Property Franchise Group PLC (The) AGM Statement (8648B)
15 Junio 2021 - 1:00AM
UK Regulatory
TIDMTPFG
RNS Number : 8648B
Property Franchise Group PLC (The)
15 June 2021
15 June 2021
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
AGM Statement
The Property Franchise Group PLC, the UK's largest property
franchisor, is pleased to provide the following trading update
ahead of its Annual General Meeting ('AGM') which will take place
at 11:00am today.
The Group has achieved strong trading results in the first five
months of 2021, in-line with management's expectations. Revenue was
significantly higher than for the same period in 2020, which was
impacted by Covid, as well as 2019. The results have also
benefitted from the acquisition of Hunters, which completed on 19
March 2021.
Highlights:
-- Group revenue* in the five months to 31 May 2021, increased
by 90% on 2020 and 85% on 2019. Like for like revenues (excluding
those contributed from the acquisition of Hunters) for the period
increased 29% on 2020 and 26% on 2019.
-- Group Management Service Fees* ("MSF") for the period
increased 54% on 2020 and 39% on 2019. Like for like MSF (excluding
those contributed from the acquisition of Hunters) for the period
increased by 29% on 2020 and 16% on 2019.
*excludes Hunters' pre-acquisition figures
The sales market continues to be buoyant with growth in the
number of house sales for the period compared to 2020 ranging from
89% in the TPFG high street-led offices to 126% in EweMove. Growth
over 2019 was between 36% and 97% respectively. The average sales
fee charged has increased by over 10% in the last year, in-line
with growth in UK house prices.
EweMove, the Group's hybrid estate agency, has clearly built on
its brand positioning, with the record recruitment of 30 new
franchisees in the period. This is almost as many as it has ever
recruited in a year and puts the Group well on track to achieve one
of its core strategic aims: to double the size of EweMove
territories to 230 by the end of 2022.
The integration of Hunters is progressing very well with
particular focus on finance, training, compliance, IT and key
suppliers in the first three months.
Following the announcement of the strategic partnership with LSL
in April 2021, the franchise network has shown extremely strong
interest in the opportunity and the central team has begun to
rollout fulfilment plans.
Whilst the residential housing market currently remains very
busy, supported by the Government's stamp duty holiday and
introduction of the 95% mortgage, the Group is also delighted by
the progress made with its strategic initiatives which are set to
drive organic, like-for-like growth even when the external market
begins to normalise.
The Group will report its H1 trading update in late July
2021.
For further information, please contact:
The Property Franchise Group PLC
Gareth Samples, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 405549
Cenkos Securities plc (Nominated Adviser and Broker)
Max Hartley, Callum Davidson
Julian Morse, Alex Pollen, Dale Bellis (Sales) 0207 397 8900
Alma PR
Susie Hudson
Justine James
Harriet Jackson 0203 405 0209
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the largest
property franchisor in the UK and manages the second largest estate
agency network and portfolio of lettings properties in the UK.
The Company was founded in 1986 and has since grown to a diverse
portfolio of nine brands operating throughout the UK, comprising
longstanding high-street focused brands and a hybrid, no sale no
fee agency.
The Property Franchise Group's brands are Martin & Co,
EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates,
Mullucks & Country Properties.
Headquartered in Bournemouth, UK, the Company was listed on AIM
on the London Stock Exchange in 2013. More information is available
at www.propertyfranchise.co.uk
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END
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