Property Franchise Group sees 'material' results improvement

Writer, Stock Market Wire
Tuesday, February 5, 2019 - 07:57

The Property Franchise Group said it expected to report a 'material' improvement in its annual results, in line with market expectations.

The company said its hybrid brand, EweMove, had traded profitably throughout the year and would show a significant improvement over 2017.

'Consequently, the company expects to report trading for 2018 in line with market expectations and to show a material improvement on 2017 with enhanced margins,' it said.

Revenue for the year through December rose 10% to £11.2m, while management service fees increased by 14% to £9.5m.

'The early signs are that 2019 will be another challenging year for the property market with ongoing Brexit uncertainty having the potential to dampen sales transaction volumes,' Property Franchise Group said.

'The tenant fee ban, due for introduction on 1st June 2019 in England was previously anticipated in April 2019 and whilst it will reduce the group's lettings revenues by around £0.5m in 2019, this impact will be less than anticipated.'

'Overall, despite the challenges ahead, the group's strong balance sheet and well-balanced exposure to certain opportunities which exist in a changing property marketplace gives the board confidence for the year ahead.'

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