The Property Franchise Group (TPFG) H1 2024 earnings summary

Executive summary

• Achieved record interim results with revenue more than doubling to £26.9m, driven by transformational acquisitions of Belvoir, The Guild, and Fine & Country, significantly increasing scale and market presence.

• Now the UK's largest property franchise group, operating 18 brands across 1,900 territories and 65 international locations.

• Admitted to the AIM Top 100 due to substantial market cap growth, now at £301 million.

• Managing 152,500 rental properties, nearly double the prior year.

• Integration of acquisitions and leadership restructuring progressing well, with strong operational and financial performance in the first half.

Financial highlights

• Group revenue up 104% year-over-year to £26.9m; like-for-like revenue up 3%.

• Adjusted EBITDA up 65% to £9.7m; adjusted profit before tax up 71% to £9.1m.

• Basic EPS increased 12% to 15.5p; statutory EPS down 30% to 7.2p due to share issuance and acquisition costs.

• Interim dividend increased by 30% to 6p per share, with a projected full-year dividend of 18p.

• Net debt of £14.3m after £20m borrowing for acquisitions; cash balances increased to £5.7m.

Outlook and guidance

• Confident in meeting or exceeding full-year market expectations, with H2 typically stronger than H1.

• Strong lettings demand and a record sales pipeline expected to drive further growth into 2025.

• Financial services revenues set to grow as mortgage activity increases.

• Focus on integration, synergy realization, and strategic priorities for the remainder of 2024.