Update ahead of presentation at Mello

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 £17.9m (2020: £7.9m)

-  34% like for like increase to £10.6m*

· Management Service Fees ("royalties") increased 72% to £11.3m (2020: £6.6m)

-  29% like for like increase to £8.5m*

· Strong cash generation as demonstrated by net debt of £2.8m on 30 September 2021 after borrowing £12.5m to fund the acquisition of Hunters in March 2021 (30 June 2021: £5.4m net debt, 30 September 2020: £nil)

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 £119.7m (2020: £65.0m)

-  30% like for like increase to £84.3m*

· Sales agreed pipeline remained strong, despite the ending of the stamp duty holiday, at £28.2m on 30 September 2021 (£29.5m on 30 June 2021, £31.0m 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  Susie Hudson Justine James Harriet Jackson	020 3405 0205 [e-mail]

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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