Property Franchise Group PLC (The) Trading Update (3911W)
01 August 2018 - 4:00PM
UK Regulatory
TIDMTPFG
RNS Number : 3911W
Property Franchise Group PLC (The)
01 August 2018
1 August 2018
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Half Year Trading Update
The Property Franchise Group PLC (AIM:TPFG) today issues the
following trading update ahead of announcing its interim results on
Wednesday, 12 September 2018.
The Company saw solid growth during the six-month period ended
30 June 2018, with revenues increasing by 11% to GBP5.3 million
(2017: GBP4.7m). The Group's traditional high street brands
performed well and its online brand EweMove continued to trade
profitably.
Management service fees increased across the Group by 15% to
GBP4.4 million (2017: GBP3.8 million), with total tenanted
properties served rising 6% to c. 53,000. As at 30 June 2018, the
Company had net cash of approximately GBP0.5 million compared to
net debt of GBP0.7 million at the same period last year.
Consequently, the Board is confident that trading continues to
be in line with market expectations for the full financial year
ending 31 December 2018.
Chief Executive Ian Wilson commented,
"We are pleased to deliver revenue growth across all five of our
high street brands and also our online brand, EweMove. We remain
confident that our franchise model of local business owners, allied
to a central support infrastructure, can outperform both small
independent estate agency businesses and the large corporate
players, and have demonstrated that we can gain an increasing share
of the developing online agency market. As such, we will continue
to leverage our scale and strong financial position to capitalise
on the opportunities both on the high street and online."
For further information, please contact:
The Property Franchise Group PLC
Ian Wilson, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 292829
Cenkos Securities plc
Max Hartley (Nominated Adviser)
Julian Morse (Sales) 0207 397 8900
Alma PR
Susie Hudson 0203 865
Rebecca Sanders-Hewett 9667
Sam Modlin propertyfranchise@almapr.co.uk
Josh Royston
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END
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