- Property franchise The Property Franchise Group said its revenue rose modestly in calendar 2019 as a tenant fee ban weighed.

Revenue for the year through December rose to £11.4m, up from £11.2m on-yera.

Management service fees rose to £9.6m, up from £9.4m, and the number of tenanted managed properties serviced increased to around 58,000 at year-end, up from around 55,000.

'The group has successfully navigated a difficult year for UK residential property and performed in line with market expectations, delivering growth in both revenues and management service fees,' The Property Franchise Group said.

'Our franchisees successfully mitigated much of the impact of the tenant fee ban and achieved a record performance for lettings revenue.'

Looking ahead, the company said early indications of improving market conditions underpinned an expectation that home sale volumes would rise in 2020.

'The lettings market is also anticipated to remain healthy, with rising rents and increased confidence leading to more opportunities for the group's franchisees to acquire competitors' books than were available in 2019,' it added.

At 9:38am: [LON:TPFG] Property Franchise Group Plc The share price was +11p at 226p

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