Property Franchise Group to continue 'outperforming' competition after year of growth

5th Feb 2019 16:24

(Sharecast News) - Property Franchise Group looked confidently ahead on Tuesday after reporting full-year revenue growth and a "material" improvement in line with expectations.The property franchise company, comprised of six estate agency and lettings brands, said its revenue for the year ended 31 December reached £11.2m, which was up by 10% on the year before, as management service fees increased by 14% to £9.5m.At the end of the year, the AIM traded company was servicing approximately 55,000 tenanted managed properties, up from 52,000 at the same point the year before, and had supported 28 acquisitions by franchisees, up from 12 in the prior year.Ian Wilson, chief executive of Property Franchise Group, said: "The resilience of our franchise network model has proved itself time and time again over the last five years. When you couple that with a strong underlying revenue stream from managing let properties, the benefits in an underperforming property market have been all too clear to see."Elsewhere, the company said its hybrid brand, EweMove, had traded profitably throughout the year and would show a significant improvement over 2017, and reported a "strong" balance sheet, with net cash of £2.2m* at the year-end."Against a backdrop of uncertain political and macro-economic conditions in 2019, we are confident that our assisted acquisitions programme, the "thinning out" of independent agents, our drive into digital marketing and our strong balance sheet will allow us to continue outperforming the market," said Wilson.Property Franchise Group's shares were up 0.82% at 122.50p at 1625 GMT.