TPFG’s pre-tax profits jumped up by 20% to £4.8m
The Property Franchise Group (LON:TPFG) on Tuesday announced its full year results for the year ended 31 December 2020, which saw profit before tax up 20% to £4.8m, up from £4m in 2019.
TPFG’s revenue increased slightly to £11.5m from £11.4m in 2019, while its adjusted EBITDA increased 8% to £5.8m.
Pre-tax profits jumped up by 20% to £4.8m as the company maintained a strong balance sheet, with net cash of £8.8m at the year-end. Net debt at 31 March 21 was £7.3m.
TPFG will pay out a dividend of 8.7p, up from 2.6p in 2019.
TPFG is managing 58,000 rental properties and has commenced negotiations for the acquisition of Hunters.
Chief Executive Officer, Gareth Samples, commented:
“2020 and the year to date has seen the Group achieve many significant milestones and I am very pleased with the results that we have delivered. Whilst navigating the global pandemic we were resourceful in protecting the business in the first half and had the right strategy in place to take advantage of the buoyant housing market throughout the remainder of the year. Our franchisees have worked incredibly hard throughout the year and I would like to thank all our network and the central team for their continued dedication.”
“The acquisition of Hunters post-period end and the strategic partnership announced today with LSL has significantly bolstered our position in the market, and I am excited to see what we can achieve in the coming year. Looking forward, we have a strengthened platform to focus on the growth of our Financial Services capability, build upon the success of our hybrid offering, EweMove, and leverage Hunters and TPFG’s existing strengths across the enlarged Group. We are confident that our success will be underpinned by our unrivalled management team, scale, excellent stable of brands and strong relationships with our franchisees.”
