Property Franchise reports broad-based progress as sales increase 50%
Property Franchise Group PLC on Monday said first half revenue benefited from buyers looking to avoid the change in stamp duty in March.
The Bournemouth, England-based property franchisor and financial services provider said revenue rose 50% to £40.3 million in the six months to June 30 from £27.3 million a year prior.
In response, shares in Property Franchise rose 1.6% to 544.60 pence each in London on Monday.
In a trading statement, the company said it delivered strong organic growth across its three divisions, with full year trading anticipated to be in line with market expectations.
Franchising revenue increased by 22% to £21.8 million, with Lettings management service fees up 24% as a result of 5% like for like growth and an additional two months of Belvoir Group revenue in the first half compared to the year prior.
The first half saw a strong upturn in sales activity, particularly in the first quarter as buyers looked to avoid the change in stamp duty in March, the firm said.
Financial Services revenue grew 54% to £12.2 million and Licensing revenue ballooned to £6.3 million from £1.0 million.
Looking ahead, Property Franchise expects further growth across the divisions for the remainder of the financial year and expects to deliver trading in line with expectations for the full year.
Chief Executive Gareth Samples said: ‘Our resilient franchise business model, diversified revenue streams and continued strong cash generation provide the board with confidence for the year ahead.’
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