Property Franchise Group has reported an unaudited 119% increase in sales to £24.1m helped by the acquisition of Hunters and the expansion of their hybrid agency business.
The company said the strong sales figures meant full year profit was likely to be ahead of current market expectations.
Property Franchise Group is the largest property franchisor in the UK and manages the second largest estate agency network including brands Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties.
The group’s revenue was boosted by the Hunters acquisition which was completed in 2021. The £25m deal added 209 branches to the Property Franchise Group and is responsible for a large proportion of the groups additional revenue I’m 2021.
The acquisition of Mortgage Genie for an initial £400,000 was also completed in 2021 to help the group financial services offering.
“The Board and I are delighted to report that the excellent trading momentum seen in the first six months of 2021 continued in the second half. We have built a fantastic senior management team across the Group with an incredible combined knowledge and experience of the market,” said Chief Executive Officer, Gareth Samples.
“The value of their guidance and support can be seen reflected in the fact that we are seeing more and more people interested in joining our franchise network, as well as existing franchisees wishing to expand their representation.”
Property Franchise Group said they expected preliminary results for the year ended 31st December 2021 to be released on Tuesday 5th April 2022.
Source: UK Investor Magazine