The Property Franchise Group (TPFG) increased group revenue to £13.2 million in the first half of the year with profit before tax increasing 11% to £4.2 million, its half year results reveal today.

Both its seven franchisee acquisitions and Ewemove selling 17 new territories in the first half of 2022 added to the kitty with the acquisition of Michael Searchers Property Management in January this year also boosting revenue.

SALES AGREED

TPFG said sales agreed pipeline remained strong at £28.4 million, albeit down from £33.8 million in the first half of 2022.

Gareth Samples (main picture), Chief Executive Officer of TPFG, says: “It’s another period of record revenue for us, outperforming the market in both lettings and sales.

“Moreover, with continued focus on costs, slightly down despite the pay increases needed by our employees, we have also set another record for profit before tax.

“Overall, our network’s lettings revenues have grown 12% to represent 61% of total network revenue, offsetting the expected impact of the reduction in UK sales transactions.

RECURRING REVENUES

And he adds: “Pleasingly, this has driven up our recurring revenues to 65% of total revenue.

“We remain extremely well-placed in the current environment and have a substantial growth opportunity to capitalise on.

“The second half of each calendar year usually generates higher revenues and profits. The second half to date appears to be following that trend so far.

“As a result, the Board remains confident that trading remains in-line with expectations for the full year and this confidence is reflected in the interim dividend for 2023, which I am pleased to report is up 10% to 4.6p.”

The Neg reported in February how TPFG’s acquisition of Hunters Property in March 2021 combined with strong organic growth has put the firm in line to report a profit later.