PROPERTY FRANCHISE GROUP PLC (THE) - Final Results

00:55:50
https://www.youtube.com/watch?v=yvUs-eQvPAA

Resumen

TLDRThe Property Franchise Group PLC's final results presentation for 2024 showcased a year of significant growth and transformation, marked by two major acquisitions that nearly tripled the company's market cap. CEO Gareth Samples highlighted a 29% increase in dividends and a strong financial performance, with revenues reaching £67.3 million and a recurring income of 52%. The company is now the UK's largest property franchise business, managing 153,000 properties. The strategy moving forward includes leveraging AI and digital marketing to enhance operations, with a positive outlook for 2025 as market conditions improve. The presentation concluded with a Q&A session addressing investor inquiries about franchising, AI opportunities, and market dynamics.

Para llevar

  • 📈 Transformational year with significant acquisitions.
  • 💰 29% increase in dividends to 18p.
  • 🏢 Managing 153,000 properties, largest in the UK.
  • 🤖 Leveraging AI for operational efficiency.
  • 📊 Positive outlook for 2025 with increased market activity.
  • 💼 Focus on integrating acquired businesses.
  • 🏠 Strong growth in lettings and financial services.
  • 📅 Continued investment in digital marketing strategies.
  • 🔍 High level of recurring revenue supports resilience.
  • 💡 Opportunities for further acquisitions and growth.

Cronología

  • 00:00:00 - 00:05:00

    The presentation begins with an introduction to the Property Franchise Group PLC's final results for 2024, highlighting a transformational year with significant acquisitions and a 29% increase in dividends. CEO Gareth Samples outlines the agenda, including financial highlights and future strategies.

  • 00:05:00 - 00:10:00

    Gareth Samples discusses the key highlights of the year, including two major acquisitions that increased the company's market cap significantly. Financial highlights include a revenue of £67.3 million and a recurring income of 52%. The company is now the UK's largest property franchise business, managing 153,000 properties.

  • 00:10:00 - 00:15:00

    The operational highlights include an increase in properties under management and a rise in the sales pipeline. The financial services division delivered 23,000 mortgages, and the licensing division has expanded significantly. The company has invested in AI and digital marketing to enhance operations.

  • 00:15:00 - 00:20:00

    CFO Ben Dods presents the financial review, noting a 147% increase in revenue year-over-year and a strong cash generation of £14.7 million. The balance sheet shows a net debt position of £9.1 million, with a healthy leverage ratio. The revenue breakdown by division indicates franchising as the primary revenue driver.

  • 00:20:00 - 00:25:00

    Ben Dods provides a detailed analysis of the revenue and profitability by division, emphasizing the strong performance of franchising and the potential for growth in financial services and licensing. The company aims to improve productivity and profitability across all divisions.

  • 00:25:00 - 00:30:00

    The presentation highlights the competitive landscape and the impact of acquisitions on revenue and profit. The company remains focused on integrating the acquired businesses and driving synergies to enhance overall performance.

  • 00:30:00 - 00:35:00

    Gareth Samples discusses the market outlook for 2025, predicting an increase in transactions and lending. The company is preparing for the implementation of the renters' rights bill, which may lead to increased demand for property management services.

  • 00:35:00 - 00:40:00

    The growth strategy is outlined, focusing on lettings, financial services, and acquisitions. The company aims to leverage its data and AI capabilities to drive growth and improve operational efficiency.

  • 00:40:00 - 00:45:00

    The outlook for 2025 is positive, with strong cash generation and a focus on completing business integrations. The company is well-positioned to capitalize on market opportunities and drive revenue growth in the coming years.

  • 00:45:00 - 00:50:00

    The Q&A session addresses various investor questions, including the differences between franchising and licensing, the impact of market conditions on property prices, and the company's approach to AI and data analysis.

  • 00:50:00 - 00:55:50

    In closing, Gareth Samples expresses gratitude for investor interest and excitement for the future, indicating plans for further updates in September.

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Vídeo de preguntas y respuestas

  • What is the difference between franchising and licensing?

    Franchising involves a percentage of turnover and a five-year contract, while licensing is a fixed monthly payment for a range of products and services on a 12-month contract.

  • Can you elaborate on the opportunities with AI and data analysis?

    AI can enhance customer communication and lead generation, improving efficiency and satisfaction. Automation can streamline property management tasks, while WhatsApp can facilitate better customer interactions.

  • How does the withdrawal of stamp duty relief affect the property market?

    Typically, there may be a short-term lapse after a stamp duty holiday, but early 2024 showed strong market activity, suggesting resilience.

  • What is the retention rate for five-year franchising agreements?

    Retention is effectively 100% as franchisees typically sell their business rather than give it back.

  • Do all franchises and licenses carry professional indemnity insurance?

    Yes, all franchises and licenses are required to carry professional indemnity insurance under the terms of their agreements.

