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Property Franchise Group PLC - UK-based lettings and estate agency franchising firm - Posts increased annual profit and revenue, citing the acquisition of Hunters Property PLC as the main reason.
Property Franchise's pretax profit climbs by 35% to £6.4 million from £4.8 million. Revenue more than doubles in 2021 to £24.0 million from £11.0 million the year before. Hunters, which Property Franchise bought in March 2021, contributes £9.8 million to the 2021 revenue.
Excluding the impact of the acquisition of Hunters, Mortgage Genie and the disposal of Aux Group, like-for-like revenue rises by 26% to £13.9 million.
The board proposes a final dividend of 7.8 pence, bringing it to 11.6p for 2021, up from 8.7p in 2020.
For 2022, Property Franchise expects business to be similar to the pre-pandemic year 2019. ‘Our view is that the re-prioritisation of housing needs will continue to be a factor in 2022 but the supply of stock will be the critical factor and therefore a similar market to 2019 is likely.’
Current stock price: 346.50 pence, up 0.1% on Tuesday
12-month change: up 69%
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