7 June 2024
THE PROPERTY FRANCHISE GROUP
PLC
(the
"Company" or the "Group")
AGM
Statement
The Property Franchise Group PLC,
the UK's largest multi-brand property franchisor, will hold its
Annual General Meeting at 11am today, at which Paul Latham,
Non-Executive Chairman, will provide the following
update:
"The first five months of FY24 have been transformational for
the Group, with the completion of two significant transactions: the
merger with Belvoir Group plc completed in March and the
acquisition of The Guild of Property Professionals and Fine &
Country completed last week.
As
reported at the results in April, FY24 started with good momentum
and that has continued to build. Our longstanding businesses have
traded in line with our growth objectives. Notably,
their lettings' revenues have continued to grow at similar rates to
last year and the sales-agreed pipeline at 30 April 2024 was 20% up
on the same period in FY23, signalling a much stronger sales market
so far in FY24.
We
now have one of the most experienced management teams in the sector
with a broad set of complementary skills and an unrivalled
expertise in both franchising and licensing. This extensive
experience will help us to both integrate and leverage our breadth
of capabilities to enhance revenues across the
businesses.
We
are cognisant of the pending General Election which may impact the
sales market's recovery over the summer as well as some broader
headwinds. Notwithstanding these uncertainties, we are confident of
driving our organic growth, delivering the expected synergies from
our recent acquisitions and developing new additional revenue
streams. For these reasons, the Board looks to the future with
confidence and excitement about the further value we can deliver
for all stakeholders from our increased scale and ongoing
ambition."
Directorate Update
After 12 years with the business,
David Raggett, Chief Financial Officer, has informed the Board of
his intention to retire at or around the end of calendar year 2025,
mindful of the time it may take to identify a suitably qualified
successor. This timescale will allow ample time for both a process
and a smooth, orderly handover period.
Over David's remaining tenure he
will continue to lead the Group finance function, work closely with
Gareth to deliver the strategy and guide the management team on the
realisation of the benefits from the two recent
acquisitions.
For
further information, please contact:
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The
Property Franchise Group PLC
Gareth Samples, Chief Executive
Officer
David Raggett, Chief Financial
Officer
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01202 405549
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Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Max Hartley
Harry Rees
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020
7523 8000
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Singer Capital Markets (Joint Broker)
Rick Thompson
James Fischer
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020
7496 3000
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Alma
Strategic Communications
Justine James
Joe Pederzolli
Kinvara Verdon
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020
3405 0209
propertyfranchise@almastrategic.com
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About The Property Franchise Group
PLC:
The Property Franchise Group PLC
(AIM: TPFG) is the UK's largest multi-brand property franchisor,
with a network of over 910 lettings and estate agency businesses
delivering high quality services to residential clients, combined
with an established Financial Services business.
The Company was founded in 1986 and
has since strategically grown to a diverse portfolio of 17 brands
operating throughout the UK, comprising longstanding high-street
focused brands and two hybrid brands. The Property Franchise Group
is also a member of two leading mortgage networks through its
mortgage brokers, Brook Financial (MAB) and The Mortgage Genie
(Primis).
TPFG's brands are: Belvoir, CJ Hole,
Country Properties, Ellis & Co, EweMove, Fine & Country,
Hunters, Lovelle, Martin & Co, Mr and Mrs Clarke, Mullucks,
Newton Fallowell, Nicholas Humphreys, Northwood, Parkers, The Guild
of Property Professionals and Whitegates.
Headquartered in Bournemouth, the
Company was listed on AIM on the London Stock Exchange in 2013.
More information is available at www.propertyfranchise.co.uk