63
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 plc
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
2014 
Acquired Hunters  
Group Limited 
in the West Midlands, ending the 
year with 126 branches of which 
11 were owned
2014
Hunters moved to new, 
purpose built Group 
Headquarters in 
York
2015
Admitted to trading on 
the AIM market of  
The London Stock Exchange
     1992                                             2006                             2011                 2013                 2014                               2015
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. 24 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. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
05 06 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Chairman
,
s statement
OVERVIEW
Following our admission to the AIM market of the London Stock Exchange in July 
2015, we are delighted to report our maiden full-year results as a public company. 
2015 saw a step forward in pursuit of the Group’s 
clear ambition to become the nation’s favourite 
estate agent. We secured additional capital, 
added 32 new branches to the network including 
23 independent businesses and added another 
23 branches through the purchase of a highly 
successful home-counties franchised estate agency 
chain, Country Properties. At the end of the year 
the network had reached 170 branches. Having 
opened 63 branches in the last two years through 
organic growth, we are without doubt the fastest 
growing listed business in our sector.
Income across the network from sales and lettings 
("Network Income") reached £30.2 million in 
2015 (2014: £21.2 million), a 42% increase on the 
previous year. Our average branch revenue rose 
by 5.6% to £178,000 (2014: £168,000). This was a 
tremendous achievement against the background 
of a more subdued market with national activity 
reported as having reduced by 3.4% for the year
1
.
Our adjusted EBITDA reached £1.57 million  
(2014: £1.08 million), an increase of 46% on the 
previous year. Adjusted EPS grew 31% to 4.74p 
(2014: 3.63p).
Independent agents that converted to the Hunters 
brand, for whom 2015 was their first full year 
as part of the network, increased revenue per 
branch by 29%; a clear illustration that our quality, 
well known national brand and good reputation 
has delivered improved income for our network 
partners, as well as significantly reducing the 
cost of key repeat purchases, such as portal 
subscriptions, through our economies of scale  
and purchasing power. 
We continue to invest in our people, IT, marketing 
and networks. We retain Investors in People 
status for our Group owned activities and our 
national training courses include accreditations 
from The Institute of Leadership and Management 
and City & Guilds. Our market-leading software, 
designed specifically for our business by an in-
house team of former agents, continues to move 
forward. We have invested over £500,000 in its 
development and we are able now to reinvest 
profits generated from licence fees payable by the 
network to accelerate and enhance its features 
and improve our online functionality and customer 
experience. The inaugural launch of our national 
TV advertising campaign took place in January 
2015. Website traffic for 2015 rose by over 23%. 
1 Source: 2016 Market Trend Data, Land Registry 30 March 2016
The 'Here to get you there’ marketing campaign 
has proved successful and will continue to be our 
message in the year ahead.
The Hunters (West Midlands) business acquired 
in 2014 continues to exceed our expectations, 
winning Best Medium-Sized Agent in the Midlands 
for the fourth year in a row. Business levels and 
financial results are in line with expectations.
Customer satisfaction will always be a key measure 
and I am delighted to confirm that we achieved a 
96% customer satisfaction rating for the year.  
Our success in the area has been increasing year-
on-year since 2012 and is significantly higher than 
the industry average of 73%
2
. There is a universal 
commitment within the network to deliver for 
our customers, which underpins our belief that 
business owners will work harder and deliver 
better results than a network consisting principally 
of employees or self-employed operatives on 
short term contracts. On behalf of the Board, 
I would like to thank everyone in the network 
who has worked so hard to deliver these amazing 
results, and our customer service team for going 
well beyond the call of duty to contact our clients 
and listen to their experiences. 
OUTLOOK
Reports show that market activity levels so far 
this year are 14.1% higher compared to the same 
period last year
3
. The first quarter has started 
well, with seven new branches opened, revenue 
ahead of Q1 2015 and having grown by more 
than general market activity. Our pipeline of new 
outlets is running significantly ahead of 2015. I look 
forward to updating you as the year progresses.
The Company is committed to 
a progressive dividend policy 
and proposes therefore a final 
dividend of 1.00p per share, 
making 1.50p for 2015 in total.
On behalf of the Board
Kevin Hollinrake 
Chairman 
27 April 2016
2 Source: 2015 survey by The Property Academy
3  Source HM Revenue & Customs – UK Property Transactions 
Statistics, released 22 March 2016
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
63
branches in  
two years
(excluding acquisitions)
170
branches
(2014: 126)
Earnings  
per share
2.76p
+55
%
(2014: 1.78p)
Adjusted  
EPS
4.74p
+31
%
(2014: 3.63p)
Network  
Income
+42%
up £30.2m
(2014: £21.2m) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
07 08 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 been recognised three 
times in the Sunday Times Best Small 
Companies to Work For survey; won the 
“Best Agent” in the Home Sale Network 
(now the Relocation Agent Network) 
twice; and secured Investors in People 
accreditation at Head Office level. This, 
alongside its strong reputation for good 
customer service and national marketing 
activity, 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 63 branches in two years to 
December 2015 on top of its acquisition 
of the Country Properties franchised 
network. Network Income increased 
between 2008 and 2015 by a compound 
annual growth rate of 27% (2014: 24%).  
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.
25%
Lettings CAGR 
between  
2011 and 2015
7%
Sales CAGR  
between  
2011 and 2015
£5.7m to
£30.2m
Network Income 
increase  
2008 to 2015
+56%
Revenue 
increase for the 
2011acquisition 
branches
+29
%
Revenue for 
independent 
agents converting 
to Hunters STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
09 10 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Our brand
Involved
Invest time and care 
so that the customers 
understand their 
business is important  
to us
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 been 
recognised three times in the Sunday Times Best Small 
Companies to Work For survey; won the “Best Agent” in the 
Home Sale Network (now the Relocation Agent Network) 
twice; and secured Investors in People accreditation at Head 
Office level. This, alongside its strong reputation for good 
customer service and national marketing activity, 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% (2014: 95%). STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
11 12 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Our network has grown to 1 70 branches  
(2014: 126 branches)
STRATEGIC REPORT
A NATIONAL RECOGNISED 
SALES AND LETTINGS BRAND
The inaugural launch of our national TV 
advertising campaign, depicting the ‘Here to 
get you there’ brand proposition took place 
in January 2015. During 2015, the TV advert 
received 28 million views; in 2016 the TV 
advertising campaign has been increased and 
between January and March 2016, the advert 
received 38 million views, reaching 28% of all 
UK adults. We have seen strong correlation 
between the TV advertising and both increased 
visits to our website and a rise in calls to our 
national valuation number. Visits to our website 
www.hunters.com increased by 23% this year 
with new users up by 31% demonstrating our 
increasing appeal to new audiences. 
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 3,121 customers who 
responded in 2015, show a 96% customer 
satisfaction rating; the national average for 
our industry is 73%
1
.
1 Source: 2015 survey by The Property Academy
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.
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.
 
72 class room training courses took place in 
2015, covering over 500 delegates together 
with 2,280 E-Learning courses. In the year 
91% of attendees gave the courses 100% 
satisfaction with the maximum 6 points. 
LEGISLATION
There are 145 pieces of legislation that 
lettings agents must comply with ranging 
from the Deregulation Act (1 October 
2015) and Consumer Protection Act to  
the Anti Money Laundering and Right to 
Rent Act (1 February 2016)
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 2015 was there first full 
year, increased revenue on average by 29%. 
2 Source: National Approved Lettings Scheme, 15 March 2016
The Hunters  
Franchise 
network
Independent 
branches 
converting to 
Hunters up by 
29
%
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.
170 branches  
(2014: 126 branches)  STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
13 14 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
(2014: 95%)
Growth 
40%+
in each of the  
last 3 years
Network  
Income
£30.2m
(2014: £21.2m)
“2015 – Network Income 
has grown by 42%”
Having added 63 branches organically 
in the two years to 2015, 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 5.6% to £178,000 
(2014: £168,000). The top 25 highest 
revenue branches grew by 12% averaging 
£427,000 (2014: £382,000). 
