5th Apr 2022 14:38
Property Franchise Group PLC - UK-based lettings and estate agency franchising firm - Posts increased annual profit and revenue, citing the acquisition of Hunters Property PLC as the main reason.
Property Franchise's pretax profit climbs by 35% to GBP6.4 million from GBP4.8 million. Revenue more than doubles in 2021 to GBP24.0 million from GBP11.0 million the year before. Hunters, which Property Franchise bought in March 2021, contributes GBP9.8 million to the 2021 revenue.
Excluding the impact of the acquisition of Hunters, Mortgage Genie and the disposal of Aux Group, like-for-like revenue rises by 26% to GBP13.9 million.
The board proposes a final dividend of 7.8 pence, bringing it to 11.6p for 2021, up from 8.7p in 2020.
For 2022, Property Franchise expects business to be similar to the pre-pandemic year 2019. "Our view is that the re-prioritisation of housing needs will continue to be a factor in 2022 but the supply of stock will be the critical factor and therefore a similar market to 2019 is likely."
Current stock price: 346.50 pence, up 0.1% on Tuesday
12-month change: up 69%
By Tom Budszus; [email protected]
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