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Desplazamiento automático:
  • 00:00:07
    Good afternoon and welcome to the
  • 00:00:08
    property franchise group PLC final
  • 00:00:10
    results investor presentation.
  • 00:00:12
    Throughout recorded presentation,
  • 00:00:13
    investors will be in listen only mode.
  • 00:00:14
    Questions are encouraged and they can be
  • 00:00:16
    submitted at any time by the Q&A tab
  • 00:00:17
    situated in the right corner of your
  • 00:00:18
    screen. Just simply type in your
  • 00:00:20
    questions and press send. The company
  • 00:00:22
    may not be in a position to answer every
  • 00:00:23
    question it received in the meeting
  • 00:00:25
    itself. how the company can review all
  • 00:00:26
    the questions submitted today and
  • 00:00:27
    publish responses where it's appropriate
  • 00:00:29
    to do so. Before we begin, I'd like to
  • 00:00:31
    submit the following poll. I'd now like
  • 00:00:33
    to hand you over to CEO Gareth Samples.
  • 00:00:35
    Good afternoon to you, sir. Good
  • 00:00:37
    afternoon. Thank you. Um uh good
  • 00:00:39
    afternoon everybody and welcome to our
  • 00:00:42
    final results of 2024 um in what was a
  • 00:00:46
    really transformational year for the
  • 00:00:48
    group um with significantly enhanced
  • 00:00:51
    scale and and you know most pleasing the
  • 00:00:53
    ability to pay a 29% increase on our
  • 00:00:57
    fullear dividend. Um some of the things
  • 00:01:00
    we're going to take you through today is
  • 00:01:01
    to look at the agenda. We're going to
  • 00:01:02
    look at the highlights for the year. Uh
  • 00:01:04
    Ben Dods, our new CFO, will take you
  • 00:01:07
    through a financial review of the year.
  • 00:01:09
    Uh we're going to look at our strategy
  • 00:01:12
    um uh moving forward over 25 and 26. Um
  • 00:01:16
    the outlook and how 2025 started and
  • 00:01:19
    then give you the ability to uh ask any
  • 00:01:21
    questions that we'll endeavor to answer.
  • 00:01:24
    So without further ado into our key
  • 00:01:26
    highlight slide and and already touched
  • 00:01:29
    on this a transformational year um
  • 00:01:32
    completing two sizable acquisitions you
  • 00:01:35
    know the Belvar group our largest
  • 00:01:37
    competitor uh and the guild and fining
  • 00:01:40
    country some two months later um has
  • 00:01:42
    really transformed the group from you
  • 00:01:45
    know a 100 million market cap business
  • 00:01:47
    to close on a 300 million market cap
  • 00:01:50
    business. So 2024 was uh was pretty busy
  • 00:01:53
    uh for for us all. Um in terms of the
  • 00:01:56
    financial highlights, 67.3 million um
  • 00:02:00
    revenue um adjusted EB EBID increasing
  • 00:02:06
    to 24.1 million and as I've already
  • 00:02:09
    touched on a 29% increase in fullear
  • 00:02:12
    dividend to 18p. Um, I think the main
  • 00:02:16
    sort of positive of the of the the group
  • 00:02:18
    is its recurring income and delighted to
  • 00:02:22
    say that with those acquisitions, we're
  • 00:02:23
    still over 50% recurring income, 52% and
  • 00:02:27
    and highly cash generative um, as a
  • 00:02:30
    group. 14.7 million cash generated from
  • 00:02:34
    operations in 2024 and that will
  • 00:02:37
    increase in 2025. Um, we're now the UK's
  • 00:02:41
    largest property franchise business and
  • 00:02:43
    one of the largest property groups uh in
  • 00:02:46
    the UK. We look after 153,000 properties
  • 00:02:50
    on behalf of landlords. Um we've got a
  • 00:02:53
    huge financial service business uh ran
  • 00:02:56
    by Michelle Brookke um as a result of
  • 00:02:59
    the acquisition of Belvoir the last year
  • 00:03:02
    um uh that facilitated lending of4
  • 00:03:05
    billion pounds worth of um mortgages um
  • 00:03:08
    and we've got our highest ever sales
  • 00:03:10
    pipeline of 33.4 4 million at the end of
  • 00:03:14
    last year. Um and I guess what we what
  • 00:03:16
    have we been working on you know the
  • 00:03:18
    integration of the businesses which was
  • 00:03:21
    um no mean feed that will continue
  • 00:03:24
    through 2025 and then it's been about
  • 00:03:27
    leveraging the scale understanding what
  • 00:03:29
    opportunities exist within the enlarge
  • 00:03:32
    group and and and putting in plans um to
  • 00:03:36
    make sure that we can execute on those
  • 00:03:38
    um uh those scale opportunities along
  • 00:03:41
    with working on what synergies we can
  • 00:03:43
    take out of the group um uh through cost
  • 00:03:47
    um uh savings um to to look at the three
  • 00:03:51
    businesses and look at how they came
  • 00:03:53
    together you know if I look at TPFG in
  • 00:03:56
    2023 we have total revenue of 27.3
  • 00:04:00
    million adjusted profit before tax of
  • 00:04:02
    11.2 million um and a market cap of
  • 00:04:05
    about 112 million um compare that to the
  • 00:04:08
    Belvoir group so 34.2 2 million in
  • 00:04:12
    turnover. Um, a little bit less on
  • 00:04:15
    profit, 11 million on adjusted profit
  • 00:04:17
    before tax and a market cap of 107
  • 00:04:20
    million. And then GPA, so 13 million in
  • 00:04:23
    total revenue, 3 million in adjusted
  • 00:04:26
    profit before tax. And we paid 15
  • 00:04:28
    million um uh in May of last year, plus
  • 00:04:33
    5 million in deferred interest that will
  • 00:04:35
    be paid, so sorry, deferred
  • 00:04:36
    consideration that will be paid in May
  • 00:04:39
    of this year. Uh so a total purchase
  • 00:04:41
    price of 20 million. Um so it gives you
  • 00:04:44
    some idea about the scale of the
  • 00:04:46
    business. Um we're still predominately a
  • 00:04:49
    franchise business which is really
  • 00:04:51
    important. So 60% of our revenue uh
  • 00:04:54
    comes from franchising. Um 29% comes
  • 00:04:58
    from financial services and 11% of our
  • 00:05:01
    revenue comes from licensing. That will
  • 00:05:04
    change slightly in 2025 because that's
  • 00:05:07
    only nine months of Belvoir's numbers or
  • 00:05:09
    10 months of Belvoir numbers and seven
  • 00:05:12
    months of um finding country in the
  • 00:05:14
    guild's numbers. But that gives you an
  • 00:05:16
    idea of how we will report going forward
  • 00:05:19
    in three distinct divisions.
  • 00:05:21
    Franchising, financial services, and
  • 00:05:24
    licensing.
  • 00:05:27
    operational highlights. Touched on some
  • 00:05:29
    of these already, but
  • 00:05:31
    153,000 properties under management. Um,
  • 00:05:34
    up from 78,000 at the end of 2023. Um,
  • 00:05:38
    increase in the sales pipeline from 23.1
  • 00:05:41
    million to 33.4 million stimulated in
  • 00:05:45
    some part by the stamp duty uh break
  • 00:05:48
    that that that ended at the end of last
  • 00:05:50
    month. um financial services division