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) and 
Country Properties, in and around 
Hertfordshire (2015).
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
15 16 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Chief Executive
,
s statement
STRATEGIC REPORT
As we reported in our January trading update, the United Kingdom property 
market experienced various challenges during 2015, with the principal issues 
being consumer uncertainty in advance of the May General Election and a 
shortage of homes to sell or let afterwards.
Major stamp duty increases on the purchase 
of more expensive homes adversely affected 
demand, particularly for properties over  
£2 million, but this has had little impact on the 
Group as we have limited exposure to prime 
Central London. 
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 2016, despite an 
ongoing shortage of property for 
sale or to let, the uncertainty of 
the EU Referendum and ever-
increasing levels of competition 
between traditional and online-
only agents, looks promising.
We entered the year with a substantially increased 
pipeline, with good ongoing buyer and tenant 
demand and a Government that is openly very 
supportive of accelerated new home-building and 
ownership. We are therefore well 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 2015, 3,121 customers provided feedback 
resulting in a 96% customer satisfaction rating.
Maintaining the quality of the network is key to 
our success. We started the year with 126 branch 
locations. We received 244 enquiries resulting in 
32 new openings under the Hunters brand. These 
openings consisted of 23 conversions of existing 
independent estate agency businesses and nine 
new “cold start” locations, of which four 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. 
With the addition of 23 Country Properties 
franchise locations, Hunters Property Plc finished 
the year with a total network of 170 branches.
Expansion was inevitably linked to our ability 
as a network to respond to developing market 
conditions. For this reason the Group also 
established relationships with experts in both 
The Hunters  
Training Academy
Our ' ' 
TV campaign
The Hunters Training Academy was 
established in 2006 and provides trainees 
with a combination of classroom training, 
E-Learning courses and video-based training. 
Over the year 2,280 courses have been 
attended by over 500 delegates, with a 99% 
satisfaction rating being achieved.
Our first national TV commercial launched in 
January 2015 and continues into 2016, depicting 
our brand promise ‘Here to get you there’. It 
validates our understanding that our business 
is about people and property, placing the 
customer at the heart of our business.  
The advert received 28 million views, with  
visits to our website increasing by 23% and  
new users up by 31%.
block management and the new homes sector  
and now have offerings for both services  
available nationwide.
Franchise prospects for 2016 have started well, 
with a proceeding pipeline of 21 new branches 
being processed and enquiry levels on target 
to exceed those of 2015. Investment has been 
made to improve the general branding of Hunters 
Franchising. A full marketing plan is in place, 
heavily focused on direct marketing to suitable 
independent businesses, increased online presence 
and existing franchisee expansion.
It is expected that 2016 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 which provides an average revenue 
growth of 29% in the first full year. Conversions 
are expected to account for a significant portion 
of branch growth. 
Our excellent results could not have been 
achieved without sterling efforts from our 
employees and franchise colleagues. We believe 
that we have some truly outstanding industry 
professionals associated with the business and are 
grateful to them for their dedication to Hunters.
Harry Hill  
Chief Executive STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
17 18 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 joining Hunters, we instantly felt the benefits 
of the training program. Our service and offering  
was excellent before, but learning how to present  
‘The Hunters difference’ has taken us to another level.”
Chris Starkings and Brian Hutchinson 
Franchise Partners for Hunters nine branch  
network in East Anglia.
“The Hunters brand, marketing, technology 
and training has enabled me to break into 
new areas and sections of the markets. ”
Mike McManus 
Franchise Partner for Hunters, Worsley
Network Income
The Network Income for 2015 was 
£30.2 million (2014: £21.2 million), an 
increase of 42%, and our third year of 
growth over 40%. 
Number of Branches
At 31 December the network consisted 
of 170 branches (2014: 126), having 
opened 32 (2014: 31) during the course 
of the year. 
Customer  
Satisfaction Rating
We are delighted to announce a 96% (2014: 95%) 
customer satisfaction rating for the whole of 2015.
1
 
1 Source: 2015 survey by The Property Academy
15 15 15 14 14 14 12 13 13 13
£30.2m 170
96%
126
95%
94%
93%
73%
1
99
Hunters
Hunters
Hunters
Hunters
National Average
£21.2m
£14.8m
Average Revenue per Branch
Average revenue per branch stood at £178,000 
(2014: £168,000), an increase of 5.6% despite subdued  
market conditions.
Revenue Split
In terms of geographic breakdown, revenue for the year  
was split between the North – 49.5% and the South –50.5% 
(2014: North 61% South 39%).
2015 2014
  North
  South
50% 61%
50%
39%
Network Income 
CAGR
27%
(2014: 24%)
63
branches opened 
over the last  
two years
£177,531
+5%
All
£426,745
+12%
TOP 25
£459,807
+10%
T op 20
£573,370
+4%
T op 10
What our franchise partners say:
  2015
  2014 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
19 20 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
Financial review
STRATEGIC REPORT
Income Summary
2015 
£m 
2014
£m Movement
Network Income 30.2 21.2 +42%
Turnover 12.0 9.2 +31%
EBITDA 1.57 1.08 +46%
Adjusted profit before tax 1.42 0.89 +59%
EPS 2.76p 1.78p +55%
Adjusted EPS 4.74p 3.63p +31%
DPS 1.50p
Balance Sheet Summary
2015 
£m 
2014
£m
Cash 1.2 1.1
Net Assets 5.0 1.4
Net Debt 1.1 1.7
Net Debt / EBITDA 0.7x 1.6x
REVENUE
Group revenue for the financial year ended  
31 December 2015 increased by 31% to  
£12.0 million (2014: £9.2 million). This was  
driven by the following factors:
•  First full-year contribution of Hunters Group 
Limited, since they joined the Group in July 
2014. This added £1.8 million of revenue to the 
Group in 2015
•  The acquisition of Country Properties,  
a 23 branch network in and around 
Hertfordshire, Bedfordshire and 
Cambridgeshire in May 2015, adding  
£0.2 million of management service fee  
(“MSF”) revenue in 2015
•  MSF from franchised branches, excluding 
Country Properties acquisition, increased by  
29% following the opening of a further 32 new 
branches in 2015. These new branches were a 
mixture of new cold start branches and existing 
branches converting to the Hunters brand
ADJUSTED EBITDA (earnings before 
interest, tax, one off costs and 
depreciation/amortisation) 
Adjusted EBITDA provides a key measure of 
progress made. Adjusted EBITDA for the year to 
December 2015 was £1.57 million, an increase  
of 46% on the same period last year  
(2014: £1.08 million). 
Administrative expenses increased by £2.4 million 
during the year. Higher costs in 2015 were in part 
due to the additional running costs associated with 
being a publically quoted company and also the 
first full year of costs for Hunters Group Limited.
ADJUSTED PROFIT BEFORE TAX 
(adjusted to exclude amortisation, 
amortised finance costs, acquisition 
costs, one off costs and finance income)
Adjusted profit before tax was £1.42 million,  
an increase of 59% over the prior period  
(2014: £0.89 million). 
Amortisation and acquisition costs increased 
significantly during the period, as the Group 
continued to execute its strategy of growth 
through acquisition.
EARNINGS PER SHARE
Basic earnings per share for the year ended  
31 December 2015 was 2.76p (2014: 1.78p) based 
on a weighted average of 26,317,492 shares  
(2014: 21,292,330) 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 2015, was 4.74p 
(2014: 3.63p).
DIVIDENDS
The Board is proposing a final dividend of 1.00p 
per share for 2015, which subject to shareholder 
approval at the AGM on the 17 June 2016, will be 
paid to shareholders by 23 June 2016 based on 
the register of shareholders as at 13 May 2016. 
Taking this together with the interim dividend of 
0.5p paid to shareholders on 28 October 2015, 
this equates to a total dividend for the year of 
1.50p. The Company intends to pay a progressive 
dividend going forwards.
 
LIQUIDITY
The Group had cash balances of £1.2 million  
at 31 December 2015 (2014: £1.1 million). 
Since the year end the Group has secured 
further debt funding of £1.2 million to support 
the ongoing expansion of its franchising activities. 
