The Property Franchise Group (TPFG) H2 2025 earnings summary

Executive summary

• Achieved record results in 2025, driven by successful integration of major acquisitions, expansion of the platform model across 1,900 offices and 15 brands, and a resilient multi-brand franchise strategy.

• Recurring revenue remains strong, with 65%-70% of turnover from lettings and 51% of revenue recurring.

• Managed portfolio of 149,000 properties and completed 35,000 residential sales transactions, up from 30,000 last year.

• Launched the Privilege platform and advanced AI-driven operational efficiencies, including a virtual assistant outperforming humans by 28% in trials.

• Strengthened leadership team and expanded international presence with 8 new offices to support future growth and acquisition strategy.

Financial highlights

• Revenue reached £84.3m in 2025, up 25% year-over-year; recurring income accounted for 51% of total.

• Adjusted profit before tax was £31m, up 39% year-over-year; adjusted basic EPS increased 27% to 40.3p.

• Dividend per share increased 22% to £0.22, yielding about 5.5%; free cash flow per share rose to 34.2p.

• Net debt reduced to £2.3m from £20m post-acquisition, with leverage at 0.1x.

• Cash from operations up 51% to £22.1m.

Outlook and guidance

• Expecting steady lettings market in 2026, with UK rents forecast to rise 2%-3%.

• Anticipate robust remortgage activity (£320bn in 2026-27) and stable sales transactions (1.1–1.15m).

• Organic growth target of 7%-10% annually, with ambitions to reach 10%.

• Q1 2026 trading in line with expectations; growth supported by diversified revenue streams and strengthened leadership.

• Actively pursuing acquisition opportunities and leveraging platform strengths for revenue synergies.