Sales and letting franchise business Hunters has reported a strong performance in the second half of its financial year despite the challenges of the second homes Stamp Duty changes and Brexit, it says.

This includes an aggressive push for more franchisees, its trading update reveals. Hunters says it is on track to add 30 franchisees this year taking the total to 180 branches of which 11 are owned and 169 franchised.

The company which floated on AIM in July last year, also reports that during 2015 existing businesses reporting their first full calendar year with the group grew turnover by 29%.

This has helped increase revenue for Hunters, which says network income to 31st October 2016 was almost £29 million, an increase of 16% on last year’s results.

The company also has reported that its network is split 58/42 between the south and north, and the lettings income increased by 18% compared to last year.

But Hunters also says it is less exposed to a potential ban on tenant fees because 72% of its group revenues are from sales and that it is therefore “confident [the company] can manage and adapt accordingly”.

“The Board is aware that the industry experienced a similar situation in Scotland in 2012 where the industry adapted to the changes without long-term damage to profitability”, its trading statement says.

As the statement was released Chairman Kevin Holinrake (pictured, above left) also announced that industry veteran Harry Hill (pictured, above, right) has stepped down as its CEO to become non-executive deputy chairman. Managing director Glynis Frew  (pictured, left) who has been with the firm since 1999, is to replace him.