The facility is repayable in full in April 2020, with 
repayments to be made in monthly instalments 
from 13 months after the first drawdown. 
Total bank facilities available to the Group are 
£2.9 million of which £1.7 million is drawn.
FINANCIAL POSITION
The Group has generated strong cashflow from 
operations which is expected to continue in 2016. 
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
*14 months to December
15 14 13
£12.0m
£9.2m
£7.8m
*
EBITDA
*14 months to December
15 14 13
£1.57m
£1.08m
£0.73m
*
The Group is in 
a strong financial 
position from which to 
carry out its strategy to 
grow the business.  STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
22 21 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 employs 
the same strategies in relation to the market 
whilst focussing 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
24 23 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
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.
HARRY HILL
Chief Executive    
Harry Hill was appointed as Chief Executive in March 2015. 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
Managing Director 
Glynis Frew joined Hunters in 1999 and was promoted from Group Operations Director to Managing 
Director in February 2015. 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. 
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 
management team
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. 
Harry Hill, who was appointed Chief Executive 
of the Group in March 2015, has extensive 
experience in the estate agency sector, having 
been the Chief Executive and Chairman of 
Countrywide plc from 1986 to 2009, taking it 
through its listing on the London Stock Exchange 
and its £1billion sale to private equity house, 
Apollo Global Management, in 2007. 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 and 
senior managers are set out below. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
25 26 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 appointed Mazars LLP as the new 
auditors for the Group. Mazars LLP have not 
provided any non-audit services to the Group 
save for their role before appointment as 
Independent Reporting Accountant regarding  
the Admission to AIM.
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 twice a year. 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 long-
term 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 
and 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/investor-
relations. 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 
17 June 2016 at our Head Office, Apollo House, 
Eboracum Way, York YO31 9JX.
Corporate governance
GOVERNANCE STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
27 28 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 2015.
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  (Appointed 19 February 2015)
Mrs GJ Frew (Appointed 27 March 2015)
Mr HD Hill (Appointed 27 March 2015)
Mr E A Jones (Appointed 19 February 2015)
Mr DA Fielding (Appointed 15 April 2015)
RESULTS AND DIVIDENDS
The results for the year are set out on page 29.
An interim ordinary dividend was paid amounting 
to £141,000. The Directors recommend the 
payment of a final dividend of 1.00p (£283,000) 
making a dividend for the year of £424,000  
(or 1.50p 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
27 April 2016 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
28 29 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
To the members of Hunters Property Plc For the year ended 31 December 2015
Independent auditor’s report Consolidated statement of comprehensive income
We have audited the financial statements of Hunters Property Plc for the year ended 31 December 2015 which comprise the Consolidated 
Statement of Comprehensive Income, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company 
Statements of Financial Position, 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 AUDITORS
As explained more fully in the Directors’ Responsibilities Statement set out on pages 26 and 27, 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 Standard for Auditors. This 
report is made solely to the 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 Company’s members those matters we are required to state to them in an auditor’s 
report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 
Company and the 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 web-site 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 2015 
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 the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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.
Chartered Accountants and Statutory Auditor
 
Tower Bridge House 
St Katharine’s Way 
London  
E1W 1DD
Notes
2015  
£’000s
2014  
£’000s
Revenue 3 12,045 9,175
Administrative expenses (10,471) (8,100)
Operating profit before depreciation, amortisation & costs of acquisition 1,574 1,075
Depreciation 13 (162) (103)
Amortisation 12 (368) (146)
Costs of acquisition of subsidiaries 15 (57) (186)
Write off of loans – (25)
Irrecoverable VAT – (23)
Share-based payment expense 25 (12) –
Operating profit 4 975 592
Finance income 7 88 7
Finance costs 8 (183) (116)
Profit before taxation 880 483
Taxation 9 (158) (112)
Profit for the financial year 722 371
Other comprehensive income – –
Total comprehensive income for the year 722 371
Profit and total comprehensive income for the financial year attributable to:
Equity holders of the Parent 726 377
Non-controlling interests (4) (6)
722 371
Earnings per share
Basic (pence per share) 11 2.76 1.78
Diluted (pence per share) 11 2.66 1.78 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
30 31 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
As at 31 December 2015 As at 31 December 2015
Consolidated statement of financial position Consolidated statement of financial position (continued)
Notes
2015 
£’000s
2014  
as restated 
£’000s
2013  
as restated 
£’000s
Non-current assets
Goodwill 12 3,973 3,544 2,015
Other intangible assets 12 3,439 777 78
Property, plant and equipment 13 340 420 147
Investments 14 1 75 67
Deferred tax assets 23 43 63 64
7,796 4,879 2,371
Current assets
Trade and other receivables 16 1,629 1,277 963
Cash at bank and in hand 1,211 1,146 798
2,840 2,423 1,761
Total assets 10,636 7,302 4,132
Liabilities
Current liabilities
Borrowings 17 (1,014) (1,101) (429)
Obligations under finance leases 19 (37) (27) –
Current tax liabilities (162) (122) –
Trade and other payables 19 (2,492) (2,399) (1,770)
(3,705) (3,649) (2,199)
Non-current liabilities
Borrowings 17 (1,309) (1,874) (810)
Obligations under finance leases 20 (30) (43) –
Other payables 20 (68) – –
(1,407) (1,917) (810)
Provisions for liabilities
Provisions 22 (75) (151) –
Deferred tax liability 23 (465) (137) (4)
(540) (289) (4)
Net assets 4,984 1,448 1,119
Notes
2015 
£’000s
2014  
as restated 
£’000s
2013  
as restated 
£’000s
Equity
Attributable to the owners of the Parent:
Called up share capital 26 1,131 – –
Share premium account 27 2,579 – –
Merger reserve 1.2 899 1,662 1,602
Retained earnings 28 375 (222) (497)
4,984 1,440 1,105
Non-controlling interests – 8 14
Total equity 4,984 1,448 1,119
The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2016 and are signed on its 
behalf by:
Mr E A Jones
Director STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
32 33 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
As at 31 December 2015 For the year ended 31 December 2015
Company statement of financial position Consolidated statement of changes in equity
Notes
2015  
£’000s
Non-current assets
Investments 14 879
Current assets
Trade and other receivables 16 2,929
Total assets 3,808
Liabilities
Current liabilities
Other payables 19 (26)
(26)
Total assets less current liabilities 3,782
Net assets 3,782
Equity
Called up share capital 26 1,131
Share premium account 27 2,579
Share option reserve 12
Retained earnings 28 60
Total equity 3,782
The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2016 and are signed on its behalf by:
Mr E A Jones
Director
Company Registration No. 09448465
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 2014 – – 1,602 (384) 1,218 14 1,232
Prior year adjustment 28 – – – (113) (113) – (113)
As restated balance at 1 January 2014 – – 1,602 (497) 1,105 14 1,119
Period ended 31 December 2014:
Profit and total comprehensive income 
for the year – – – 377 377 (6) 371
Issue of subsidiary shares prior to 
acquisition – – 60 – 60 – 60
Dividends 10 – – – (102) (102) – (102)
Balance at 31 December 2014 – – 1,662 (222) 1,440 8 1,448
Period 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 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
34 35 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2015 For the year ended 31 December 2015
Company statement of changes in equity Consolidated statement of cash flows
Notes
Share capital 
£’000s
Share  
premium 
account 
£’000s
Share option 
reserve 
£’000s
Retained 
earnings 
£’000s
Total 
£’000s
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)
Share based payment expense of subsidiary 14 – – 12 – 12
Balance at 31 December 2015 1,131 2,579 12 60 3,782
Notes
2015  
£’000s
2014 
£’000s
Cash flows from operating activities
Operating profit 974 592
Adjustments for:
Share-based payment expense 25 12 –
Depreciation of property, plant and equipment 13 162 103
Gain on disposal of property, plant and equipment 4 (30) –
Amortisation and impairment of intangible assets 12 368 146
(Release)/inception of provisions 22 (5) 36
Costs of acquisition 15 57 150
Changes in working capital:
(Increase)/decrease in trade and other receivables 16 (392) 231
Increase in trade and other payables 19 3 234
Cash generated from operations 1,149 1,492
Interest paid (85) (44)
Income taxes paid (180) (90)
Net cash inflow from operating activities 884 1,358
Investing activities
Purchase of intangible assets 12 (866) (299)
Purchase of property, plant and equipment 13 (76) (171)
Proceeds on disposal of property, plant and equipment 32 –
Business acquisitions, net of cash acquired 15 (1,390) (1,086)
Payment of deferred considerations (89) –
Purchase of investments (192) –
Proceeds on disposal of investments 263 –
Interest received 5 1
Net cash used in investing activities (2,313) (1,555) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
36 37 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2015 For the year ended 31 December 2015
Consolidated statement of cash flows (continued) Notes to the financial statements
Notes
2015  
£’000s
2014 
£’000s
Financing activities
Proceeds from issue of own shares 2,700 –
Share issue costs (558) –
Proceeds from issue of subsidiary shares prior to acquisition 104 60
Repayment of debentures 17 (470) –
Proceeds from borrowings 17 – 1,170
Proceeds of new bank loans 380 –
Repayment of bank loans and borrowings 17 (495) (294)
Payment of finance leases obligations 18 (26) (10)
Dividends paid 10 (141) (102)
Net cash generated from financing activities 1,494 824
Net increase in cash and cash equivalents 65 627
Cash and cash equivalents at beginning of year 1,146 519
Cash and cash equivalents at end of year 1,211 1,146
Relating to:
Cash at bank and in hand 1,211 1,146
Major non-cash transactions
During the year the Group entered into a number of non-cash transactions as follows:
1.  On 27 March 2015 the Group enacted a share-for-share exchange to include Hunters Property Plc as the Parent, as disclosed further 
in note 1.2. This resulted in a share capital being issued and the Company owning an investment.
