The Property Franchise Group (TPFG) H1 2024 TU earnings summary

Executive summary

• Completed merger with Belvoir Group and acquisition of GPEA, marking a transformational period for the group.

• Group revenue more than doubled year-over-year, driven by acquisitions and organic growth.

• Integration of new businesses progressing well, with senior leadership restructuring largely completed.

Financial highlights

• Group revenue increased 104% to £26.9m compared to H1 2023.

• Management Service Fees rose 60% to £12.3m; like-for-like increase of 8%.

• Financial services commissions surged 778% to £7.9m, mainly from Belvoir.

• Net debt at £14.3m after £20m borrowing for GPEA acquisition (H1 2023: net cash £0.7m).

Outlook and guidance

• Board confident that trading remains at least in line with market expectations for the full year.

• Recent interest rate cut expected to positively impact H2 sales and financial services.