TPFG’s interim results were well flagged in the 2nd August update. Its franchise model, as well as its focus on Lettings has supported 3.5% growth in H1 adj. PBT despite a challenging market backdrop. Guidance for FY23 is reiterated, with the H1 outturn representing 50% of our FY23 adj. PBT forecast. We expect PBT to be stable in FY23 before a return to growth in FY24. TPFG is the only company in its peer group that has not downgraded its earnings forecasts, evidencing the resilience of its mode ....