5th Feb 2019 10:51
LONDON (Alliance News) - Property Franchise Group PLC on Tuesday expressed a confident outlook for the year ahead following 10% revenue growth in 2018.
The stock was trading 2.9% higher on Tuesday at 125.00 pence a share.
The property franchise company, comprised of six estate agency and lettings brands, has performed well in 2018 and expects to report results in line with market expectations.
Property Franchise said revenue grew by 10% in the year to GBP11.2 million from GBP10.2 million a year prior, with management services fees increasing by 14% to GBP9.5 million.
In 2018, the company was servicing 55,000 tenanted managed properties compared with 52,000 the year before. Assisted acquisitions programme supported 28 acquisitions by franchisees and added 3,115 managed properties versus 2,012 in 2017.
Looking ahead, Property Franchise expects 2019 to be another challenging year for the property market with ongoing Brexit uncertainty having the potential to dampen sales transaction volumes.
"Against a backdrop of uncertain political and macro-economic conditions in 2019, we are confident that our assisted acquisitions programme, our drive into digital marketing and our strong balance sheet will allow us to continue outperforming the market," said Chief Executive Ian Wilson.
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