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30 Jan 2025
Year end update confirms another year of growth

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Year end update confirms another year of growth
Property Franchise Group PLC (TPFG:LON) | 528 -15.8 (-0.6%) | Mkt Cap: 336.6m
- Published:
30 Jan 2025 -
Author:
Greg Poulton -
Pages:
3 -
TPFG’s year end update confirms another year of strong growth, with revenue increasing by 146% to £67.2m (FY23: £27.3m). FY24 was a transformational year for TPFG, having delivered the merger with Belvoir and the acquisition of GPEA, adding material scale and market reach. Good progress has been made on integration and overall earnings expectations are reiterated. Looking to FY25, the focus will be on delivering both cost and revenue synergies to unlock the value of the combined Group. Management anticipates another year of growth in Lettings whilst a strong Sales pipeline (up 71% to £39.4m from £23.1m in 2023) and continued strong demand in FS supports the H1 outlook. H2 will be influenced by the pace of interest rate cuts, though TPFG’s franchise model insulates it from market cyclicality (52% of revenue recurring). Recent deals have enhanced TPFG’s scale and leave it well placed to continue its strong track record of growth (PBT CAGR of 23.5%). We target a 15x P/E multiple to drive our 532p TP. Buy.