Property franchisor reaps rewards of strategic decisions in ‘milestone year’
The Property Franchise Group (TPFG), saw its group revenue increase 118% to £24m (2020: £11.0m) including a 26% like-for-like increase to £13.9m, in its final results for the year ended 31 December 2021.
The business, which acquired York-based estate agents Hunters last year, also reported its network income increasing 67% to £157m (2020: £94m), while pre-tax profits rose 35% to £6.4m (2020: £4.8m).
Gareth Samples, chief executive officer, said: “2021 has been a milestone year for The Property Franchise Group.
“Our determination to make the most of a buoyant sales market saw us achieve record levels of like-for-like revenue, Management Service Fees and profits.
“We also saw our strategic decisions deliver. The acquisition of Hunters, completed in March, significantly added to our shareholder value.
“Looking ahead, we see an exciting period of further development for all our franchisees in 2022. While we expect over the year we’ll see sales activity return close to 2019 levels, so far we have seen continued high levels of demand for both sales and lettings, well above pre-pandemic norms.”
In the same period, the group’s sales agreed pipeline increased 73% to £26.5m (2020: £15.3m) and its portfolio of managed rental properties climbed from 58,000 in 2020 to 74,000.
Franchisees added 1,270 tenanted managed properties through acquisitions and as well as Hunters, TPFG also acquired Mortgage Genie in 2021.
The group adds that it has further strengthened its senior management team to provide enhanced franchisee support.
