Business
Update ahead of presentation at Mello
Update ahead of presentation at Mello.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3319R\n Property Franchise Group PLC (The)\n 04 November 2021\n \n \n \n \n 4 November 2021\n \n \n THE PROPERTY FRANCHISE GROUP PLC\n \n \n (the \"Company\" or the \"Group\")\n \n \n \n \n Update ahead of presentation at Mello investor evening.\n \n Strong momentum continued in Q3 2021 \n \n \n \n \n \n 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 8th November at 7.55pm, an update on its current trading to 30 September 2021.\n \n \n Financial Highlights\n \n \n · \n Group revenue increased 126% to £17.9m (2020: £7.9m)\n \n \n - \n 34% like for like increase to £10.6m*\n \n \n · \n Management Service Fees (\"royalties\") increased 72% to £11.3m (2020: £6.6m)\n \n \n - \n 29% like for like increase to £8.5m*\n \n \n · \n 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)\n \n \n \n \n \n Based on the above, the Directors are pleased to confirm the Group continues to trade in line with market expectations for the full year. \n \n \n \n \n \n Operational Highlights\n \n \n · \n Network income increased 84% to £119.7m (2020: £65.0m) \n \n \n - \n 30% like for like increase to £84.3m*\n \n \n · \n 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)\n \n · \n Managing 73,000 rental properties (2020: 58,000)\n \n \n · EweMove sold 46 new territories (2020: 6)\n \n · EweMove had 161 territories under contract as of 30 September 2021 (2020: 116)\n \n \n *Like for like comparison excluding the impact of the acquisition of Hunters.\n \n \n ** 2020 comparatives are 30 September unless otherwise stated.\n \n \n Gareth Samples, Chief Executive Officer of The Property Franchise Group, said:\n \"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 sal...