  • 00:05:53
    that delivered 23,000 mortgages in 2024
  • 00:05:57
    after the acquisition of Brook Financial
  • 00:05:59
    Services via the Belwire deal. Um a
  • 00:06:02
    licensing division that now includes
  • 00:06:05
    1,043
  • 00:06:07
    um licences. uh add that to the 900 or
  • 00:06:11
    so territories that we have um uh with
  • 00:06:15
    our franchises and we've got
  • 00:06:17
    1,950 businesses operating within the
  • 00:06:20
    group. Um we've got an enhanced board.
  • 00:06:23
    So some of the Belvoir board came
  • 00:06:24
    across, some of the TPFG board were um
  • 00:06:28
    uh retained and and in the second six
  • 00:06:30
    months of last year, we put together a
  • 00:06:32
    sort of best-in-class senior leadership
  • 00:06:34
    team that will drive the business on a
  • 00:06:37
    daily basis in terms of the growth
  • 00:06:39
    initiatives and the organic growth that
  • 00:06:41
    we see um as opportunities um over the
  • 00:06:44
    next two or three years. Uh and we've
  • 00:06:47
    also invested over the last six months a
  • 00:06:49
    lot of time and effort and some money in
  • 00:06:52
    in understanding how um AI automation,
  • 00:06:56
    machine learning and digital marketing
  • 00:06:58
    tools can help the group um really
  • 00:07:02
    unlock um the the the the significant
  • 00:07:05
    value that's held within the 14 million
  • 00:07:08
    data records that we now hold as a
  • 00:07:10
    group. So uh working on that that's
  • 00:07:12
    really exciting. it's moving at pace and
  • 00:07:15
    and and offers significant opportunity
  • 00:07:18
    for the group to um drive drive its
  • 00:07:21
    revenues forward in the future. Um so
  • 00:07:24
    they're the operational highlights. I'm
  • 00:07:25
    now delighted to welcome Ben um Dods,
  • 00:07:28
    our new CFO, who's going to take you
  • 00:07:30
    through the financial review for 2024.
  • 00:07:32
    Ben, over to you. Perfect. Thanks,
  • 00:07:35
    Gareth. So just starting out with the
  • 00:07:38
    kind of key financial highlights that uh
  • 00:07:40
    I really wanted to take away from uh the
  • 00:07:42
    presentation today. Gary's already
  • 00:07:45
    talked about revenue, but 67.3 million
  • 00:07:48
    is what the group is reporting for the
  • 00:07:50
    year. 147% increase
  • 00:07:54
    yearoveryear. 52% of that being uh
  • 00:07:58
    recurring. Now that's dropped very
  • 00:07:59
    slightly um versus 2023 as a result of
  • 00:08:03
    the financial services business that
  • 00:08:05
    we've acquired um through Belvoir which
  • 00:08:07
    has lower levels of recurring revenue
  • 00:08:09
    but still really really strong um just
  • 00:08:13
    for PBT
  • 00:08:15
    223 which was an almost 100% increase
  • 00:08:19
    again yearover-year. So again fantastic
  • 00:08:22
    results really happy with that. Um and
  • 00:08:25
    all of that led to I suppose a position
  • 00:08:27
    in terms of uh the dividend was being
  • 00:08:29
    proposed is being proposed of 18p which
  • 00:08:32
    is a
  • 00:08:33
    29% increase
  • 00:08:35
    yearoveryear. Looking all at the balance
  • 00:08:38
    sheet and cash uh we ended the year at a
  • 00:08:41
    net debt position of 9.1.
  • 00:08:44
    That is a movement versus last year
  • 00:08:46
    which was net cash but very much driven
  • 00:08:48
    by the fact that we uh took out uh loans
  • 00:08:51
    in order to be able to support the
  • 00:08:53
    acquisitions uh of and and principally
  • 00:08:57
    GPA within the year but we also looked
  • 00:08:59
    to try and pay down as much of that debt
  • 00:09:01
    as we possibly could um leaving the net
  • 00:09:04
    debt position you see there and
  • 00:09:05
    ultimately a leverage of 0.4 four times,
  • 00:09:09
    which is obviously extremely healthy.
  • 00:09:11
    From a cash uh cash from operations
  • 00:09:14
    perspective, we generated 14.7 million
  • 00:09:16
    on a net basis. Again, um a an increase
  • 00:09:20
    over year-over-year of 63 uh percent.
  • 00:09:24
    And from a cash conversion perspective,
  • 00:09:26
    again, really positive at 145% again
  • 00:09:29
    improving versus the prior year.
  • 00:09:33
    So just to break down the revenue and
  • 00:09:36
    the profitability by division and and as
  • 00:09:39
    Gareth kind of alluded to at the start
  • 00:09:40
    really trying to give going forward that
  • 00:09:43
    kind of divisional split in terms of
  • 00:09:45
    measure of performance and you can see
  • 00:09:48
    that uh certainly on the revenue uh side
  • 00:09:50
    franchising continues to be uh a strong
  • 00:09:54
    driver of our total uh revenue making up
  • 00:09:57
    61% of that 40 40 million and then we've
  • 00:10:01
    got financial services at 28 at 8 uh uh%
  • 00:10:05
    and then licensing as well. You can see
  • 00:10:08
    on the right hand side actually the
  • 00:10:10
    adjusted operating profit by division
  • 00:10:12
    again is very heavily weighted uh
  • 00:10:14
    towards uh franchising and we've then
  • 00:10:17
    got the financial services and and
  • 00:10:19
    licensing and I think actually we'll see
  • 00:10:21
    that waiting probably shift a little bit
  • 00:10:24
    more uh healthily towards a bit better
  • 00:10:26
    balance once we get into fullyear
  • 00:10:28
    results of both uh the Belvore
  • 00:10:30
    acquisition and GPA in the year which
  • 00:10:32
    obviously have the financial services
  • 00:10:35
    and the licensing profitability that
  • 00:10:37
    sits uh within there.
  • 00:10:41
    So just a deep dive a little bit into
  • 00:10:43
    the uh into the individual divisions and
  • 00:10:46
    probably uh franchising probably the the
  • 00:10:48
    most well known um to to us here
  • 00:10:51
    obviously to um to our investors um and
  • 00:10:55
    principally that business model being um
  • 00:10:58
    franchises offering letings sales and
  • 00:11:01
    financial services to their clients with
  • 00:11:04
    a core focus on on letings and
  • 00:11:07
    ultimately uh the TPFG Key financial
  • 00:11:10
    benefit of that being we earn management
  • 00:11:12
    service fees uh which are directly
  • 00:11:15
    linked to those individual franchises uh
  • 00:11:18
    business. You can see on the right hand
  • 00:11:21
    side 2023 compared to 2024. What that
  • 00:11:25
    franchise uh revenue kind of looked like
  • 00:11:28
    in terms of split and again letings
  • 00:11:30
    remaining a very strong uh element of of
  • 00:11:34
    that uh revenue with 19 million in
  • 00:11:38
    2024. Sales making up uh 9 million uh of
  • 00:11:42
    that revenue. And you can see the
  • 00:11:44
    increase year-over-year is not quite to
  • 00:11:46
    the same proportion as letting and again
  • 00:11:48
    that being indicative of the fact that
  • 00:11:50
    the Belvoir business was not as strong