2.  Included within costs of issue of new shares were costs of £200,000 which were themselves settled by way of the issue of shares  
at a premium.
Company Statement of Cash Flows
The Company has not held any cash or cash-equivalents during the year or as at 31 December 2015. During the year it has entered 
into a number of equity transactions which are set out in the above but which are enacted via intercompany accounts for the Company. 
Accordingly, the Directors have not presented a Company Statement of Cash Flows.
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 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 income statement and related notes. The Company’s 
profit for the year was £201,684.
1.2 Basis of consolidation
The Group financial information consolidates those of the Parent Company and the subsidiaries that the Parent has control of. Control is 
established when the Parent 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 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. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
38 39 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
For the year ended 31 December 2015
Notes to the financial statements (continued)
1 ACCOUNTING POLICIES CONTINUED
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, for 
the Group’s comparative statement of financial position as at 31 December 2014, a merger reserve has been created which represents the 
difference between the net assets of the Group as at that date, and the retained profits recognised by the Group as at that date.
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. Since the year end the Group has also secured further 
medium-term debt funding of £1.2million; 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 the 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 and the sale of goods 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 estimated cost 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 Intangible fixed assets – goodwill
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 during the period. After initial 
recognition, goodwill is measured at cost less accumulated impairment losses. See Note 1.9 for a description of impairment testing procedures.
1.6 Intangible fixed assets other than goodwill
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 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.
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 
Computer equipment 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
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.
A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as 
to obtain benefits from its activities.
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. STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
40 41 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES CONTINUED
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.
Financial assets at fair value through profit and loss are carried in the balance sheet at fair value with changes in fair value recognised in 
finance revenue or finance expense in the income statement.
Impairment of financial assets
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. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial 
asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the obligation specified in the contract is discharged, cancelled, or expires.
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 reserve is the portion of equity ownership in subsidiaries which is not attributable to the owners of the  
Parent Company.
The merger reserves has arisen as described in note 1.2.
1.12 Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
Deferred tax
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.
1.14 Employee benefits
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.
1.15 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
42 43 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES CONTINUED
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.
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 in issue but not yet effective
The adoption of the following mentioned standards, amendments and interpretations in future years:
EU effective date – period 
beginning on or after
IFRS 14 ‘Regulatory Deferral Accounts’ 1 January 2016*
IAS 1 (amendment) ‘Presentation of Financial Statements’ – Disclosure initiative 1 January 2016*
IAS 16 (amendment) ‘Property, Plant and Equipment’ and IAS 38 (amendment) ‘Intangible Assets’ –  
Clarification of acceptable methods of depreciation and amortisation
1 January 2016*
IAS 19 (amendment) ‘Employee Benefits’ – Defined benefit plans: employee contributions 1 February 2015
IAS 27 (amendment) ‘Separate Financial Statements’ – Equity Method in Separate Financial Statements 1 January 2016*
IFRS 10 (amendment) ‘Consolidated Financial Statements’ and IAS 28 (amendment) ‘Investments in Associates  
and Joint Ventures’ – Sale or contribution of assets between an investor and its associate or joint venture
1 January 2016*
IFRS 10 (amendment) ‘Consolidated Financial Statements’, IFRS 12 (amendment) ‘Disclosure of Interests in  
Other Entities’ and IAS 28 (amendment) ‘Investments in Associates and Joint Ventures’ – Investment entities: 
applying the consolidation exception
1 January 2016*
IFRS 11 (amendment) ‘Joint Arrangements’ – Accounting for acquisitions of interests in joint operations 1 January 2016*
Annual Improvements to IFRS (2010 – 2012) 1 February 2015
Annual Improvements to IFRS (2012 – 2014) 1 January 2016*
IFRS 15 ‘Revenue from Contracts with Customers’ 1 January 2018*
IFRS 9 ‘Financial Instruments’ 1 January 2018*
IFRS 16 ‘Leases’ 1 January 2019*
IAS 12 (amendment) ‘Income Taxes’ 1 January 2017*
IAS 7 (amendment) ‘Statement of Cash Flows’ 1 January 2017*
* These standards, amendments and interpretations have not yet been endorsed by the EU and the dates shown are the expected dates.
Management have not yet assessed the impact from IFRS 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’ on the financial 
statements 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 has 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 several acquisitions during the 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 brand and other intangibles acquired.
The Directors test annually for impairment of the Group's intangible assets and goodwill, details of which are given in note 12.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
44 45 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
3 SEGMENTAL REPORTING
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.
Segmental analysis of revenue
2015 
£’000s
2014 
£’000s
Residential sales 4,840 3,860
Lettings 2,460 1,993
Franchising 3,271 2,307
Other 1,474 1,014
Total revenue 12,045 9,175
Revenue analysed by geographical market
2015 
£’000s
2014 
£’000s
United Kingdom 12,045 9,175
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
2015 
£’000s
2014 
£’000s
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment 149 103
Depreciation of property, plant and equipment held under finance leases 13 –
Gain on disposal of property, plant and equipment (30) –
Amortisation of intangible assets 368 146
Write back/(impairment) of loans 80 (80)
Write off of loans – (25)
Research and Development tax credits (46) –
Share-based payments 12 –
Operating lease charges (including rent) 459 507
The Group’s subsidiary RealCube Limited has undertaken research and development activities during the year on which tax credits have 
been received. Expenses in relation to this are included within employment costs.
5 AUDITOR’S REMUNERATION
2015 
£’000s
2014 
£’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 –
Audit of the Company’s subsidiaries 25 28
40 28
In addition to the audit fees, the Group’s auditor, Mazars LLP, acted as reporting accountant for the IPO which was completed on 
2 July 2015. The total expense incurred in respect of this was £100,987.
Audit fees disclosed for the prior year were incurred prior to the IPO, and were paid to another auditor.
