The Property Franchise Group has profitable 2022

By Tom Kilkelly

2 February 2023

Share

The Business Magazine article image for: The Property Franchise Group has profitable 2022

The Property Franchise Group PLC, a company that owns numerous property brands in the South East, expects to report profit ahead of market expectations in 2022.

A large part of the company’s success can be attributed partially to the full acquisition of Hunters Property PLC in March 2021. Additionally, the company’s performance in 2022 was strengthened by an organic growth in lettings.

The company saw reductions in house sales in 2022 but this was offset by a 13 per cent revenue increase to £27.1million and management service fees increasing by eight per cent to £15.9million.

The company expects residential sales to decrease in 2023 but again expects this to be offset by continued growth in lettings throughout the year.

The Property Franchise Group Chief Executive Gareth Samples said: “The Board and I are delighted to report that H2 performed strongly against a difficult backdrop and, combined with solid trading in H1, resulted in profit anticipated to be ahead of market expectations.”

“Lettings, our most significant recurring revenue stream generated by our franchise network and our owned offices, accounted for 43% of Group revenue. We remain focused on increasing the contribution from lettings in line with our strategic initiatives.

“We achieved the net cash position we expected at year end paying off our term loan early. This was an important step in proving the successful integration of Hunters and underpins our ongoing success, no matter how the external conditions develop.

“As a highly cash generative Group with a strong balance sheet, we look forward to the opportunities that 2023 may bring.”

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.