Property Franchise Group Revenue Up, Even EweMove In Profit

In its final results for the year ended 31 December 2018 The Property Franchise Group PLC said that group revenue increased 11% over the year to reach £11.2m while profit before tax held steady at £4.3m. It added that online brand EweMove grew market share and delivered a pre-tax profit of £0.4m.

The Property Franchise Group PLC is the holding company of six estate and letting agency brands – Martin & Co, EweMove, Whitegates, Ellis & Co, CJ Hole and Parkers – with 375 branches nationally.

Ian Wilson, CEO, commented: “We are very pleased to be able to report another year of improvement across all key metrics. Our traditional high street brands benefited from further deployment of digital marketing ‘know how’ instilled by our hybrid brand. Encouragingly, EweMove grew its market share across those locations where it operates and delivered a pre-tax profit of £0.4m in a year when most competing hybrid estate agents produced losses.”

He continued: “We entered 2019 with a significant improvement in our positive net cash position and the highest level of recurring revenues in the Group’s history. In addition, our profitable and established hybrid business provides further opportunities for growth. The Board is confident about the prospects for 2019 and envisage that the loss of tenant fee revenue and continued regulatory intervention in our sector will create opportunities for further consolidation and growth.”  

The company will no doubt be pleased with its performance in the current market, most likely helped by its lettings businesses and utilisation of the franchise model. It will be particularly pleased with the performance of EweMove, which appears to be making money from online agency where others have failed.

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Source London Stock Exchange
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