For the year ended 31 December 2015
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 2015
Notes to the financial statements (continued)
6 EMPLOYEES
The average monthly number of persons (including Directors) employed by the Group during the year was:
2015 
Number
2014 
Number
Sales and administration 180 120
Directors 5 5
185 125
Their aggregate remuneration comprised:
2015 
£’000s
2014 
£’000s
Wages and salaries 5,087 3,514
Social security costs 508 364
Pension costs 110 67
5,705 3,945
7 FINANCE INCOME
2015 
£’000s
2014 
£’000s
Interest income
Interest on bank & similar deposits 1 1
Interest on other financial instruments 3 –
Finance income on financial assets held at amortised cost 13 6
Total interest revenue 17 7
Income from fixed asset investments
Gain on disposal of financial assets held for trading 71 –
Total income 88 7
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss 15 7
8 FINANCE COSTS
2015 
£’000s
2014 
£’000s
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans 71 44
Interest on finance leases 14 –
85 44
Other finance costs:
Unwinding of discount on loans and borrowings 89 66
Unwinding of discount on provisions 9 6
98 72
Total finance costs 183 116
9 TAXATION
2015 
£’000s
2014 
£’000s
Current tax
UK corporation tax on profits for the current period 221 66
Adjustments in respect of prior periods (1) 5
Total current tax 220 71
Deferred tax
Origination and reversal of temporary differences (58) 41
Changes in tax rates (4) –
Total deferred tax (62) 41
Total tax charge 158 112 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
48 49 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
9 TAXATION CONTINUED
The charge for the year can be reconciled to the profit per the Statement of Comprehensive Income as follows:
2015 
£’000s
2014 
£’000s
Profit before taxation 880 483
Expected tax charge based on a corporation tax rate of 20.00% 176 97
Tax effect of expenses that are not deductible in determining taxable profit 31 24
Tax effect of utilisation of tax losses not previously recognised – (66)
Change in unrecognised deferred tax assets (7) –
Effect of change in corporation tax rate (4) –
Permanent capital allowances in excess of depreciation (3) 1
Share based payment charge 2 –
(Over)/under provided in prior years (1) 5
Other adjustments (36) 34
Acquired deferred tax reversed – 17
Tax expense for the year 158 112
During the year the UK corporation tax rate was changed from 21% to 20%, effective from 1 April 2015.
A reduction in the UK corporation tax rate from 20% to 19% (effective from 1 April 2017) and to 18% (effective from 1 April 2020) was 
substantively enacted in October 2015 and has therefore been considered when calculating deferred tax at the reporting date. Deferred 
tax balances at the reporting date are measured at 19% (2014: 20%).
10 DIVIDENDS
2015  
per share
2014  
per share
2015  
£’000s
2014  
£’000s
Amounts recognised as distributions to equity holders:
Interim paid (pence per share) 0.50 0.40 141 102
In 2014 dividends were paid from the Group’s Parent at that date, Hunter Property Group Limited. The above is presented after allowing 
for a consolidation of shares which was enacted as part of the Company’s acquisition by Hunters Property Plc.
The proposed final dividend for the period ended 31 December 2015 is:
Per share
2015  
Total 
£’000s
Ordinary shares (pence per share) 1.00 283
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:
Earnings
2015 
£’000s
2014  
£’000s
Earnings for the purpose of basic earnings per share being net profit attributable to owners of the Parent 726 378
Effects of dilutive potential ordinary shares – –
Earnings for the purposes of diluted earnings per share 726 378
Number of shares
2015 
No.
2014 
No.
Weighted average number of ordinary shares 26,317,492 85,169,319
Effect of merger accounting on number of shares – (63,876,989)
Net weighted average number of ordinary shares for the purposes of basic earnings per share 26,317,492 21,292,330
Effects of dilutive potential ordinary shares 945,051 –
Net weighted average number of diluted potential ordinary shares for the purposes of  
diluted earnings per share 945,051 –
Weighted average number of ordinary shares for the purposes of diluted earnings per share 27,262,543 21,292,330
Basic earnings per share (pence per share) 2.76 1.78
Diluted earnings per share (pence per share) 2.66 1.78
In each period there were share options outstanding. As at 31 December 2015 these were 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:
Earnings
2015 
£’000s
2014  
£’000s
Profit after taxation 726 377
Adjusted for:
Time-value interest costs 99 71
Investment revenues (15) (8)
Amortisation 368 146
Costs of acquisition 57 186
Share-based payment expense 12 –
Adjusted Earnings 1,247 772
Basic Adjusted Earnings per share (pence per share) 4.74 3.63
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
50 51 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
12 INTANGIBLE FIXED ASSETS
Group
Goodwill 
£’000s
Software 
£’000s
FDG’s & 
rebrands 
£’000s
Brands 
£’000s
Customer 
lists 
£’000s
Total 
£’000s
Cost
At 1 January 2014 2,050 – 49 – 84 2,183
Additions – separately acquired – – 299 – – 299
Additions – business combinations 1,529 – – 465 80 2,074
At 31 December 2014 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
Amortisation and impairment
At 1 January 2014 35 – 6 – 48 89
Amortisation charged for the year – – 39 19 88 146
At 31 December 2014 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
Carrying amount
At 31 December 2015 3,973 553 989 557 1,340 7,412
At 31 December 2014 3,544 – 303 446 28 4,321
Franchise Development Grants (FDG’s”) and rebrand costs are externally incurred expenses 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 2020, using growth rates of 3%–6% based on  
past experience and outlook. Thereafter growth is assumed to be 3% in perpetuity based on long term housing sector growth rates.  
A discount rate of 10% 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.
• A 1% reduction in forecast growth rate in perpetuity would have no impact on carrying values;
• A 1% increase in the discount applied would have no impact on carrying values.
The carrying amounts of goodwill have been assigned to the following cash generating units:
13 PROPERTY, PLANT AND EQUIPMENT
Group
Leasehold 
land and 
buildings 
£’000s
Plant and 
machinery 
£’000s
Fixtures, 
fittings and 
equipment 
£’000s
Computer 
equipment 
£’000s
Motor 
vehicles 
£’000s
Total 
£’000s
Cost
At 1 January 2014 67 1,666 117 86 – 1,936
Additions 90 131 5 – – 226
Business combinations 12 – 17 – 122 151
Disposals (67) (1,490) (117) (86) – (1,760)
At 31 December 2014 102 307 22 – 122 553
Additions 3 54 10 – 9 76
Business combinations – 1 1 4 – 6
Disposals – – – – (48) (48)
Transfers (93) 93 – – – –
At 31 December 2015 12 455 33 4 83 587
Depreciation and impairment
At 1 January 2014 67 1,520 117 86 – 1,790
Depreciation charged in the year 5 66 5 – 27 103
Eliminated in respect of disposals (67) (1,490) (117) (86) – (1,760)
At 31 December 2014 5 96 5 – 27 133
Depreciation charged in the year 6 91 11 2 52 162
Eliminated in respect of disposals – – – – (48) (48)
Transfers (2) 2 – – – –
At 31 December 2015 9 189 16 2 31 247
Carrying amount
At 31 December 2015 3 266 17 2 52 340
At 31 December 2014 97 211 17 – 95 420
The Company had no property, plant and equipment assets at 31 December 2015 or 31 December 2014.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase 
contracts. The depreciation charge in respect of such assets amounted to £13,125 (2014: £0) for the year.
Group 
2015 
£’000s
2014  
£’000s
Plant and machinery 91 53
Motor vehicles – 27
91 80
For the year ended 31 December 2015
Notes to the financial statements (continued)
Group 
2015
£'000
2014
£'000
Residential sales 1,330 1,330
Lettings 501 480
Franchising 2,048 1,734
Other 34 –
3,973 3,544 STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
52 53 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
14 FIXED ASSET INVESTMENTS
Notes
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Investments in subsidiaries 34 – – 867
Loans to subsidiaries 34 – 74 –
Other investments in subsidiaries 34 – – 12
Unlisted investments 1 1 –
1 75 879
Included within the above is £nil (2014: £73,451) relating to RealCube Technology Limited. The Group has provided a undiscounted capital 
contribution totalling £nil (2014: £163,518) against which £nil (2014: £nil) was provided as irrecoverable. The loan unwound until June 2015 
when it formed part of the purchase consideration for RealCube as disclosed in note 15.
