Business
Half Year Trading Update
Half Year Trading Update.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n\n7 August 2024\n \nTHE PROPERTY FRANCHISE GROUP PLC\n(\"TPFG\", the \"Company\" or the \"Group\")\n \nHalf Year Trading Update\nTransformational period for UK's leading property franchisor\n \nThe Property Franchise Group PLC, the UK's largest multi-brand property franchisor, is pleased to provide the following trading update ahead of publishing its interim results on Tuesday 10 September 2024.\n \nThe last six months has seen the commencement of another transformational period for the Group following to the merger with the Belvoir Group PLC (\"Belvoir\") and the acquisition of GPEA Limited (\"GPEA\"), owner of The Guild of Property Professionals and Fine & Country. Group revenue more than doubled compared to the prior period with significant increases in franchising and financial services, along with the addition of a new licensing revenue stream.\n \nHighlights:\n \n\n\n\n\n· \n\n\nGroup revenue increased 104% to £26.9m (H1 2023: £13.2m)\n\n\n\n\n\n\n\no \n\n\n3% like for like increase to £13.6m1\n\n\n\n\n· \n\n\nManagement Service Fees (\"MSF\") increased 60% to £12.3m (H1 2023: £7.7m)\n\n\n\n\n\n\n\no \n\n\n8% like for like increase to £8.3m1\n\n\n\n\n· \n\n\nSales agreed pipeline increased 67% to £47.5m (H1 2023: £28.4m)\n\n\n\n\n\n\n\no \n\n\n16% like for like increase to £32.8m1\n\n\n\n\n· \n\n\nManaging 152,500 rental properties (H1 2023: 77,000)\n\n\n\n\n\n\n\no \n\n\n2% like for like increase to 78,0001\n\n\n\n\n· \n\n\nEweMove sold 22 new territories (H1 2023: 17)\n\n\n\n\n· \n\n\nFinancial services commissions increased 778% to £7.9m (H1 2023: £0.9m), all of the increase being attributable to Belvoir\n\n\n\n\n· \n\n\nNet debt of £14.3m after borrowing £20m to fund the acquisition of GPEA (H1 2023: net cash of £0.7m)\n\n\n\n\n \n1Like for like comparison excluding the impact of the acquisition of Belvoir Group on 7 March 2024, and GPEA on 31 May 2024.\n \nLettings MSF increased by 8%, in line with the ONS Private Sector Index which showed a similar annual rental inflation to June 2024. Wit...