The Property Franchise Group has this morning reported strong figures for 2017 with news that its hybrid brand EweMove traded profitably in the second half of the year.
TPFG told the City this morning that group revenue had increased 23 per cent over the 2016 level, to £10.2m. Operating profit increased eight per cent and pre-tax profit was up a healthy 33 per cent.
“Despite unexpected management disruption EweMove traded profitably in H2” says the company’s statement, adding that the TPFG’s full network now ran to 403 offices - compared to 377 a year ago - with 120 of them being attributed to EweMove.
Over 2017 six new franchisees had been recruited for its traditional bands and 31 new ones for EweMove.
"Our decision to acquire the online player EweMove has proven to be rewarding, with the business delivering significant revenue growth to the group this year, as well as providing us with the digital marketing insight to leverage better performance in our traditional high street brands” says Ian Wilson, TPFG chief executive.
“EweMove remains a highly trusted brand, its 'no sale, no fee' model is popular with customers and provides a differentiator in the online market. As we continue to add experienced estate agents to the EweMove network, we are excited by the opportunity to build up our share of the online estate agency market” he adds.
TPFG also says that some £250m has so far been invested in online agencies of all kinds.