Movements in non-current investments
Group
Loans 
£’000s
Shares 
£’000s
Total 
£’000s
Cost or valuation
At 1 January 2014 67 – 67
Additions 80 – 80
On business combination – 1 1
Unwinding of discount 7 – 7
Impairment of capital contribution (80) – (80)
At 31 December 2014 74 1 75
Additions – 192 192
Unwinding of discount 7 – 7
Disposals – (192) (192)
Transfer to intercompany receivable (81) – (81)
At 31 December 2015 – 1 1
Carrying amount
At 31 December 2015 – 1 1
At 31 December 2014 74 1 75
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 12 879
At 31 December 2015 867 12 879
Carrying amount
At 31 December 2015 867 12 879
At 31 December 2014 – – –
15 BUSINESS COMBINATIONS
Acquisition of Greenrose Network (Franchise) Limited
In May 2015 the Group acquired 100% of the voting shares of Greenrose Network (Franchise) Limited (“Greenrose”). Greenrose is an 
unlisted company based in England and specialising in the UK property market. The consideration paid totalled £1,200,000, being settled 
by cash of £1,000,000 payable at the point of sale to the vendors, and the issue of 333,333 4p shares in Hunters Property Plc at a premium 
of 56p per share, with the total value of the issue being £200,000. In addition there were directly attributable costs of £39,399 inclusive of 
stamp duty payable on the shares.
As part of the acquisition, the Directors have identified intangible assets included within the premium paid for the acquisition, being 
customer lists in place with value of £951,514 and the Greenrose brand with value of £168,123. Historical data and forecasts have been 
used, together with a 10% discount rate (estimated by reference to a typical market participant) and an assumption of a useful life of 10 
years for the brand, to estimate the notional fair value of these intangibles.
As the acquisition gave immediate access to an enhanced franchising network, which represents a key part of the Group’s business model, 
an additional premium was paid over these notional fair values. The Directors have not quantified any other elements of this goodwill and 
do not believe there to be any further fair value adjustments.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
54 55 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
15 BUSINESS COMBINATIONS CONTINUED
Carrying  
value 
£’000s
Fair value 
adjustments 
£’000s
Fair value 
recognised  
on acquisition 
£’000s
Assets
Intangible assets – 1,120 1,120
Property, plant and equipment 4 – 4
Deferred tax assets – 6 6
Trade and other receivables 63 (30) 33
Cash and cash equivalents 2 – 2
Total assets 69 1,096 1,165
Liabilities
Trade and other payables (66) – (66)
Deferred tax liabilities (1) (212) (213)
Total liabilities 67 212 279
Total identifiable net assets 2 884 886
Goodwill arising on acquisition 314
Purchase consideration transferred 1,200
From the date of acquisition, Greenrose Network (Franchise) Limited contributed £276,988 of revenue, and operating profit before 
amortisation of £144,125. If the acquisition had taken place at the beginning of the year, revenue from continuing operations would have 
been £364,422, profit before amortisation would have been £142,395.
The analysis of the cash flows on acquisition is:
£’000s
Transaction costs of the acquisition (40)
Cash and cash equivalents acquired with the subsidiary 2
Cash and cash equivalents paid for the subsidiary (1,000)
Net cash flow on acquisition (1,038)
Acquisition of Realcube Technology Limited & Realcube Limited
In June 2015 the Group acquired the remaining 80.2% of RealCube Technology Limited and its wholly-owned subsidiary RealCube Limited 
(together, “RealCube”). The Group had previously owned the 19.8% minority interest of RealCube. Both are unlisted companies based in 
England and have developed specialist software which is used by the Group to maintain its networks and provide services to franchisees. 
The Directors have identified a software intangible unrecognised by RealCube with fair value at acquisition of £507,108. The consideration 
paid totalled £240,095, being £95 of existing minority share capital, the issue of 122,533 4p shares in the Group at a premium of 56p per 
share and the issue of 277,467 4p shares in the Group at a premium of 56p per share in exchange for the waiving of loans made by existing 
shareholders to RealCube. In addition there were directly attributable costs of £8,435 inclusive of stamp duty payable on the shares.
Carrying  
value 
£’000s
Fair value 
adjustments 
£’000s
Fair value 
recognised  
on acquisition 
£’000s
Assets
Intangible assets – 507 507
Property, plant and equipment 2 – 2
Trade and other receivables 2 – 2
Cash and cash equivalents 15 – 15
Total assets 19 507 526
Liabilities
Trade and other payables (26) – (26)
Borrowings (198) – (198)
Deferred tax liabilities – (96) (96)
Total liabilities 224 96 320
Total identifiable net liabilities (205) 411 206
Goodwill arising on acquisition 34
Purchase consideration transferred 240
From the date of acquisition, RealCube Technology Limited & RealCube Limited contributed £167,169 of revenue, and profit before 
amortisation charges of £18,472. If the acquisition had taken place at the beginning of the year, revenue from continuing operations  
would have been £314,471 and loss before amortisation from continuing operations for the Group would have been £47,023.
The analysis of the cash flows on acquisition is:
£’000s
Transaction costs of the acquisition (8)
Cash and cash equivalents acquired with the subsidiary 15
Cash and cash equivalents paid for the subsidiary –
Net cash flow on acquisition 7
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
56 57 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
15 BUSINESS COMBINATIONS CONTINUED
Acquisition of lettings book
In September 2015 the Group acquired a lettings business providing landlords with residential letting agency services. The consideration 
paid totalled £540,000, being settled by cash of £350,000 payable at the point of sale to the vendors, the issue of 111,111 4p shares in 
Hunters Property Plc at a premium of 86p per share, with the total value of the issue being £100,000 and £90,000 deferred consideration 
as explained below. In addition there were directly attributable costs of £9,326.
Carrying  
value 
£’000s
Fair value 
adjustments 
£’000s
Fair value 
recognised  
on acquisition 
£’000s
Assets
Intangible assets – 547 547
Total assets – 547 547
Liabilities
Deferred tax liabilities – (104) (104)
Total liabilities – 104 104
Total identifiable net assets – 443 443
Goodwill arising on acquisition 81
Purchase consideration transferred 524
From the date of acquisition, the lettings book contributed £61,556 of revenue and £22,329 of profit before tax from continuing operations 
of the Group.
The analysis of the cash flows on acquisition is:
£’000s
Transaction costs of the acquisition (9)
Cash and cash equivalents acquired with the lettings book –
Cash and cash equivalents paid for the lettings book (350)
Net cash flow on acquisition (359)
For the acquisition, the Group entered into an agreement to make payments of a further £90,000. Payments are to be made in equal 
quarterly instalments for the next four years. The cost of the acquisition represents these cashflows being discounted at a 10% rate  
to present value as at the date of inception. The cashflows presented above represent the immediate cashflow as at the point of  
acquisition only.
16 TRADE AND OTHER RECEIVABLES
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Amounts falling due within one year:
Trade receivables 871 615 –
Amounts due from subsidiary undertakings – – 2,929
Other receivables 266 157 –
Prepayments and accrued income 492 505 –
1,629 1,277 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 £124,957 (2014: £41,421). 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:
Earnings
2015 
£’000s
2014  
£’000s
Beginning of the year 41 –
Acquired on business combinations 30 –
Provision for bad receivables 69 41
Released during the year (15) –
End of the year 125 41
An analysis of the trade debtors before provisions is:
Earnings
2015 
£’000s
2014  
£’000s
Less than 60 days 801 613
60 to 120 days 66 10
More than 120 days 129 33
Total trade receivables before provisions 996 656
Less provisions for irrecoverability (125) (41)
Net trade receivables 871 615
The Directors consider the credit quality of trade and other receivables that are neither past due nor impaired to be good.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
58 59 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
17 BORROWINGS
Notes
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Debenture loans 618 1,005 –
Bank loans 1,705 1,706 –
Directors’ loans 33 – 212 –
Other related party loans 32 – 52 –
2,323 2,975 –
Payable within one year:
Debenture loans 354 448 –
Bank loans 660 389 –
Directors loans – 212 –
Other related party loans – 52 –
1,014 1,101 –
Payable after one year:
Debenture loans 264 557 –
Bank loans 1,045 1,317 –
1,309 1,874 –
All of the Group’s borrowings are due for repayment within five years.
