The Property Franchise Group (TPFG) H1 2026 earnings summary

Executive summary

• Achieved record first-half/interim performance with 7% revenue growth to £43.3m, driven by acquisitions, organic growth, and platform expansion despite a subdued UK sales market.

• Integrated major acquisitions (Belvoir, The Guild & Fine & Country, SAFS, Meridian), creating the UK's largest multi-brand property franchise group and expanding international presence.

• Maintained a resilient, cash-generative business model with 46% recurring revenue, underpinned by dominance in lettings and a strong financial services division.

• Launched new platform initiatives (Privilege, MarketMore, AI-enabled products), enhancing operational efficiency and cross-selling.

Financial highlights

• Revenue rose 7% year-over-year to £43.3m; recurring revenue at 46%.

• Adjusted profit before tax increased 7% to £15.5m; adjusted basic EPS up 8% to 19.8p.

• Interim dividend up 10% to 7.7p; cash from operations up 2% to £13.4m; cash conversion at 83%.

• Net debt reduced to £8.1m; leverage at 0.3x.

• Adjusted EBITDA increased 3% to £16.2m; adjusted operating profit up 5% to £15.6m.

Outlook and guidance

• Full-year trading expected to remain in line with market expectations; second half started with good momentum.

• Organic growth target of 5–10% seen as realistic, with upside from agent conversion, AI adoption, and further acquisitions.

• Lettings benefit from strong structural demand and regulatory support; sales market subdued but pipeline up 2.5% year-over-year.