  • 00:11:52
    from a sales perspective as TPFG was
  • 00:11:55
    historically. So therefore not adding
  • 00:11:57
    almost poundforound as the kind of the
  • 00:11:59
    the letings business has but and we'll
  • 00:12:02
    talk a little bit more about that and
  • 00:12:04
    the opportunity that brings us later on.
  • 00:12:06
    And then we've got the own business
  • 00:12:08
    sorry the owned offices which again
  • 00:12:10
    increase from five to seven. again
  • 00:12:12
    really positive. We'll talk more about
  • 00:12:15
    the priorities as we kind of go through
  • 00:12:17
    this. Um, and Gareth will touch on it
  • 00:12:19
    later on, but again, some of the the
  • 00:12:22
    kind of the key things from a
  • 00:12:23
    franchising perspective, but we've
  • 00:12:25
    talked about continuing the need to
  • 00:12:27
    integrate Balvore franchising. Look at
  • 00:12:28
    that opportunity from a sales
  • 00:12:30
    perspective. Um, and looking at some of
  • 00:12:32
    the mitigation actions we've put in
  • 00:12:34
    place already for the renters's rights
  • 00:12:35
    bill. And that's the the key focuses
  • 00:12:37
    really for this for this
  • 00:12:39
    division. Financial services. So again
  • 00:12:43
    same uh same approach just trying to
  • 00:12:45
    provide a little bit of clarity on what
  • 00:12:46
    that business model actually is. Um we
  • 00:12:50
    have a network of about 300 uh financial
  • 00:12:54
    advisors who under the um uh under the
  • 00:12:58
    networks of mortgage advice bureau and
  • 00:13:00
    primus are able to sell mortgage and
  • 00:13:04
    protection products um to uh to own
  • 00:13:08
    consumers. Um and uh that's split
  • 00:13:12
    between business partners and employed
  • 00:13:16
    uh advisers. And that's a really key
  • 00:13:18
    distinction because the business model
  • 00:13:20
    between the two is very slightly
  • 00:13:21
    different in the respect that an
  • 00:13:23
    employed advisor, as you can probably
  • 00:13:25
    imagine, is uh generating commission off
  • 00:13:28
    of the back of their their own work. And
  • 00:13:29
    we see that come that benefit come
  • 00:13:31
    through to us in full. When it comes to
  • 00:13:33
    business partners, they're probably more
  • 00:13:35
    akin to a franchisee in the respect that
  • 00:13:39
    actually they're operating or often
  • 00:13:41
    they're um single individuals or
  • 00:13:43
    potentially small businesses who are
  • 00:13:46
    utilizing our um status as an authorized
  • 00:13:50
    representative of say mortgage advice
  • 00:13:52
    bureau or or primise uh and also
  • 00:13:55
    accessing the products uh that are
  • 00:13:58
    available to be able to uh sell in terms
  • 00:14:00
    of mortgage and protection products.
  • 00:14:02
    U made by uh or available by mortgage
  • 00:14:05
    advice bureau. Ultimately they are
  • 00:14:08
    generating their leads and selling uh
  • 00:14:11
    those products but we're getting a cut
  • 00:14:14
    as that kind of filters filters through.
  • 00:14:16
    So in effect a percentage of the value
  • 00:14:19
    of income that's coming through. Now you
  • 00:14:21
    can see the split from a revenue
  • 00:14:22
    perspective is broadly kind of
  • 00:14:24
    comparable. So 10 million from business
  • 00:14:27
    partners in 2024 and 9 million from
  • 00:14:29
    employed advisers in 2024 and we expect
  • 00:14:32
    that broadly to remain consistent as we
  • 00:14:35
    go forward. Again very briefly touching
  • 00:14:38
    on uh priorities going forward
  • 00:14:40
    principally certainly from my
  • 00:14:41
    perspective it's about driving that
  • 00:14:43
    productivity per advisor. We can
  • 00:14:45
    continue to look to recruit. Um but
  • 00:14:48
    looking at that productivity, how we
  • 00:14:50
    improve that at all stages of the of the
  • 00:14:52
    process will just help to again drive
  • 00:14:55
    overall profitability for this
  • 00:14:59
    division. And just finally licensing. So
  • 00:15:02
    obviously uh very much a new division
  • 00:15:04
    for us in uh 2024 with the acquisition
  • 00:15:07
    of uh GPA and actually really important
  • 00:15:12
    perhaps to explain why we felt it
  • 00:15:14
    appropriate to separate it out as a as a
  • 00:15:16
    separate uh division and that comes down
  • 00:15:18
    to I suppose the economic drivers um for
  • 00:15:22
    growth and what what drives the uh this
  • 00:15:25
    business and on the licensing model it's
  • 00:15:30
    effectively a fixed license over a
  • 00:15:34
    period of time. So fixed monthly
  • 00:15:36
    license and so what drives that business
  • 00:15:38
    is very much pricing and volume which is
  • 00:15:41
    actually quite or is different to the
  • 00:15:43
    franchising model where yes volume is a
  • 00:15:46
    driver but actually it's the performance
  • 00:15:48
    of that franchisee itself which
  • 00:15:50
    ultimately drives the revenue that we
  • 00:15:52
    that we receive. And so actually the
  • 00:15:54
    strategic initiatives for the licensing
  • 00:15:57
    division versus the franchising division
  • 00:15:59
    actually need to be slightly different
  • 00:16:01
    in order to make sure that we are
  • 00:16:02
    generating the best out of those
  • 00:16:04
    divisions and why we therefore kind of
  • 00:16:06
    kept it separate in order to give that
  • 00:16:07
    kind of
  • 00:16:08
    transparency and what what um I suppose
  • 00:16:11
    is within the licensing division. So, as
  • 00:16:13
    we've talked previously, we've got Fine
  • 00:16:15
    and Country. Um, so that kind of premium
  • 00:16:18
    brand operating within the UK and uh
  • 00:16:22
    internationally. And then you've got the
  • 00:16:24
    Guild of Property Professionals, which
  • 00:16:25
    is the the membership organization of uh
  • 00:16:29
    circ 800 independent estate agents,
  • 00:16:32
    which again gives us kind of access that
  • 00:16:33
    we've never had before into that
  • 00:16:34
    independent estate agency market. But
  • 00:16:37
    ultimately the uh model being the
  • 00:16:41
    receiving of regular recurring license
  • 00:16:43
    fee income. And you can see that split
  • 00:16:45
    on the right hand side again broadly
  • 00:16:48
    kind of proportionate between the
  • 00:16:50
    between the two faring country making up
  • 00:16:52
    about four million of revenue with the
  • 00:16:54
    guild making up about 3 million of that
  • 00:16:57
    uh seven uh million in total. And again
  • 00:17:00
    we will see those numbers increase in
  • 00:17:02
    the year because this 7 million is only
  • 00:17:04
    on the basis of seven months rather than
  • 00:17:07
    a full 12
  • 00:17:10
    months. So just to pivot almost the P&L
  • 00:17:14
    a little bit we've talked about um the