The Group has 5 bank loans ongoing at the year end.
The first loan is repayable in monthly instalments and bears interest at 3.00% over Libor. At the year end a balance of £457,139  
(2014: £551,912) was outstanding on this loan.
The second loan is repayable in monthly instalments and bears interest at 2.75% over Bank of England Base Rate. At the year end a  
balance of £69,184 (2014: £126,475) was outstanding on this loan.
The third loan is repayable in monthly instalments and bears interest at 3.00% over Bank of England Base Rate. At the year end a  
balance of £208,368 (2014: £288,000) was outstanding on this loan.
The fourth loan is repayable in monthly instalments and bears interest at 3.75% over Bank of England Base Rate. At the year end a  
balance of £590,604 (2014: £740,043) was outstanding on this loan.
The fifth loan was incepted during the year, with an initial value of £380,000 and is repayable in monthly instalments and bears  
interest at 3.00% over Bank of England Base Rate. At the year end a balance of £380,000 was outstanding on this loan.
All the above bank loans are secured by a fixed and floating charge over the current and future assets of the Company.
Debenture loans relate to non-interest bearing loan notes issued during the year which are redeemable on the following dates: £375,000 
redeemable 31 July 2016 and £295,000 redeemable 31 July 2017. These are carried at their present value, determined using the Company’s 
discount rate of 10%, and are carried at £354,720 and £263,594 respectively. Finance costs will be recognised as the debenture loans 
unwind towards maturity.
18 FINANCE LEASE OBLIGATIONS
Future minimum lease payments due under finance leases:
Group  
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Within one year 44 32 –
In two to five years 32 49 –
76 81 –
Less: future finance charges (9) (12) –
67 69 –
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
Notes
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Other taxation and social security 925 601 –
Trade payables 556 489 –
Other payables 213 658 –
Accruals and deferred income 798 651 26
2,492 2,399 26
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
60 61 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
20 NON-CURRENT TRADE AND OTHER PAYABLES
Notes
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Other payables 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.
The Company has a number of interest-bearing loans upon which interest is charged at a variable rate. The outstanding value of these 
bank loans at the year end are £1,705,295 (2014- £1,706,430), on which interest is charged at between 2.75% and 3.75% over the Bank of 
England base rate. 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 £31,000 (2014: £34,000).
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 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 and makes changes in light of changes in 
economic conditions. In order to maintain or adjust the capital structure, the Group may adjust its borrowings and investment decisions.
Group  
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Carrying amount of financial assets
Debt instruments measured at amortised cost – – 2,929
Equity instruments measured at cost less impairment 1 1 867
1 1 3,796
Carrying amount of financial liabilities
Measured at amortised cost 4,025 4,843 26
The undiscounted contractual maturity analysis for financial instruments is as follows:
Financial assets
Demand and  
less than  
3 months
From 3 to  
12 months
From  
12 months to  
2 years
From 2 to  
5 years Total
Trade and other receivables 629 45 – 98 772
Cash and cash equivalents 1,146 – – – 1,146
As at 31 December 2014 1,775 45 – 98 1,918
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
Financial liabilities
Demand and  
less than  
3 months
From 3 to  
12 months
From  
12 months to  
2 years
From 2 to  
5 years Total
Trade and other payables 1,766 150 – – 1,916
Debenture loans – 470 375 295 1,140
Bank loans and overdrafts 97 292 389 928 1,706
Finance leases 10 31 41 – 82
As at 31 December 2014 1,873 943 805 1,223 4,844
Trade and other payables 751 182 23 39 995
Debenture loans – 375 295 – 670
Bank loans and overdrafts 130 477 485 614 1,705
Other loans – 19 – – 19
Finance leases 9 28 30 – 67
As at 31 December 2015 890 1,081 833 653 3,457
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
62 63 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
22 PROVISIONS FOR LIABILITIES
Notes
Group 
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Contingent acquisition costs 37 119 –
Office dilapidations provision 38 32 –
75 151 –
Deferred tax liabilities 23 465 137 –
540 288 –
Movements on provisions apart from deferred tax liabilities:
Group
Contingent 
acquisition costs 
£’000s
Office 
dilapidations 
provision 
£’000s
Total 
£’000s
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
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 undiscounted (£18,918 
discounted) falling contingently payable during the year to 31 December 2016, and £20,000 (£17,430 discounted) falling contingently 
payable thereafter.
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:
Group
Liabilities 
2015 
£’000s
Liabilities 
2014 
£’000s
Assets 
2015 
£’000s
Assets 
2014 
£’000s
Accelerated capital allowances 19 28 – –
Decelerated capital allowances – – 17 17
Fair value adjustments to intangible assets  
on business combinations 446 108 – –
Dilapidations provision – – 7 6
Other provisions and accruals – 1 19 12
Prior year adjustment (note 28 ) – – – 28
465 137 43 63
The Company did not have any deferred tax balances as at 31 December 2015.
Movements in the year:
Group  
2015 
£’000s
Group  
2014  
£’000s
Company  
2015 
£’000s
Net liability at 1 January 2015 74 (60) –
Charge to profit or loss (58) 41 –
Effect of change in tax rate – income statement (4) – –
Acquired on business combinations 410 93 –
Net liability at 31 December 2015 422 74 –
Movements in the year by category of deferred tax are as follows:
Liability/(asset)  
at 1 January 2014
Credit/(charge) 
to profit or loss
Effect of  
change in  
tax rate
Acquired 
on business 
combinations  
& other
Liability/(asset) 
at 31 December 
2014
Accelerated capital allowances 4 24 – – 28
Decelerated capital allowances – – – (17) (17)
Fair value adjustments to intangible assets on 
business combinations – (2) – 110 108
Dilapidations provision (5) (1) – – (6)
Other provisions and accruals (31) 20 – – (11)
Prior year adjustment (note 28 ) (28) – – – (28)
Net deferred tax movement (60) 41 – 93 74
Liability/(asset)  
at 1 January 2015
(Charge)/credit 
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 (note 28 ) (28) 28 – – –
Net deferred tax movement 74 (58) (4) 410 422
Within RealCube Limited there exists tax losses totalling £452,414 on which no deferred tax asset is recognised, due to restrictions on the 
use of these losses. These losses existed at the date of acquisition by the Group and have not been included as a fair value adjustment to 
the acquired net assets.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
64 65 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
24 RETIREMENT BENEFIT SCHEMES
Defined contribution schemes
2015 
£’000s
2014  
£’000s
Charge to profit and loss in respect of defined contribution schemes 110 67
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
Group
2015 
Number
2014 
Number
2015 
£
2014 
£
Outstanding at 1 January 2015 931,250 931,250 0.16 0.16
Granted 887,156 – 0.54 –
Exercised (23,439) – 0.42 –
Outstanding at 31 December 2015 1,794,967 931,250 0.28 0.16
Exercisable at 31 December 2015 353,467 – 0.43 –
The options outstanding at 31 December 2015 had an exercise price ranging from £0.40 to £0.73, and a remaining contractual life ranging 
between May 2017 and December 2025.
The options exist at 31 December 2015 across the following share option schemes:
Option name & date of issue
Number  
of shares
Exercise price 
per share (£)
Fair value  
of scheme
Vesting 
period
Employee share options 931,250 0.16 – 3 years
Options issued January 2015 150,000 0.40 18,292 3 years
Options issued May 2015 353,467 0.42 27,423 2 months
Options issued December 2015 360,250 0.73 1,247 3 years
1,794,967 46,962
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 £0.54. Fair value was measured using the Black-Scholes model.
Inputs were as follows:
January  
options 
£
May  
options 
£
December 
options 
£
Weighted average share price 0.50 0.50 0.73
Weighted average exercise price 0.40 0.42 0.73
Expected volatility 6.00% 6.00% 2.51%
Risk free rate 0.79% 0.67% 0.61%
Expected dividends yields 3.75% 3.57% 2.00%
Group  
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Expenses recognised in the year
Arising from equity settled share based payment transactions 12 – –
26 SHARE CAPITAL
Group and Company
2015 
£’000s
2014  
£’000s
Ordinary share capital
Issued and fully paid
28,286,992 Ordinary of 4p each 1,131 –
Reconciliation of movements during the year:
Ordinary 
Number
At 1 January 2015 –
Issue of fully paid shares 28,286,992
At 31 December 2015 28,286,992
On incorporation the Company issued one Ordinary share at par.
