StockMarketWire.com - Property franchise Property Franchise Group reinstated its dividend after posting a flat first-half performance.

Pre-tax profit for the six months through June was unchanged on-year at £2.01m, with revenue also flat at £5.4m.

The company reinstated its dividend at 2.1p per share.

Property Franchise said its traditional brands saw an 'extremely strong' increase in activity in July, with the sales agreed pipeline up 25% on June and total lets up 28%.

EweMove also recorded very high levels of activity across the board in July, beating previous records.

'Whilst the first half of this year was unlike any other, I am delighted with the resilience our business has shown and the first-rate performance of our franchisees who responded decisively and navigated well through the unprecedented environment,' chief executive Gareth Samples said.

'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 1 June 2019, we have demonstrated the true strength of our business model.'

'We have continued to generate high levels of revenue, held profit before tax stable at £2.0m, increased our cash balances and subsequently reinstated an interim dividend.'

'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.'

'Whilst the future remains uncertain, what this period of 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 the rewards in better times.'

'We are focussed on maximising the opportunities that the market currently presents with a clear focus to deliver on the execution of our key strategic growth initiatives.'


At 9:09am: [LON:TPFG] Property Franchise Group Plc The share price was +9p at 186.5p



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