- Property franchiser The Property Franchise Group hiked its dividend after its annual profit rose 20%, as revenue edged higher and it improved its operating margin.

The company also announced a long-term agreement with LSL Property Services, which would offer mortgage and protection advice services to all franchisees.

Pre-tax profit for the year through December increased to £4.8 million, up from £4.0 million year-on-year.

Network income rose to £94 million, up from £93 million, while revenue rose to £11.5 million, up from £11.4 million.

Operating margin increased to 42%, up from 35% in 2019.

The Property Franchise Group declared dividends for 2020 of 8.7p per share, up from 2.6p year-on-year.

In the first quarter of 2021, network income had jumped 13% to £23 million.

'Whilst navigating the global pandemic we were resourceful in protecting the business in the first half and had the right strategy in place to take advantage of the buoyant housing market throughout the remainder of the year,' chief executive Gareth Samples said.

'The acquisition of Hunters post-period end and the strategic partnership announced today with LSL has significantly bolstered our position in the market, and I am excited to see what we can achieve in the coming year.'

At 9:08am: [LON:TPFG] Property Franchise Group Plc The share price was 0p at 173.5p

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