Property Franchise Group PLC (The) Half Year Trading Update and Directorate Update (3266H)
31 Julio 2019 - 1:03AM
UK Regulatory
TIDMTPFG
RNS Number : 3266H
Property Franchise Group PLC (The)
31 July 2019
31 July 2019
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Half Year Trading Update
and
Directorate Update
The Property Franchise Group PLC (AIM:TPFG) today issues the
following trading update ahead of publishing its interim results on
Tuesday, 10 September 2019.
The Group's traditional high street brands continued to make
solid progress, generating growth in revenues of 3% over the same
period in 2018. This progress was driven by improvements in
lettings, and has been delivered despite the reduced activity
levels in the sales market. Pleasingly, its online brand, EweMove,
generated growth in revenues of 11%.
The Group's total revenue for the six-month period was GBP5.5m,
of which Management Service Fees were GBP4.6m, a Group record for
first half year trading (2018: GBP4.4 million). Management Service
Fees represent the Group's key, recurring revenue stream and this
growth demonstrates the strength of the franchise model. Total
tenanted managed properties served rose 6% to c. 56,000.
The Company continues to generate free cash and maintain a
strong balance sheet, with net cash of GBP2.8m at 30 June 2019 (30
June 2018: GBP0.5m).
The Board is confident that trading will continue to be in line
with market expectations for the full financial year ending 31
December 2019.
Directorate Update
After 16 years with the business, Ian Wilson, Chief Executive,
has informed the Board of his intention to retire at the end of
calendar year 2020. The Board has commenced a formal process to
identify a suitably qualified successor. The timescales agreed will
allow ample time for both this process and a smooth, orderly
handover period.
Over the next 17 months Ian will continue to lead the Group
towards its aim of achieving an increased UK market share of
lettings and estate agency transactions, using its proven franchise
model and multiple clearly differentiated property brands.
Chief Executive Ian Wilson commented,
"We are pleased to continue to deliver revenue growth across
both our high street brands and also our online brand, EweMove, in
what has been a tough market. Although we have yet to see the full
impact of the tenant fee ban which came into force on 1(st) June
2019, we are confident of the actions being undertaken by our
franchise network to mitigate the impact on revenues. We will
continue to leverage our scale and strong financial position to
capitalise on the opportunities both on the high street and
online.
"After many fruitful years at the helm of Martin & Co and
then The Property Franchise Group, I have made the Board aware of
my intention to retire at the end of next year. I have seen the
Company through its IPO and its successful years since. Throughout
this time the business has shown the strength of its franchise
model, the quality of its Board and management team, and the
resolve and determination to succeed of its franchisees. I look
forward to continuing to ensure that the business is well
positioned to flourish for many years to come."
This announcement contains inside information.
For further information, please contact:
The Property Franchise Group PLC
Ian Wilson, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 292829
Cenkos Securities plc
Max Hartley (Nominated Adviser)
Julian Morse (Sales) 0207 397 8900
Alma PR
Susie Hudson 0203 405
Rebecca Sanders-Hewett 0205
Jessica Joynson propertyfranchise@almapr.co.uk
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END
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