The Property Franchise Group – which includes a host of High Street brands – saw a rise in managed properties of just 1,001 in the first half of 2022.

In a trading statement to shareholders it says it now manages circa 74,000 rental properties (H1 2021: 73,000) following eight acquisitions at the franchisee level adding some 1,001 managed properties.

However income per year from these added £1m per year to franchisee turnover – double the figure of 12 months ago.

Including its sales and other activities TPFG said its revenues for the half year were up 18 per cent to £3.1m and pre-tax profit rose nine per cent to £3.8m.

The Property Franchise Group’s brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks and Country Properties.

Gareth Samples, chief executive of TPFG, tells shareholders: “Reflecting on the first half of the year and the challenges businesses and consumers have faced, I am particularly delighted to report robust results for the group. 

“We have traded in line with the board’s expectations, against a comparative period in which we benefitted from the buoyant sales market. 

“While factors such as the cost-of-living crisis and inflation are driving a challenging macroenvironment, we are secure in the quality of our business and our ability to successfully navigate a more difficult backdrop. 

“We have an excellent team in place, a very experienced group of franchisees and a proven strategy, which we expect to continue delivering growth. 

“We are extremely well-placed in the current environment and have a substantial growth opportunity to capitalise on. Post period end activity indicates the second half will perform at least as strongly as the first and ahead of H2 2021. 

“As a result, the board expects the full year results to be in-line with market expectations and this confidence is reflected in the interim dividend for 2022, which I am pleased to report is up 11 per cent on 2021.”