On 27 March 2015 the Company issued 21,683,252 Ordinary shares at par as part of a share-for-share exchange transaction to acquire 
100% of the Group headed by Hunters Property Group Limited. The acquisition fell within the Group reconstruction relief provisions of 
S611 of the Companies Act 2006 and accordingly no share premium was recognised on the transaction.
During the period to the year end, a further 6,603,739 shares were issued at a total premium of £3,336,651.
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
66 67 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
27 SHARE PREMIUM ACCOUNT
Group  
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
At beginning of year – – –
Issue of new shares 3,337 – 3,337
Share issue expenses (758) – (758)
At end of year 2,579 – 2,579
During the period, shares were issued at a premium of £3,336,640. Against this, costs of issue of shares of £757,904, net of taxation relief, 
have been set against the balance reflected in the financial statements.
28 PRIOR YEAR ADJUSTMENT
During 2015 management became aware of a likely irrecoverable VAT debit dating back to prior periods. The impact of the adjustment  
has been to increase other creditors by £141,000, increase the deferred tax asset by £28,000, and decrease the opening prior period 
reserves by £113,000.
Further, management have reclassified its doubtful debt provision regarding its previous loan investment in RealCube as a trading 
impairment which the Directors consider better reflects the substance of the arrangement. The impact of the restatement is to increase 
administrative expenses in 2014 by £80,000, with no net impact on profit.
29 GUARANTEES AND CONTINGENT LIABILITIES
At 31 December 2015, the Group had no contingent liabilities.
At 31 December 2015 the Group held client monies in approved bank accounts amounting to £3,496,720 (2014: £3,125,000). Neither the 
cash asset nor any corresponding obligation has been recognised by the Group.
30 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  
2015 
£’000s
2014  
£’000s
Company  
2015 
£’000s
Land and buildings
Within one year 614 626 –
Between two and five years 1,937 1,615 –
In over five years 2,265 778 –
4,816 3,019 –
Other
Within one year 40 80 –
Between two and five years 21 162 –
61 242 –
4,877 3,261 –
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
68 69 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
31 EVENTS AFTER THE REPORTING DATE
Acquisitions
On 4 January 2016 the Group acquired a lettings book of properties under management by another estate agent for total consideration of 
£190,000, of which £175,000 was payable up front and the remaining £15,000 was payable by 5 April 2016. No new financing was entered 
into to facilitate the transaction, and no assets were acquired other than the lettings book.
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.
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 
second financial year after the Company’s current financial year. Subject to the rules of the Scheme, Share Options lapse 10 years after the 
date of grant.
The following awards were made to Executive Directors in accordance with the rules of the Share Scheme:
Director
Number of 
options granted 
under the  
share scheme
% of the  
existing issued 
share capital
Kevin Hollinrake 100,000 0.35%
Glynis Frew 150,000 0.53%
Ed Jones 150,000 0.53%
Options award to Chief Executive
On 28 January 2016 Harry Hill was granted an option over 150,000 Ordinary shares, exerciseable at a price of 4 pence per Ordinary 
share, which vests upon the fulfilment of certain strategic performance conditions. The option may be exerciseable 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.
32 DIRECTORS’ REMUNERATION AND TRANSACTIONS
2015 
£’000s
2014  
£’000s
Remuneration for qualifying services 397 273
Remuneration recognised in share premium 33 –
Company pension contributions to defined contribution schemes 28 26
458 299
The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2014: 3).
During the year to 31 December 2015 the Directors received remuneration as follows:
Director
Salary 
£’000s
Bonus 
£’000s
Benefits in kind 
£’000s
Pension 
£’000s
Total 
£’000s
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
During the year to 31 December 2014 the Directors received remuneration as follows:
Director
Salary 
£’000s
Bonus 
£’000s
Benefits in kind 
£’000s
Pension 
£’000s
Total 
£’000s
Ms G Frew 84 4 3 8 99
Mr K Hollinrake 86 – 2 10 98
Mr E Jones 78 15 2 8 103
Total 248 19 7 26 300
During the year the Directors of the Group received dividends as follows (comparatives presented were received from Hunters Property 
Group Limited as explained in note 10 ):
Director
2015 
£’000s
2014  
£’000s
Ms G Frew 9 19
Mr H Hill – –
Mr K Hollinrake 21 25
Mr E Jones 18 20
48 64
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
70 71 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
32 DIRECTORS’ REMUNERATION AND TRANSACTIONS CONTINUED
The Directors advanced loans to the Group (detailed further in note 17) as follows:
Ms G Frew
2015 
£’000s
2014  
£’000s
Brought forward 13 5
Advanced during the year – 9
Repaid during the year (13) (1)
Carried forward – 13
Mr K Hollinrake
2015 
£’000s
2014  
£’000s
Brought forward 12 3
Advanced during the year – 351
Repaid during the year (12) (342)
Carried forward – 12
Mr E Jones
2015 
£’000s
2014  
£’000s
Brought forward 27 17
Advanced during the year – 12
Repaid during the year (27) (2)
Carried forward – 27
33 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 32 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
Group
2015 
£’000s
2014  
£’000s
RealCube Limited (prior to acquisition by Group) 49 37
The following amounts were outstanding at the reporting end date:
Amounts owed by related parties
Balance 
£’000s
Provision 
£’000s
Net 
£’000s
Group
RealCube Limited 176 80 96
No guarantees have been given or received.
During the year the Group entered into a share-for-share exchange whereby Hunters Property Plc acquired the shares of Hunters 
Property Group Limited from the Directors of the Group.
Amounts were owed to Directors of the Group’s subsidiary Hunters Property Group Limited as follows:
2015 
£’000s
2014  
£’000s
Mr J Waterhouse – 169
Mr M Robinson – 43
– 212
For the year ended 31 December 2015
Notes to the financial statements (continued) STRATEGIC REPORT OVERVIEW GOVERNANCE FINANCIAL STATEMENTS
72 73 HUNTERS PROPERTY PLC ANNUAL REPORT AND ACCOUNTS
FINANCIAL STATEMENTS
34 SUBSIDIARIES
Details of the Company’s subsidiaries at 31 December 2015 are as follows:
Name of undertaking and country of incorporation  
or residency Nature of business
Class of 
shareholding
% Held
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 Land & New Homes Limited England & Wales Dormant Ordinary 100.00
Maddison James Limited England & Wales Dormant Ordinary 100.00
RealCube Technology Limited England & Wales Intermediate holding company Ordinary 100.00
RealCube Limited England & Wales Software Ordinary 100.00
Hunters Group Limited England & Wales Intermediate holding company Ordinary 100.00
Hunters (Midlands) Limited England & Wales Estate agents Ordinary 100.00
Hunters Survey & Valuation Limited England & Wales Dormant 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
Herriot Cottages Limited England & Wales Dormant Ordinary 100.00
The investments in subsidiaries are all stated at cost less impairment in the financial statements.
For the year ended 31 December 2015
Notes to the financial statements (continued)
73 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 
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT
Solicitors to the Company 
Spearing Waite LLP
34 Pocklingtons Walk
Leicester
LE1 6BU
Auditors 
Mazars LLP
Tower Bridge House
St Katharine’s Way
London
E1W 1DD
Registrar 
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
B63 3DA Hunters Property Plc 
Annual Report & Accounts 
2015
SALES / LETTINGS / MANAGEMENT
Hunters Property Plc – Annual Report & Accounts 2015
SALES / LETTINGS / MANAGEMENT
HUNTERS PROPERTY PLC 
APOLLO HOUSE, EBORACUM WAY, HEWORTH GREEN, 
YORK, NORTH YORKSHIRE, YO31 7RE
WWW.HUNTERS.COM
A vision to 
be the nation's 
favourite 
estate agent.
SALES / LETTINGS / MANAGEMENT