Property Franchise Group PLC (The) Trading Update (0017Q)
September 06 2017 - 7:25AM
UK Regulatory
TIDMTPFG
RNS Number : 0017Q
Property Franchise Group PLC (The)
06 September 2017
6(th) September 2017
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
Trading Update
The Property Franchise Group Plc today announces that trading
for the first six months ended 30 June 2017 has been encouraging.
Revenue for the period was approximately GBP4.7m and profit before
tax was approximately GBP2.1m including exceptional items.
Our traditional high street brand businesses have continued to
perform well with revenue up 4% year-on-year to GBP3.8m and profits
up 22% to GBP2.0m.
The disruption caused by the early departure of the EweMove
co-founders on 30(th) June 2017, as announced on 29(th) March 2017,
has meant that EweMove's trading position is behind management
expectations with (unaudited) losses for EweMove at the half year
to 30(th) June 2017 of GBP0.3m against a target loss of GBP0.1m, on
revenues of GBP0.9m. As a result, the management expects underlying
profits for the full year for the Group to be below market
expectations.
The Board remains committed to EweMove, which it believes
continues to offer significant growth prospects in the medium term.
EweMove has over 100 franchisees and the Group's strategy remains
to scale the business over the next 2 years. The business recruited
18 new franchisees in the first six months of 2017 and Management
Services Fees revenue is up 35% year-on-year to GBP0.6m.
The Group will announce its interim results on 14(th) September
2017.
Ends
This announcement contains inside information.
For further information, please contact:
The Property Franchise Group Plc
Ian Wilson, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 292829
Cenkos Securities plc
Max Hartley (Nomad), Alex Aylen (Sales) 020 7397 8925
Bell Pottinger 020 3772
David Rydell, Henry Lerwill 2500
About The Property Franchise Group
The Property Franchise Group operates one of the UK's largest
property franchise businesses through over 370 offices and six
franchise brands: Martin & Co, CJ Hole, Parkers, Ellis &
Co, EweMove and Whitegates.
The Group added an estate agency service in 2012 and franchisees
currently manage 49,000 properties on behalf of private clients. In
2016 the Group acquired EweMove, a "hybrid" online estate agency
franchisor.
The Group is a multiple award winning business and the Directors
and senior management have over 100 years of combined residential
letting and estate agency experience.
http://www.propertyfranchise.co.uk/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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