Property Franchise Group announced on Wednesday that its first-half revenue has risen by 1%, driven by a continued focus on growing lettings revenue. The estate and lettings agency reported a revenue of £13.2 million ($16.9 million), up from £13.1 million in the previous year.
This modest increase was primarily attributed to the growth in lettings management service fees, which more than offset the reduction in sales fees. The residential sales market has been adjusting to uncertainties surrounding inflation, interest rates, and house prices.
Management service fees increased by 3% to £7.7 million, with a significant 12% growth in letting fees compensating for the decline in sales fees. However, the company's agreed sales pipeline experienced a 16% decrease, amounting to £28.4 million.
Chief Executive Gareth Samples hailed the benefits of their focused franchise model with multiple income streams, stating that these results demonstrate considerable resilience in the face of an uncertain macroeconomic backdrop. Despite expecting continued macroeconomic uncertainty, Samples expressed confidence that the company's performance aligns with market expectations for the full year.
At 0803 GMT, shares rose by 10.0 pence or 3.8%, reaching 275.0 pence.
Improved Benefits for BNSF Engineers
Related Articles
![China's Central Bank Cuts Policy Rates](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
China's Central Bank Cuts Policy Rates
China's central bank cuts policy rates, injects liquidity, and takes proactive measures to address economic challenges and maintain stability in the financial s...
![Apple's iPhone 15 Launch: Insights into the Global Economy](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Apple's iPhone 15 Launch: Insights into the Global Economy
Discover the impact of Apple's iPhone 15 launch on the global economy and its sustainable innovations. Explore the rise of the circular economy and the enduring...
![Recovering from a Bad Financial Planner](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Recovering from a Bad Financial Planner
Don't give up on professional financial guidance after a bad experience. Evaluate what went wrong and find an experienced and objective adviser to help you.