‘Strong demand’ fuels growth for rental giant after transformational acquisitions

Property Franchise Group (TPFG) is hopeful that a strong second half of the year will see it outperform expectations due to current demand in the rental market.

The Bournemouth-based group is the UK’s largest multi-brand property franchisor, with almost 2,000 branches operating under 18 brands including Belvoir, Fine & Country, Hunters and Mr and Mrs Clarke. It currently manages more than 150,000 rental properties.

The company announced record results for the first half of its financial year following its transformational merger with Belvoir in March and the acquisition of GPEA in May, owner of The Guild of Property Professionals and Fine & Country.

Adjusted pre-tax profit rose 71% to £9.1m in the six months to June, while revenue doubled to £26.9m.

TPFG chief executive Gareth Samples said: “Given our highest ever agreed sales value of £47.5m and at least one interest rate cut, the board is confident that turnover will remain at least in line with market expectations for the full year.”

The interim dividend has been increased by 30%, which Samples said reflects the group’s “confidence in achieving continued profitability in 2024”.

He added: “We continue to benefit from strong demand in the rental market and are seeing growth in sales and financial services, despite slower than expected sales nationally, which is testament to the excellence of the group as a whole.

“In addition, the acquisition of GPEA at the end of the period significantly increases scale and creates opportunities to enhance shareholder value.”