Rising rents accelerate growth at residential specialist
The Property Franchise Group (TPFG) is expecting “a lack of stock, unprecedented demand, and rising mortgage costs” to continue to drive rents, and its lettings revenues, up throughout this year.
The residential specialist manages 55,000 properties on behalf of landlords. It operates through seven brands, including Hunters, CJ Hole, EweMove, and Martin & Co, and the group is the largest property franchisor in the UK.
TPFG’s chief executive Gareth Samples expects “to continue delivering growth in 2023 and beyond”.
He said: “In two years, we have grown group revenue almost 2.5 times, maintained recurring revenues at half of group revenue, doubled adjusted profit before tax and grown adjusted fully diluted earnings per share by two-thirds.
“We have also put ourselves back in a net cash position within eighteen months of our largest acquisition to date, Hunters, giving us a strong platform for future growth.”
The board is recommending a final dividend of 8.8p, bringing the total dividend to 13.0p for the financial year.
More to follow.
