The Property Franchise Group (TPFG) has announced it is on track to meet market expectations for 2023.

The company held its Annual General Meeting yesterday during which the non-executive chairman, Paul Latham, announced that the company is set to match full-year market expectations after benefitting from recurring income streams, most notably from its letting division.

Increasing rents have boosted growth at TPFG, which has seen profits surge off the back of a hike in revenue driven by the letting sector.

The Group achieved a strong financial performance in FY22 through organic growth in lettings and the full impact of the acquisition of Hunters in March 2021, with revenue and management service fees increasing significantly against the economic backdrop, driving profits and earnings forward, with that trend set to continue.

TPFG recently said a weaker sales market would lead to a stronger letting business this year, and that prediction appears to be be coming to fruition.

Latham commented: “The Board is pleased to announce that in a challenging environment, the resilience of TPFG’s franchise model and of its recurring income streams, most notably lettings, continue to stand the group in a strong position despite the wider market challenges.

“As expected, group revenue for the first four months to 30 April 2023 was unchanged over the prior year as were management service fees.

“Whilst the broader market remains uncertain, the board expects this to present opportunities that the group’s robust balance sheet will allow it to explore. Overall, the board continues to remain confident in achieving expectations for the full financial year.”