Revenues at estate agent franchising company The Property Franchise Group have passed £10m.
For the full year to 31 December 2017 the Bournemouth-headquartered company recorded revenues of £10.2m, up from £8.3m in 2016.
The milestone comes despite what the company termed a disappointing year for residential property as a whole compared with 2016.
Adjusted EBITDA also rose, up from £3.9m to £4.4m, with the company increasing the number of franchisees for traditional brands by six and by 31 for online brand EweMove.
The total number of franchises operating under the company’s umbrella now stands at 403.
Traditional brands operated by the company include Martin & Co, CJ Hole, Ellis & Co, Parkers and Whitegates.
Chief executive Ian Wilson said: “We are very pleased to have delivered another year of strong growth for our stakeholders, particularly as the property industry has continued to be a tough environment to operate in. Our traditional brands have performed well across sales and lettings, and it is pleasing that this lettings growth was achieved both organically and through the assisted acquisition of local competitors’ portfolios by our franchisees.
“Our decision to acquire the online player EweMove has proven to be rewarding, with the business delivering significant revenue growth to the group this year, as well as providing us with the digital marketing insight to leverage better performance in our traditional high street brands.
“EweMove remains a highly trusted brand, its ‘no sale, no fee’ model is popular with customers and provides a differentiator in the online market. As we continue to add experienced estate agents to the EweMove network, we are excited by the opportunity to build up our share of the online estate agency market.
“Our financial position is robust with a strong balance sheet, a relatively low level of gearing and high levels of cash generation. This together with our franchise model, weighting towards lettings and multifaceted growth strategy leaves the Group well-positioned to withstand developments within the industry and to capitalise on opportunities that arise.”
Source: Insider Media