  • 00:17:16
    divisional uh performance certainly from
  • 00:17:18
    a revenue uh perspective what I thought
  • 00:17:20
    was really important to be able to give
  • 00:17:22
    a bit of clarity on was to look at it
  • 00:17:24
    from an acquisition's perspective. So um
  • 00:17:27
    what this table is trying to demonstrate
  • 00:17:29
    is what the original TPFG business has
  • 00:17:33
    uh achieved in terms of revenue, gross
  • 00:17:35
    profit and adjusted operating profit and
  • 00:17:37
    then what the Belvoir and GPA
  • 00:17:39
    acquisitions have added onto that within
  • 00:17:43
    2024. So you can see kind of the
  • 00:17:45
    breakdown of say the overall 67 million
  • 00:17:48
    of of revenue we've had in the year and
  • 00:17:50
    the adjusted operating profit as we show
  • 00:17:52
    there. But what I think is a really
  • 00:17:55
    important message that this slide is
  • 00:17:57
    trying to demonstrate is that despite
  • 00:17:59
    all of the uh the impact and distraction
  • 00:18:02
    of uh completing those two acquisitions
  • 00:18:05
    within the year, the underlying TPFG
  • 00:18:08
    business when you compare it to 2023 has
  • 00:18:12
    grown on all of those metrics, whether
  • 00:18:13
    you're looking at revenue, gross profit
  • 00:18:15
    or adjusted operating profit to the to
  • 00:18:18
    the value of uh you know 14% which we
  • 00:18:21
    think is you know fantastic um kind
  • 00:18:24
    growth and improvement given as I say
  • 00:18:26
    the level of distraction in the
  • 00:18:28
    year. Just moving on to cash. So um
  • 00:18:33
    obviously a simplified cash flow
  • 00:18:35
    statement on the on the left hand side
  • 00:18:38
    just walking us from the cash that we
  • 00:18:40
    started the year with the net cash that
  • 00:18:42
    we had from that we generated from
  • 00:18:44
    operations at 14.7 million. the cash
  • 00:18:48
    that uh exited the business from uh
  • 00:18:51
    acquisitions um which uh was to the
  • 00:18:54
    value of 16 million. Um you'll uh
  • 00:18:58
    remember that actually uh GPA was an
  • 00:19:01
    acquisition at a total value at 20
  • 00:19:03
    million. Five of that is actually
  • 00:19:04
    deferred consideration and we'll see
  • 00:19:06
    that coming out in 2025. Hence why it's
  • 00:19:08
    less than 20 million. We did draw down
  • 00:19:10
    bank loans within the year of 20
  • 00:19:12
    million. Um but you can see there that
  • 00:19:15
    uh and as I mentioned earlier on it was
  • 00:19:18
    really key for us to try and look uh to
  • 00:19:20
    see what level of bank loans we could
  • 00:19:22
    repay within the year with the cash
  • 00:19:23
    generation that we had. Um and that
  • 00:19:26
    value being 9.3 million in the year paid
  • 00:19:29
    9 million of dividends uh and also paid
  • 00:19:32
    3.4 million out in respect of the
  • 00:19:34
    employee benefit uh trust loan that we
  • 00:19:37
    should see reversed back in 2025.
  • 00:19:41
    The graphs on the right hand side I
  • 00:19:42
    suppose just demonstrating over time the
  • 00:19:45
    cash generative nature of of the
  • 00:19:48
    business both in absolute terms in terms
  • 00:19:50
    of the the net cash generated from
  • 00:19:52
    operations and that level of growth
  • 00:19:54
    since uh 2016 but also actually on a
  • 00:19:59
    free cash flow per share basis again it
  • 00:20:02
    improving year-over-year since 2016
  • 00:20:05
    which I think is a fantastic uh
  • 00:20:10
    story. So just moving to capital
  • 00:20:13
    allocation and uh I suppose just talking
  • 00:20:16
    through the uh the strategy uh of the
  • 00:20:19
    business and how 2024 is applied uh to
  • 00:20:23
    that. So obviously financial resilience
  • 00:20:26
    being key, continuing to invest in
  • 00:20:29
    organic uh growth really uh being I
  • 00:20:33
    suppose second to that continuing to
  • 00:20:35
    make sure that the business is paying a
  • 00:20:37
    progressive dividend has absolutely
  • 00:20:39
    always been um key to the board's uh
  • 00:20:42
    strategy going forward and obviously
  • 00:20:43
    supporting M&A activity with any surplus
  • 00:20:47
    capital being returned. Now 2024 I
  • 00:20:50
    suppose absolutely kind of emulated that
  • 00:20:52
    strategy. we paid whilst we took out
  • 00:20:54
    debt in order to be able to um support
  • 00:20:56
    some of the M&A activity. We looked to
  • 00:20:59
    pay that down as uh quickly as we
  • 00:21:01
    possibly could. We've kept leverage at
  • 00:21:03
    uh still at a very low rate at 0.4
  • 00:21:06
    times. We've continued to invest uh in
  • 00:21:09
    the organic growth of the business. Um
  • 00:21:13
    and uh that being in things such as the
  • 00:21:15
    digital marketing and AI programs that
  • 00:21:18
    Gareth will touch on again uh later on.
  • 00:21:21
    We've continued to try and progress the
  • 00:21:23
    dividend uh level not just in absolute
  • 00:21:25
    terms up to 18p but also in terms of the
  • 00:21:28
    payout ratio um increasing to 57% and
  • 00:21:32
    obviously we did the acquisitions of
  • 00:21:34
    both Balvoir and GPA in the year. So
  • 00:21:37
    very much I suppose in line with the
  • 00:21:39
    strategy as previously kind of
  • 00:21:42
    discussed and probably just the last one
  • 00:21:45
    from from me to to finish on and just
  • 00:21:47
    again trying to I suppose demonstrate
  • 00:21:50
    the growth over uh the 10-year period
  • 00:21:54
    and the resilience of of the business.
  • 00:21:57
    So the chart on the right hand side
  • 00:21:59
    really kind of uh setting out both uh
  • 00:22:03
    dividend earnings per share and the
  • 00:22:05
    adjusted uh profit before tax growth
  • 00:22:08
    over the last 10 years and almost
  • 00:22:11
    without exception and only in fact uh on
  • 00:22:14
    the dividend in in 2019 as a result of
  • 00:22:17
    COVID um every single one of those
  • 00:22:20
    metrics has increased year over year um
  • 00:22:24
    which as I said demonstrates the
  • 00:22:27
    resilience of the of the business, the
  • 00:22:29
    growth of the business. Um, and actually
  • 00:22:31
    if you think about what's happened over
  • 00:22:33
    that uh time period, both from a
  • 00:22:35
    macroeconomic uh perspective in terms of
  • 00:22:37
    COVID, in terms of in terms of Brexit,
  • 00:22:40
    but also at an industry level. So the uh
  • 00:22:42
    tenant uh fee ban that happened in 2019
  • 00:22:46
    um which there was some concern around
  • 00:22:48
    this business has continued to grow
  • 00:22:51
    throughout all of those concerns
  • 00:22:53
    throughout all of those challenges and
  • 00:22:56
    um we will do so kind of going forward.
  • 00:22:59
    And probably the final number just to
  • 00:23:01
    leave you with is the is the bottom
  • 00:23:03
