The Property Franchise Group reported a robust first half of 2024 this morning with revenues soaring by 104% to £26.9 million.
The bumper announcement followed strategic mergers and acquisitions that strengthened their position as the UK’s largest property franchisor.
Following its merger with the Belvoir Group PLC and the acquisition of The Guild of Property Professionals and Fine & Country Group revenue more than doubled compared to the prior period with significant increases in franchising and financial services, along with the addition of a new licensing revenue stream.
Group revenue increased 104% to £26.9m (H1 2023: £13.2m) – a 3% like for like increase to £13.6m.
And Management Service Fees increased 60% to £12.3m (H1 2023: £7.7m) – an 8% like for like increase to £8.3m.
Its sales agreed pipeline also increased 67% to £47.5m (H1 2023: £28.4m) – a 16% like for like increase to £32.8m.
TPFG told the City that the integration of Belvoir and GPEA into the broader Property Franchise group was progressing well with the restructuring of the senior leadership team largely completed and projects being initiated to drive synergies and develop revenue opportunities.
TRANSFORMATIONAL
Gareth Samples, TPFGGareth Samples, TPFG Chief Executive, says: “The first half of 2024 has been transformational for our Group, building on our track record of growth and completing two significant acquisitions which has created a substantially larger group with an international presence.
“We are delighted with our organic revenue performance in the first half year and the contributions from each of our new businesses.
“We have a very resilient and focused franchise model and multiple income streams across 18 brands including a significantly enhanced, exciting opportunity in financial services. With an improving pipeline and at least one interest rate reduction behind us, the Board is confident that trading remains at least in line with market expectations for the full year.”
The merger with Belvoir became effective on 7 March 2024 and Belvoir’s trading results from that date to 30 June 2024 will be included within the Group’s financial statements for the six months ended 30 June 2024. The H1 2024 revenue contribution from Belvoir was £12.2 million, of which £7.1 million was financial services, £4.0 million MSF and £1.1 million other franchising income.
The GPEA acquisition completed on 31 May 2024 and its trading results for June 2024 (one month) will be included within the Group’s financial statements for the six months ended 30 June 2024. The H1 2024 revenue contribution from these businesses was £1.0 million.
