REG - Property FranchiseGp - AGM Statement

Property FranchiseAnnouncement

07/06/2024 07:00

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RNS Number : 4999R  Property Franchise Group PLC (The)  07 June 2024

7 June 2024

THE PROPERTY FRANCHISE GROUP PLC

(the "Company" or the "Group")

 

AGM Statement

 

The Property Franchise Group PLC, the UK's largest multi-brand property
franchisor, will hold its Annual General Meeting at 11am today, at which Paul
Latham, Non-Executive Chairman, will provide the following update:

 

"The first five months of FY24 have been transformational for the Group, with
the completion of two significant transactions: the merger with Belvoir Group
plc completed in March and the acquisition of The Guild of Property
Professionals and Fine & Country completed last week.

 

As reported at the results in April, FY24 started with good momentum and that
has continued to build. Our longstanding businesses have traded in line with
our growth objectives. Notably, their lettings' revenues have continued to
grow at similar rates to last year and the sales-agreed pipeline at 30 April
2024 was 20% up on the same period in FY23, signalling a much stronger sales
market so far in FY24.

 

We now have one of the most experienced management teams in the sector with a
broad set of complementary skills and an unrivalled expertise in both
franchising and licensing. This extensive experience will help us to both
integrate and leverage our breadth of capabilities to enhance revenues across
the businesses.

 

We are cognisant of the pending General Election which may impact the sales
market's recovery over the summer as well as some broader headwinds.
Notwithstanding these uncertainties, we are confident of driving our organic
growth, delivering the expected synergies from our recent acquisitions and
developing new additional revenue streams. For these reasons, the Board looks
to the future with confidence and excitement about the further value we can
deliver for all stakeholders from our increased scale and ongoing ambition."

 

Directorate Update

 

After 12 years with the business, David Raggett, Chief Financial Officer, has
informed the Board of his intention to retire at or around the end of calendar
year 2025, mindful of the time it may take to identify a suitably qualified
successor. This timescale will allow ample time for both a process and a
smooth, orderly handover period.

 

Over David's remaining tenure he will continue to lead the Group finance
function, work closely with Gareth to deliver the strategy and guide the
management team on the realisation of the benefits from the two recent
acquisitions.

 

For further information, please contact:

 

 The Property Franchise Group PLC                                     01202 405549

 Gareth Samples, Chief Executive Officer

 David Raggett, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)       020 7523 8000

 Max Hartley

 Harry Rees

 Singer Capital Markets (Joint Broker)                                020 7496 3000

 Rick Thompson

 James Fischer

 Alma Strategic Communications

 Justine James                      020 3405 0209

 Joe Pederzolli                    propertyfranchise@almastrategic.com

                                 (mailto:propertyfranchise@almastrategic.com)
 Kinvara Verdon

 

About The Property Franchise Group PLC:

 

The Property Franchise Group PLC (AIM: TPFG) is the UK's largest multi-brand
property franchisor, with a network of over 910 lettings and estate agency
businesses delivering high quality services to residential clients, combined
with an established Financial Services business.

 

The Company was founded in 1986 and has since strategically grown to a diverse
portfolio of 17 brands operating throughout the UK, comprising longstanding
high-street focused brands and two hybrid brands. The Property Franchise Group
is also a member of two leading mortgage networks through its mortgage
brokers, Brook Financial (MAB) and The Mortgage Genie (Primis).

 

TPFG's brands are: Belvoir, CJ Hole, Country Properties, Ellis & Co,
EweMove, Fine & Country, Hunters, Lovelle, Martin & Co, Mr and Mrs
Clarke, Mullucks, Newton Fallowell, Nicholas Humphreys, Northwood, Parkers,
The Guild of Property Professionals and Whitegates.

 

Headquartered in Bournemouth, the Company was listed on AIM on the London
Stock Exchange in 2013. More information is available
at www.propertyfranchise.co.uk (http://www.propertyfranchise.co.uk/)

 

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