    right three-year cash conversion. So we
  • 00:23:05
    we had a look at the level of cash that
  • 00:23:07
    was being generated by uh TPFG uh as was
  • 00:23:12
    the Belvar business and GPA in the years
  • 00:23:14
    2021 through to
  • 00:23:16
    2023 and that amounted to 64 million
  • 00:23:19
    pounds worth of cash being uh generated
  • 00:23:22
    from operations. That number will have
  • 00:23:24
    only increased in 2024 and obviously
  • 00:23:27
    through into 2025 as well. And I think
  • 00:23:31
    uh probably uh gives an idea of the
  • 00:23:34
    fantastic opportunities that we have
  • 00:23:36
    available to us going forward in terms
  • 00:23:39
    of either supporting further acquisition
  • 00:23:41
    activity, continuing to support the
  • 00:23:44
    progressive dividend policy that um has
  • 00:23:47
    uh been put into place uh historically
  • 00:23:49
    and and this year as well. And
  • 00:23:51
    potentially obviously depending on the
  • 00:23:53
    values there also give us opportunity to
  • 00:23:55
    be able to return more to shareholders
  • 00:23:57
    in other means as well. So something I
  • 00:24:01
    think it's fantastic, really exciting uh
  • 00:24:03
    for us in terms of looking forward and
  • 00:24:05
    probably with that I will hand back to
  • 00:24:07
    Gav. Great. Thanks Ben. Uh we're now
  • 00:24:10
    going to talk about market update and
  • 00:24:12
    strategy. So go on to the next slide
  • 00:24:14
    please Ben. Um marketing 25 started
  • 00:24:17
    really robustly but looking back on 2024
  • 00:24:20
    from a sales perspective we always talk
  • 00:24:22
    about a normal market being 1.1 million
  • 00:24:26
    transactions. And you'll remember those
  • 00:24:28
    of you that were with us in 23, but that
  • 00:24:30
    fell short in 2023 um uh came in at
  • 00:24:34
    about a million50. Um 2024 feels like a
  • 00:24:40
    1.1 million, maybe a few more. Um and
  • 00:24:43
    and 2025 seems like it's going to be
  • 00:24:46
    better than 1.1 million. Um so you house
  • 00:24:50
    prices are forecast to rise by about 2
  • 00:24:52
    and a half% in 2025. Um we think
  • 00:24:56
    transactions will be greater than 1.1
  • 00:24:58
    million that normal market in 2025 and
  • 00:25:01
    certainly the first three months of 2025
  • 00:25:04
    have been pretty active partly
  • 00:25:06
    stimulated by the stamp duty holiday um
  • 00:25:09
    but but front end activity in January,
  • 00:25:11
    February and March um ahead of our
  • 00:25:14
    expectation. Um, and if the sales market
  • 00:25:17
    good is is good, it normally means the
  • 00:25:19
    financial services market is good on a
  • 00:25:22
    transactional basis. And we've seen
  • 00:25:24
    really good start to the year in
  • 00:25:26
    financial services. Um, lending's
  • 00:25:29
    forecast to increase by 11% in 2025. Uh,
  • 00:25:33
    and and that's really that's a real tick
  • 00:25:35
    in the box for us. Uh and also um uh in
  • 00:25:39
    2026 um uh it it's predicted to move
  • 00:25:43
    forward to 320 billion in terms of
  • 00:25:46
    market lending. So about another 20%
  • 00:25:47
    lift. So you know sales and financial
  • 00:25:50
    service markets look really good. Um
  • 00:25:52
    letings which is you know a big part of
  • 00:25:55
    what we do. Um we we we sort of um
  • 00:25:58
    talked about last year that the the
  • 00:26:00
    rents begin rent inflation beginning to
  • 00:26:03
    slow down and we predicted that rent
  • 00:26:05
    inflation would be around about 3 to 4%
  • 00:26:09
    moving forward. Um is slightly better
  • 00:26:11
    than that in in 2025 or certainly the
  • 00:26:14
    first quarter um and and finish 2024 at
  • 00:26:18
    about 8% up. Um there's still a mismatch
  • 00:26:22
    in terms of supply and demand and that's
  • 00:26:24
    not going to go away anytime soon. Um
  • 00:26:26
    number of homes in the private rented
  • 00:26:28
    sector remain stable at present. Uh but
  • 00:26:32
    that but we are seeing pressure uh with
  • 00:26:34
    the renters's rights bill that I'm going
  • 00:26:35
    to talk about in in a little bit of
  • 00:26:37
    detail now. Um so so what is the
  • 00:26:40
    renters's rights bill? So it's the end
  • 00:26:42
    of fixedterm tenencies. It removes no
  • 00:26:45
    fault evictions and brings in hefty
  • 00:26:47
    fines. uh for non uh compliant landlords
  • 00:26:52
    um and it's expected to be implemented
  • 00:26:54
    in autumn 2025. So it will affect uh
  • 00:26:58
    this year. It is affecting this year. Um
  • 00:27:00
    what's the what's the result of that? So
  • 00:27:02
    we're already seeing some landlords
  • 00:27:04
    saying I've had enough. I don't want to
  • 00:27:07
    be a landlord anymore. I'm going to sell
  • 00:27:08
    my property. Um and that's one of the
  • 00:27:11
    negatives of the rent rise bill. One of
  • 00:27:14
    the positives and something we've been
  • 00:27:15
    working on really really hard is 50% of
  • 00:27:19
    the private rented sector self-manage.
  • 00:27:23
    Okay? So they look after their own
  • 00:27:25
    properties. So we've been as a group for
  • 00:27:28
    the last four months getting out to the
  • 00:27:30
    sort of regions um and holding uh
  • 00:27:33
    landlord evenings where we're inviting
  • 00:27:36
    um private um landlords to come and uh
  • 00:27:40
    understand the implications of the
  • 00:27:42
    renters's rights bill. And what's been
  • 00:27:45
    really interesting is uh one their lack
  • 00:27:48
    of knowledge. They had no idea these
  • 00:27:50
    things were coming in um in Maine and
  • 00:27:52
    and their sort of horror about having to
  • 00:27:55
    manage their own properties going
  • 00:27:57
    forward to the point where at the end of
  • 00:27:59
    every one of these evenings we've got
  • 00:28:01
    landlords coming to us saying can you
  • 00:28:03
    just look after my property for me? Um
  • 00:28:06
    because you know they don't want to
  • 00:28:08
    expose themselves to high fines. um the
  • 00:28:10
    the the the the value of a letting agent
  • 00:28:13
    for paying 10% of the rent is is is
  • 00:28:16
    significantly enhanced with the
  • 00:28:18
    increased regulation. So so that's going
  • 00:28:21
    really well. We need to speed up or we
  • 00:28:24
    can't get round and do you know see
  • 00:28:27
    everybody at an evening. So we're going
  • 00:28:29
    to run a webinar series uh with again
  • 00:28:31
    the intent of you know uh disturbing the
  • 00:28:35
    landlords to having a conversation about
  • 00:28:37
    coming across and allowing one of our
  • 00:28:39
    brands to manage the properties on their
  • 00:28:41
    behalf. Um but I go back to yes there
  • 00:28:44
    are people leaving the sector. I gave an
  • 00:28:47
    example last year. I'm going to give it
  • 00:28:49
