- Property Franchise said trading in the second half of its financial year had remained 'strong' and that it was on track to achieve market expectations for the full year.

The company said it had set a new record for lettings revenue at a franchisee level in the trading month of October.

'Our franchisees reported lettings income of £5.96m,' it said.

'Significantly, this was achieved despite the loss of tenant fee income, following the ban on charging tenant fees having come into effect in England & Wales on 1 June 2019.'

'Tenant fees had previously represented 16% of our franchisees' lettings revenue in these jurisdictions.'

Growth in management commission had increased 10% on-year in October to £4.28m.

'We are delighted that the mitigating actions we've recommended to our franchisees have taken effect as hoped and at a good pace,' chief executive Ian Wilson said.

'We now expect to achieve full mitigation of the impact of the tenant fee ban a full six months earlier than originally hoped.'

'Our ability to draw on our wealth of industry experience and act quickly to support our franchisee members provides us with a clear advantage in the market.'

'At a challenging time for the industry, where many independent lettings agencies are considering leaving the sector, our group continues to show its strength.'

'The sales market has softened further in the second half, however our lettings business is outperforming our budgeted expectations.'

'Our franchise business model has proven to be remarkably resilient in these testing conditions and we expect this to continue.'

At 8:04am: [LON:TPFG] Property Franchise Group Plc The share price was +1p at 153.5p

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