The Property Franchise Group has reported record first-half revenue of £43.3m despite completing fewer property sales across its agency network.
In a half year trading update yesterday TPFG said group revenue increased by 7% during the six months to 30 June, compared with £40.3m in the equivalent period last year. On a like-for-like basis, revenue rose by 4%.
The network completed more than 15,500 sales, down 4% annually and in line with the reduction in wider UK transaction volumes.
Sales management service fee revenue nevertheless increased by 1% to £5m as higher average transaction fees offset the lower number of completions.
LETTINGS PORTFOLIO REMAINS RESILIENT
Franchising revenue rose by 8% to £24m, with lettings management service fees increasing by 2% to £10.6m.
The group’s managed portfolio remained stable at 149,000 properties, with the rent guarantee element of its Privilege programme now protecting more than 72,000 homes.
Privilege contributed £1.2m during its first full half-year, compared with £100,000 during the corresponding period in 2025.
Other franchising income increased by 44% to £4m, supported by Privilege and MarketMore, TPFG’s in-house marketing operation for franchisees.
ACQUISITIONS EXPAND PLATFORM
Financial services revenue increased by 10% to £13m following the January acquisition of Smart Advice Financial Solutions.
On a like-for-like basis, revenue fell by 3%, principally because of the managed departure of three partner hubs. Excluding those hubs from the comparison, TPFG says underlying divisional trading grew by 6%.
The group has also invested in Meridian, parent company of Legal & General Surveying Services, extending its platform into residential surveying.
Licensing revenue remained unchanged at £6.3m, while net debt fell from £10.9m to £8.2m.
FULL-YEAR EXPECTATIONS MAINTAINED
Gareth Samples (main picture, inset), CEO of The Property Franchise Group, says: “I’m pleased we have delivered another robust performance, achieving a record first half despite a more subdued sales market.
“We maintained our managed lettings portfolio at 149,000 properties whilst supporting our network through the implementation of the Renters’ Rights Act, and successfully delivered a number of important initiatives across the Group.
“The additions of SAFS and Meridian, together with the rollout of our first AI-enabled products, further strengthen our platform. Whilst the external environment remains uncertain, our diversified income streams and growing recurring revenue base give us confidence in delivering our plans for the full year.”
TPFG expects full-year trading to remain in line with market expectations and will publish its interim results on 9 September.
