2nd Feb 2022 20:23
Property Franchise Group PLC - UK-based lettings and estate agency franchising firm - Says it achieved a strong performance in 2021 through organic growth, an active residential housing market and the acquisition of Hunters Property PLC which completed in March 2021. Like-for-like revenue and Management Service Fees were significantly up on 2020 and, it is important to note given the disruption in 2020, similarly up on 2019. Expects 2021 revenue of GBP24.1 million, more than doubled from GBP11.0 million in 2020. As a result, pretax profit is now anticipated to be ahead of market expectations.
"Overall, the group has made faster progress than expected with the strategic initiatives first outlined in September 2020 and continues to have substantial growth opportunities ahead of it. All of which is underpinned by significant recurring lettings revenue and a strong balance sheet. We continue to identify potential acquisition targets to enhance shareholder value and to invest in our team. Consequently, the board remains confident in the long-term outlook for the business," it says.
Current stock price: 322.00 pence
Year-to-date change: up 76%
By Arvind Bhunjun; [email protected]
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