Last checked at 9 May 2017 07:00
9 May 2017
The Property Franchise Group PLC
("TPFG" or the "Group")
AGM Statement and Trading Update
The Property Franchise Group, the UK's largest property franchisor with 6 brands across a network of 379 offices, issues the following Trading Update covering the period to 31 March 2017 ahead of the Company's General Meeting to be held at 11.00am today.
Trading performance for the first quarter has been robust with like for like Group revenue increasing 4%. Management Service Fees were unchanged with growth in lettings of 7% offset by a fall in sales of 19%, due to a rush to complete transactions ahead of Stamp Duty changes in Q1 2016.
EweMove, the Group's online brand, has grown its revenue by 14% and its total number of franchisees stands at 108, of which 97 are fully operational and 11 are preparing to launch.
Ian Wilson, Chief Executive Officer of The Property Franchise Group, commented:
"We have not seen any evidence that landlords are disposing of stock in increasing numbers. Our traditional brands have in excess of 400 more properties to let than at the end of Q1 2016, and the tenanted managed portfolio across the whole Group is up from 48,000 at year end to 49,000 at the end of Q1 2017. Against this backdrop, we remain confident of delivering a performance in line with market expectations for 2017."
Ends
For further information, please contact:
The Property Franchise Group PLC Ian Wilson, Chief Executive Officer David Raggett, Chief Financial Officer | 01202 292829
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Cenkos Securities plc Max Hartley (Nominated Adviser), Alex Aylen (Sales) | 020 7397 8925
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Bell Pottinger David Rydell, Henry Lerwill
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020 3772 2500
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