UK's Property Franchise Group H1 profit up on financial services; raises dividend
UK's Property Franchise Group H1 profit up on financial services; raises dividend
Overview
UK property franchiser's H1 revenue grew 7% yr/yr amid subdued housing sales market
Adjusted basic EPS for H1 rose 8% yr/yr
Company increased interim dividend by 10%
Outlook
Company expects full-year trading to be in line with market expectations
Lettings expected to benefit from structural demand and supportive regulatory environment
Company sees sales market remaining subdued, with sales-agreed pipeline underpinning second-half completions
Result Drivers
DIVERSIFIED MODEL - Co said its diversified, franchised model and recurring revenue base helped deliver growth despite a subdued UK sales market
PLATFORM INITIATIVES - Expansion of platform initiatives, including Privilege and MarketMore, contributed to revenue growth, per CEO Gareth Samples
FINANCIAL SERVICES & ACQUISITIONS - Financial Services revenue rose 10%, aided by the acquisition and integration of SAFS
Company press release: ID:nRSI9323Ta
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue |
| GBP 43.30 mln |
|
H1 Adjusted EBITDA |
| GBP 16.20 mln |
|
H1 Adjusted EBIT |
| GBP 15.60 mln |
|
H1 Adjusted Pretax Profit |
| GBP 15.50 mln |
|
H1 Basic EPS |
| GBP 0.13 |
|
H1 EBIT |
| GBP 11.50 mln |
|
H1 EBITDA |
| GBP 14.50 mln |
|
H1 Pretax Profit |
| GBP 11.30 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "buy"
Wall Street's median 12-month price target for Property Franchise Group PLC is GBp650.00, about 44.4% above its September 8 closing price of GBp450.00
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago
Reuters Recommended Reads
Sept 8 - UK retailer Dunelm warns heatwave hit sales in latest blow to shares
Sept 7 - UK's Ashmore misses profit forecast even as investors boost emerging-market allocations
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)