The Property Franchise Group (TPFG) has reported a 7% increase in revenue to £43.3m for the six months ending 30 June 2026, up from £40.3m in the same period last year, despite what the company characterised as subdued conditions in the property sales market.
The AIM-listed group, which operates estate agency brands including Belvoir and Martin & Co, posted adjusted pre-tax profit of £15.5m, a 7% increase year-on-year. Adjusted EBITDA rose 3% to £16.2m. The company increased its interim dividend by 10% to 7.7p per share.
Revenue breakdown
Franchising revenue accounted for £24m, up 8%, whilst financial services revenue increased 10% to £13m. Licensing revenue remained flat at £6.3m. Recurring income represented 46% of total group revenue, compared with 47% in the first half of 2025.
The group’s managed lettings portfolio stood at approximately 149,000 properties, a marginal decline from around 150,000 in H1 2025. This stability comes as landlords face increasing challenges with rent arrears across the sector.
TPFG’s Privilege programme, operating for its first full half-year period, generated £1.2m in revenue. The Rent Guarantee component now covers more than 72,000 managed properties.
Sales and mortgage activity
The group’s sales agreed pipeline increased by approximately 2.5% to £44.6m. Its financial services division completed 13,400 mortgages during the period, up from 12,800 in H1 2025. This growth aligns with broader increases in UK mortgage approvals reported in recent months.
Chief executive Gareth Samples said: “This has been another record first half for the Group, delivered in a subdued sales market, demonstrating the resilience of our diversified franchise model. We maintained our managed portfolio at 149,000 properties whilst supporting our network through the implementation of the Renters’ Rights Act.”
Technology and acquisitions
The company launched its first commercial AI-enabled products during the period, designed to improve franchisee productivity, inbound lead handling and financial services lead progression. Fourteen franchisees have adopted the technology to date, following recent industry trends in estate agent technology adoption.
TPFG completed its acquisition of Smart Advice Financial Solutions (SAFS) in January 2026, which the company said has integrated and is performing in line with expectations. The group also invested in Meridian, the parent company of Legal & General Surveying Services, extending its interests into residential surveying.
Net debt decreased to £8.1m from £10.9m a year earlier. The company generated £13.4m in cash from operations during the six-month period, with cash conversion at 83%.
TPFG stated it expects full-year trading to remain in line with market expectations. Samples added: “Whilst the external environment remains uncertain, our diversified income streams and growing recurring revenue base give us confidence in delivering full year trading in line with market expectations.”
