Property Franchise trading in line with "substantial" recurring sales

(Alliance News) - Property Franchise Group PLC on Thursday said strong levels of recurring income provide "good visibility" over future earnings, offsetting the shorter-term movements in the housing market.

In a trading update, the Bournemouth, England-based property franchisor said it continues to trade in line with the board's expectations, benefiting from a "resilient, highly cash generative" business model underpinned by "substantial" recurring revenues across both its franchise and licensing divisions.

This strong level of recurring income provides "good visibility" over future earnings and helps mitigate the impact of shorter-term cyclical movements in the housing market, it said.

Shares in the company were down 0.3% at 476.00 pence each in London on Thursday.

Property Franchise said it expects the UK Renters' Rights Act to "increase the regulatory and operational burden on self-managed landlords", which should create a "meaningful opportunity" for it and other operators.

"The group is already seeing encouraging levels of enquiries from self-managed landlords seeking support with compliance and property management, and the board believes this represents an attractive medium-term growth opportunity for the group's franchise network," it added.

The company said it "remains encouraged" by strategic opportunities through the development of the platform model.

By Jeremy Cutler, Alliance News reporter

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