TIDMTPFG
RNS Number : 3319R
Property Franchise Group PLC (The)
04 November 2021
4 November 2021
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
Update ahead of presentation at Mello investor evening.
Strong momentum continued in Q3 2021
The Property Franchise Group Plc, the UK's largest property
franchisor, is pleased to announce, ahead of its private investor
presentation on Mello next Monday 8(th) November at 7.55pm, an
update on its current trading to 30 September 2021.
Financial Highlights
-- Group revenue increased 126% to GBP17.9m (2020: GBP7.9m)
- 34% like for like increase to GBP10.6m*
-- Management Service Fees ("royalties") increased 72% to GBP11.3m (2020: GBP6.6m)
- 29% like for like increase to GBP8.5m*
-- Strong cash generation as demonstrated by net debt of GBP2.8m
on 30 September 2021 after borrowing GBP12.5m to fund the
acquisition of Hunters in March 2021 (30 June 2021: GBP5.4m net
debt, 30 September 2020: GBPnil)
Based on the above, the Directors are pleased to confirm the
Group continues to trade in line with market expectations for the
full year.
Operational Highlights
-- Network income increased 84% to GBP119.7m (2020: GBP65.0m)
- 30% like for like increase to GBP84.3m*
-- Sales agreed pipeline remained strong, despite the ending of
the stamp duty holiday, at GBP28.2m on 30 September 2021 (GBP29.5m
on 30 June 2021, GBP31.0m on 31 March 2021)
-- Managing 73,000 rental properties (2020: 58,000)
-- EweMove sold 46 new territories (2020: 6)
-- EweMove had 161 territories under contract as of 30 September 2021 (2020: 116)
*Like for like comparison excluding the impact of the
acquisition of Hunters.
** 2020 comparatives are 30 September unless otherwise
stated.
Gareth Samples, Chief Executive Officer of The Property
Franchise Group, said:
"I am delighted to report that after announcing record results
at the half year, we have continued to trade strongly. Whilst the
market would benefit from increased stock of properties to let or
sell, we have continued to achieve significant transactional
activity. Most notably our sales agreed pipelines continue to be
replenished, even after the three peak months for residential
property completions this year. Beyond the buoyant market we are
pleased to see our strategic initiatives delivering and are
confident they will continue to drive growth going forward."
Mello Investor presentation
The Company is participating in the live private investor event
held by Mello on Monday 8 November 2021 at 7:55pm via Zoom. Gareth
Samples, Chief Executive Officer, and David Raggett, Chief
Financial Officer, will update investors on trading since the half
year and progress with the strategic objectives followed by
questions from participants.
If you would like to attend the Monday Webinar as a shareholder,
you can register here for the event using code SHVIP for 75% off
tickets.
For further information, please contact:
The Property Franchise Group PLC
Gareth Samples, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 405549
Canaccord Genuity Limited (Nominated
Adviser and Broker)
Bobbie Hilliam
Tom Diehl 0207 523 8000
Alma PR 020 3405 0205
Susie Hudson propertyfranchise@almapr.co.uk
Justine James
Harriet Jackson
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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