In a trading update up to 30 September 2021, The Property Franchise Group (TPFG) reports that it continues to build on its recent success, having more than doubled its group revenue in the first nine months of the year.

The franchised sales and lettings agency said group revenue for the nine months rose to 17.9m, up from £7.9m a year earlier.

Excluding the acquisition of Hunters, which was agreed at the start of this year, revenue increased 34% on a like-for-like basis to £10.6m.

Management service fees rose 72% to £11.3m, or 29% on a like-for-like basis to £8.5m.

Network income increased from £65m 12 months ago to £119.7m, up 30% on a like-for-like basis to £84.3m.

Network income increased 84% to £119.7m, up from £65m 12 months earlier (­30% like for like increase to £84.3m when excluding the impact of the acquisition of Hunters).

TPFG said its agreed sales pipeline remains strong despite the ending of the stamp-duty holiday, at £28.2m as of 30 September.

The company did not provide any expected figures for the full year.

Gareth Samples, chief executive officer of TPFG, said: “I am delighted to report that after announcing record results at the half year, we have continued to trade strongly.

“Whilst the market would benefit from increased stock of properties to let or sell, we have continued to achieve significant transactional activity. Most notably our sales agreed pipelines continue to be replenished, even after the three peak months for residential property completions this year.

“Beyond the buoyant market we are pleased to see our strategic initiatives delivering and are confident they will continue to drive growth going forward.”

TPFG report ‘exceptional’ first half-year results