Hunters acquisition fuels growth at property group
The Property Franchise Group is “forging ahead” after its £25m acquisition of York-based estate agents Hunters earlier this year.
TPFG said it achieved “strong results” in the first half of 2021, thanks to the addition of Hunters and a “very active” residential market.
Like-for-like revenue and management service fees were “significantly up” on the same period in both 2019 and 2020.
TPFG’s chief executive Gareth Samples described the year so far as “an exceptional period” for the group.
He said: “The UK’s housing market has seen activity levels that I have not witnessed before in my career, supported by peoples’ desires to move homes.
“We had the resources and capabilities to make the most of the exceptionally busy housing market and deliver a first-class service to those looking to buy, sell and let.”
In a statement to the stock market, the group said “the integration of Hunters continues to progress well”. It reported half-year revenues had more than doubled, to £11.4m.
It added: “Today’s update demonstrates that our strategy to acquire an estate agent with a strong focus on sales was the right one. The strengths of our new enlarged team continue to complement one another as we forge ahead with our strategic initiatives to drive organic growth.”