The Property Franchise Group has just published its final results for the year ended 31 December 2024 (“FY24”).
Financial highlights
Group revenue increased 146% to £67.3m (2023: £27.2m), 6% like for like increase to £28.7m with 52% (£35m) of revenue from recurring revenue sources
Management Service Fees (“MSF”) increased 76% to £28.3m (2023: £16.1m)
Financial Services income increased to £19.2m (2023: £1.5m)
Licensing income of £7.2m, £5.2m of which is recurring
Adjusted EBITDA2 increased 99% to £24.1m (2023: £12.1m)
Adjusted profit before tax increased 99% to £22.3m (2023: £11.2m), like for like increase to £13.0 m
Adjusted basic earnings per share2 increased 7% to 31.7p (2023: 29.7p)
Net debt of £9.1m after borrowing £20.0m to fund acquisitions (2023: net cash £5.1m)
Cash generated from operations increased to £14.7m (2023: £9.0m)
Final dividend of 12p, making full year dividend 18p per share, up 29% (2023: 14p)
Operational highlights
Merger with Belvoir in March 2024 and acquisition of GPEA in May 2024
Managed portfolio of 153,000 properties (2023: c.78,000)
Sales pipeline increased to £33.4m (2023: £23.1m)
Financial Services division delivered 23,000 mortgages in 2024 after acquisition of Brook Financial Services via Belvoir
Licensing division now includes 1,043 licensees through the acquisition of GPEA
Enhanced Board and senior leadership team to support the next phase of growth
Launched new AI-driven marketing tools to enhance lead generation and franchisee support
Synergies of £0.4m realised in 2024 with more to come in 2025
Outlook
Focused on completing the full integration of Belvoir and GPEA, delivering on the synergies and opportunities anticipated from the increased scale and capabilities
Well positioned to navigate market conditions anticipated in 2025 due to changing government legislation
The strength of the Group’s franchise model and diversified revenue streams, along with its enhanced leadership team, provides a strong platform from which to grow and the Board is confident in realising the full potential of the enlarged Group
CEO, Gareth Samples, commented: “I am delighted to be reporting another set of record financial results in what has been a truly transformational year for the Group. The period under review has seen us successfully deliver two substantial acquisitions and make headway in realising the resultant synergies whilst concurrently delivering strong organic growth and executing against our strategy.
“The Property Franchise Group has a track record of growth and now, with our increased scale and capability, we are a significantly stronger business, able to offer even greater value and growth potential. I am incredibly excited for what lies ahead, with a clear strategy and an exceptional team in place to realise the full potential of the enlarged Group.”
The company will host an analyst presentation at 10.00am during the morning and an investors presentation at 4pm during the afternoon. Both presentations will be hosted by Gareth Samples, CEO, and Ben Dodds, CFO.
Virtual analyst presentation – 10am on Tuesday, 8 April 2025
Virtual investor presentation – 4.00pm on Tuesday, 8 April 2025
Should you wish to attend, register via the Investor Meet Company platform here.