    again this year. Um uh we had our
  • 00:28:52
    Chelenham franchisee have 600 uh
  • 00:28:58
    properties under management and in 2024
  • 00:29:01
    he had 24 landlords indicate they wanted
  • 00:29:05
    to sell their property and they wanted
  • 00:29:06
    to get out of um uh renting property.
  • 00:29:10
    Um, of those 24 properties, um, the
  • 00:29:13
    franchisee was able to sell 21 of those
  • 00:29:16
    properties to existing landlords and
  • 00:29:19
    retain those instructions. And three of
  • 00:29:22
    those instructions went to firsttime
  • 00:29:25
    buyers or the secondhand market. Okay.
  • 00:29:27
    Um, so we've educated all of our
  • 00:29:30
    franchises that that's the way they need
  • 00:29:32
    to handle. Um, any landlord looking to
  • 00:29:35
    exit the market, try and sell it to one
  • 00:29:38
    of your existing landlords first. and
  • 00:29:40
    that's having great success. Okay. But
  • 00:29:43
    as say rent bill we see as an
  • 00:29:46
    opportunity but there's also some
  • 00:29:48
    threats there and and landlords are
  • 00:29:50
    leaving the space. Uh but we'll continue
  • 00:29:52
    to work on those two initiatives to
  • 00:29:54
    drive the best result
  • 00:29:57
    possible. And then we come to our growth
  • 00:30:00
    strategy and Ben talked about that 14%
  • 00:30:03
    growth in TPFG for 2024. I was delighted
  • 00:30:07
    with that. we had, you know, a lot of
  • 00:30:09
    distractions going on. So to be able to
  • 00:30:12
    um demonstrate the growth strategy's
  • 00:30:14
    robustness in delivering that 14% growth
  • 00:30:17
    was was really pleasing to see. And
  • 00:30:20
    we're going to stick with um the growth
  • 00:30:23
    strategy that's served us really really
  • 00:30:25
    well over the last sort of four years.
  • 00:30:27
    And that that sits in six distinct sort
  • 00:30:30
    of buckets. letings being at the top of
  • 00:30:33
    that because it's our biggest income
  • 00:30:35
    stream, our biggest uh driver, our most
  • 00:30:38
    valuable income stream. Uh and we are
  • 00:30:40
    supporting our franchises in you know
  • 00:30:43
    their ambitions to acquire local
  • 00:30:45
    portfolios and grow their market share
  • 00:30:48
    of their local letings market. Um, we've
  • 00:30:51
    agreed um a financing deal with Barclays
  • 00:30:54
    on behalf of our franchises that will
  • 00:30:57
    hopefully accelerate the number of
  • 00:30:59
    acquisitions we can do in 25 and beyond.
  • 00:31:02
    Um, the the the group over the last
  • 00:31:04
    three years has delivered about 4,000
  • 00:31:06
    units a year. Um, I think with the new
  • 00:31:09
    finance package in place for franchises,
  • 00:31:12
    we can get that to six, maybe 8,000 in
  • 00:31:14
    time. Um uh we've also launched a new
  • 00:31:18
    innovative rent guarantee product at a
  • 00:31:20
    price they couldn't buy anywhere else um
  • 00:31:24
    uh at that sort of money. Uh and that
  • 00:31:26
    gives them significant opportunity to
  • 00:31:29
    upsell to landlords and make a margin on
  • 00:31:32
    the cost of that policy and that will
  • 00:31:33
    drive um uh profitability into our
  • 00:31:37
    franchises. Um we've talked every single
  • 00:31:40
    year for the last three about us being
  • 00:31:42
    um uh underperforming in the sales arena
  • 00:31:46
    and this is still an opportunity albeit
  • 00:31:48
    we are seeing good um a good increase in
  • 00:31:51
    market share across the old TPFG brands.
  • 00:31:54
    Um we want to you know put all of that
  • 00:31:57
    into our Belvoir group. Uh we believe we
  • 00:31:59
    can drive the Belvoir sales results
  • 00:32:02
    similar to what we've done in TPFG.
  • 00:32:05
    financial services is a massive
  • 00:32:07
    opportunity. We now have a database of
  • 00:32:09
    14 million um uh contacts. Uh we only do
  • 00:32:15
    5% of our mortgages through our
  • 00:32:17
    franchise network. Uh and we do nothing
  • 00:32:21
    from our licency network. So uh huge
  • 00:32:24
    opportunity. It's not going to be easy,
  • 00:32:26
    but but but to be able to um get hold of
  • 00:32:29
    that data, communicate with that data,
  • 00:32:32
    drive leads back into our financial
  • 00:32:34
    services business is a key aim uh during
  • 00:32:38
    2025. Um recruitment, always refreshing
  • 00:32:41
    the new franchises coming in uh and
  • 00:32:44
    taking a business. It's an important
  • 00:32:46
    part of a franchiseor's role. Um, and
  • 00:32:49
    I'm delighted. So, we've done 18 resales
  • 00:32:51
    already in 2025, which is the best start
  • 00:32:54
    to uh a year we've ever had. Um, along
  • 00:32:58
    with Nick Neil's business, You um uh
  • 00:33:02
    recruiting personal agents into the move
  • 00:33:05
    brand uh has been that's the other
  • 00:33:07
    important recruitment angle that we've
  • 00:33:09
    got. also refreshing and renewing the
  • 00:33:12
    value proposition for the guild
  • 00:33:14
    membership to make that easier to to to
  • 00:33:17
    sell to me members um going forward. So
  • 00:33:20
    recruitment's the fourth element of our
  • 00:33:23
    growth strategy. Acquisitions I did say
  • 00:33:26
    after May last year I'd never do another
  • 00:33:28
    one um but but probably forgotten the
  • 00:33:30
    pain already. So there are, you know,
  • 00:33:34
    acquisition targets. You know, there's
  • 00:33:35
    two in the franchise space um that we
  • 00:33:38
    don't own and that's Winkworth's and
  • 00:33:42
    um LSL franchising. Neither for sale at
  • 00:33:45
    the moment. Would we be interested?
  • 00:33:47
    Absolutely. We'd have a look. Um they're
  • 00:33:49
    both good businesses, so they'd fit our
  • 00:33:51
    business really, really well. Um, uh,
  • 00:33:54
    Belvoir had their really successful
  • 00:33:57
    financial services buy and build
  • 00:33:59
    strategy and we're going to continue
  • 00:34:01
    with that supporting Michelle to acquire
  • 00:34:05
    um, uh, decentsized financial services
  • 00:34:08
    businesses. Um, the criteria for those
  • 00:34:10
    is there must be at least 20 financial
  • 00:34:13
    consultants working within the business
  • 00:34:15
    and they've got to be profitable. Um,
  • 00:34:17
    but I think we'll do at least one of
  • 00:34:19
    those this year and maybe
  • 00:34:21
    two. Um, uh, and I think that would be
  • 00:34:26
    it on franch franchisee acquisitions at
  • 00:34:28
    the moment. But, you know, the clear bit
  • 00:34:30
    is from from Ben's uh, uh, the the
  • 00:34:34
    slides. We're going to have loads of
  • 00:34:36
    cash. We generate loads of cash quite
  • 00:34:38
    quickly. So, that debt will be paid down
  • 00:34:40
    really quickly. Um, and you know, the
  • 00:34:43
    cash reserves will grow. So we either
  • 00:34:45
