9th Apr 2019 13:04
LONDON (Alliance News) - Property Franchise Group PLC on Tuesday reported a flat annual profit despite revenue rising.
For 2018, the multi-brand lettings and estate agency franchising company posted pretax profit of GBP4.3 million, in line with a year ago. Meanwhile, revenue rose 11% year-on-year to GBP11.2 million from GBP10.1 million.
The company proposed a final dividend of 6.0 pence per share, which together with an interim payout of 2.4p brought the total dividend for the year to 8.4p, up 12% from 7.5p a year ago.
Looking ahead, the company said it continues to be "deliberately heavily weighted towards lettings", as its directors believe that the private rented sector will continue to grow.
"We entered 2019 with a significant improvement in our positive net cash position and the highest level of recurring revenues in the group's history. In addition, our profitable and established hybrid business provides further opportunities for growth," Chief Executive Officer Ian Wilson said.
"The board is confident about the prospects for 2019 and envisage that the loss of tenant fee revenue and continued regulatory intervention in our sector will create opportunities for further consolidation and growth."
Property Franchise shares were trading up 4.8% at 154.50p each on Tuesday afternoon.
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