The Property Franchise Group’s (TPFG) acquisition of Hunters Property in March 2021 combined with strong organic growth has put the firm in line to report a profit later this year.

Group revenue increased 13% to £27.1m from £24.1 million in 2021 while EweMove, the Group’s hybrid estate agency, sold 44 new territories taking the total number under contract to 189 although sales agreed pipeline was down at £22.2 million compared to £26.5 million in 2021.

GROWTH

The Property Franchise Group now manages over 76,000 rental properties on behalf of landlords, with much of the growth in the year coming from the assisted acquisitions program.

TPFG says it is too early to tell where the number of residential sales transactions will end up this year although early signs of more normal stock levels and instructions along with the improved conversion times suggests the market for second hand residential properties is likely to align with that of 2019.

Gareth Samples, TPFG Chief Executive, says: “The Board and I are delighted to report that H2 performed strongly against a difficult backdrop and, combined with solid trading in H1, resulted in profit anticipated to be ahead of market expectations.”

LETTINGS

“Lettings, our most significant recurring revenue stream generated by our franchise network and our owned offices, accounted for 43% of Group revenue. We remain focused on increasing the contribution from lettings in line with our strategic initiatives.

“We achieved the net cash position we expected at year end paying off our term loan early. This was an important step in proving the successful integration of Hunters and underpins our ongoing success, no matter how the external conditions develop.

“As a highly cash generative Group with a strong balance sheet, we look forward to the opportunities that 2023 may bring.”