Hybrid agency outpaces High Street brands, company results show

Hybrid agency EweMove has outperformed its traditional sister companies within The Property Franchise Group over the past six months.

That’s the clear message from TPFG’s latest trading statement for the first half of 2020 and early part of H2. 

For example in July alone EweMove’s sales agreed increased by 28 to 519 and sales listings soared 36 per cent to 728, a record for the seven-year-old agency. 

High Street brands under the TPFG umbrella - Martin & Co, Ellis & Co, CJ Hole, Parkers and Whitegates - reported a 25 per cent increase in sales agreed during July, lagging a little behind EweMove.

In terms of lettings, the network took on 2,000 additional managed properties during the first six months of the year, taking the total to 58,000.

The group says it enjoyed “robust revenue” of £5.4m in H1 2020, almost identical to a year earlier and pre-tax profits remained stable at £2m. The group remains heavily weighted towards lettings, accounting for 73 per cent of fees.

“Despite nearly two months of the first half spent operating under severe restrictions, and impacted by the tenant fee ban which came into force on June 1 2019 … We have continued to generate high levels of revenue, held profit before tax stable at £2m, increased our cash balances and subsequently reinstated an interim dividend” explains Gareth Samples, the TPFG chief executive.

“The substantial increase in activity we recorded in June has continued, with record performances continuing to be set across both the lettings and sales markets in July” he continues. 

“Whilst the future remains uncertain, what this volatility has shown is that we are both a robust business in the face of adversity as well as a market leader able to reap rewards in better times. We are focussed on maximising the opportunities that the market presents with a clear focus to deliver on the execution of our key strategic growth initiatives.”