8th Apr 2025 10:56
(Alliance News) - Property Franchise Group PLC on Tuesday said it delivered "record" results in 2024 following two major acquisitions, as revenue more than doubled and lifted its dividend.
The Bournemouth, England-based property franchisor and financial services provider said pretax profit climbed 59% to GBP14.3 million in 2024 from GBP9.0 million a year before, while revenue surged to GBP67.3 million from GBP27.3 million.
The increase was driven by the acquisitions of Belvoir Group PLC in March 2024 and GPEA Ltd, which trades as The Guild of Property Professionals and Fine & Country, in May of the same year.
Total administrative costs rose to GBP29.7 million from GBP12.6 million, and cost of sales increased to GBP22.3 million from GBP5.4 million, reflecting the enlarged group.
The company raised its full-year dividend by 29% to 18.0 pence per share, up from 14.0p in 2023, including a final dividend of 12.0p, up from 7.4p.
Chief Executive Officer Gareth Samples called 2024 a “truly transformational year,” highlighting strong progress on integrating the acquired businesses, delivering GBP400,000 in synergies with more expected in 2025.
The company now manages 153,000 rental properties, up from 78,000 in 2023, and processed 23,000 mortgages worth GBP4 billion in 2024. Management service fees rose 76% to GBP28.3 million, and recurring revenue accounted for 52% of the total.
Looking ahead, TPFG said it is focused on completing integration and realising further benefits from its increased scale.
Shares in Property Franchise were up 1.1% at 410.00 pence each in London on Tuesday morning.
By Eva Castanedo, Alliance News reporter
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