    continue with our M&A strategy or um we
  • 00:34:49
    return to shareholders. So um so so yeah
  • 00:34:52
    we we will always look at um acquisition
  • 00:34:54
    opportunities. The final part from an
  • 00:34:56
    acquisition perspective is looking at
  • 00:34:59
    complimentary businesses. So now we've
  • 00:35:01
    got a network of 2,000 estate agency
  • 00:35:04
    businesses. They all buy products from a
  • 00:35:07
    variety of different companies. So, if
  • 00:35:09
    we could find a profitable business um
  • 00:35:13
    that offered services that our members
  • 00:35:15
    wanted, it would be worthwhile looking
  • 00:35:17
    at that business, acquiring it, and then
  • 00:35:20
    rolling that out across 2,000 offices.
  • 00:35:22
    So, so we will look at that as as as the
  • 00:35:25
    sort of story develops. Um and then the
  • 00:35:27
    final growth strategy, and I've touched
  • 00:35:30
    on this already, is is is AI. Um you
  • 00:35:33
    know, digital marketing tools,
  • 00:35:35
    automation, machine learning, and AI.
  • 00:35:38
    And a number of you will have you looked
  • 00:35:40
    at the sort of um uh speed in which AI
  • 00:35:44
    seems to be coming into our everyday
  • 00:35:47
    lives and that's no different for us. So
  • 00:35:49
    we've spent the last nine months working
  • 00:35:52
    with some AI specialists looking at some
  • 00:35:55
    specific areas we believe it can add
  • 00:35:57
    significant value. Um and we've just
  • 00:36:00
    launched the first um first of three
  • 00:36:03
    trials that will take place between now
  • 00:36:05
    and September. um some of its
  • 00:36:08
    automation. So to give you some idea
  • 00:36:10
    about one of the projects, all of our
  • 00:36:13
    letting franchises
  • 00:36:15
    um uh uh manage a number of properties.
  • 00:36:19
    Um uh my reading franchisee manages
  • 00:36:22
    nearly 2,000 properties. Um to manage
  • 00:36:25
    2,000 properties, he needs um a number
  • 00:36:28
    of property managers. Um and and they
  • 00:36:31
    work really hard every single day
  • 00:36:33
    working on the um uh the the the the the
  • 00:36:37
    sort of um dissatisfaction of tenants
  • 00:36:39
    who are ringing in with um uh their
  • 00:36:42
    complaints. And most of those complaints
  • 00:36:44
    are quite predictable. So it's I've lost
  • 00:36:47
    my keys, my boiler's not working, I've
  • 00:36:50
    got a drift bin tap, my shower's stopped
  • 00:36:52
    working, somebody's slashed a window. Um
  • 00:36:54
    so they're predictable and and and
  • 00:36:56
    through AI and automation we believe uh
  • 00:37:00
    we can make a number of efficiencies to
  • 00:37:03
    that sort of property manager base um
  • 00:37:06
    that we will be able to pass the
  • 00:37:07
    benefits of that on to uh the
  • 00:37:09
    franchisee. So that that's one of the
  • 00:37:11
    projects we're working on. Another one
  • 00:37:13
    of the projects is um uh financial
  • 00:37:16
    services appointments via WhatsApp. So
  • 00:37:18
    we get a number of leads that go
  • 00:37:20
    unfulfilled every single day. Um that we
  • 00:37:23
    can now use WhatsApp live chat uh to
  • 00:37:27
    communicate with a customer in those
  • 00:37:29
    early stages to understand you know how
  • 00:37:32
    urgent is their request, how quick do
  • 00:37:34
    they want to take a mortgage out and
  • 00:37:36
    sort of qualify a big number down to a
  • 00:37:39
    more manageable number before it then
  • 00:37:41
    goes to a human. So one one of the you
  • 00:37:44
    know great great bits of uh the the AI
  • 00:37:47
    is you know delivering better quality
  • 00:37:49
    leads to the people that cost you a lot
  • 00:37:51
    of money. Uh so if we can give each
  • 00:37:54
    financial consultant more leads but of a
  • 00:37:56
    better quality will be able to ramp
  • 00:37:58
    their individual productivity and
  • 00:38:00
    profitability
  • 00:38:02
    um uh and and that technology is really
  • 00:38:04
    really close. So we're really excited
  • 00:38:06
    about AI. We're really excited about
  • 00:38:09
    automating um and driving savings for
  • 00:38:12
    both us and our franchises. And we're
  • 00:38:14
    also really excited about the the lead
  • 00:38:17
    generation that um these tools can give
  • 00:38:19
    us. So um so really excited. So that
  • 00:38:22
    gives you a little bit of uh color to
  • 00:38:25
    our growth strategy moving forward. In
  • 00:38:27
    terms of outlook, um 2025 has been good
  • 00:38:30
    so far. You know, we're happy. 4:1
  • 00:38:33
    trading is in line with management
  • 00:38:35
    expectations. Um, we've got a high level
  • 00:38:37
    of recurring revenue which supports a
  • 00:38:41
    very resilient business model. Um, we're
  • 00:38:44
    focused on completing the integration.
  • 00:38:46
    There's still work to do. Um, you know,
  • 00:38:48
    still need to drive some synergies out.
  • 00:38:49
    We still need to integrate the business.
  • 00:38:51
    We've made huge strides in what feels
  • 00:38:54
    like a really short space of time, but
  • 00:38:55
    it, you know, we're coming up to the
  • 00:38:57
    one-y year anniversary. Um, um, so so
  • 00:39:00
    still lots of work to do in that. uh the
  • 00:39:02
    level of cash generation is really
  • 00:39:04
    exciting and provides opportunities
  • 00:39:06
    going forward. Um and I think we're
  • 00:39:09
    really well positioned to take advantage
  • 00:39:11
    of market conditions in 25 and beyond.
  • 00:39:14
    And I think the market for us in 25 26
  • 00:39:17
    27 is going to be really really
  • 00:39:19
    positive. I think you know the the work
  • 00:39:21
    we've put into our growth initiatives,
  • 00:39:23
    the investment we've made into our
  • 00:39:25
    growth initiatives and the team of
  • 00:39:27
    people we've uh assembled in the last 12
  • 00:39:31
    months give us the bandwidth to really
  • 00:39:33
    take opportunity and turn that into
  • 00:39:35
    increased revenue and increased
  • 00:39:37
    profitability. So we're really bullish
  • 00:39:39
    about future uh and really excited. So
  • 00:39:43
    with that comes the end of the
  • 00:39:44
    presentation. So thanks for listening.
  • 00:39:46
    Uh we'll now hand over um for questions
  • 00:39:49
    and answers. So thank you. Perfect.
  • 00:39:53
    That's great. Gareth then thank you very
  • 00:39:54
    much for your presentation. Ladies and
  • 00:39:56
    gentlemen, please do continue to submit
  • 00:39:57
    your questions and you can do so just by
  • 00:39:59
    using the Q&A tab that's situated on the
  • 00:40:01
    top rightand corner of your screen. We
  • 00:40:03
    have received a number of questions
  • 00:40:04
    throughout today's presentation and I'll
  • 00:40:06
    start the Q&A session off with the first
  • 00:40:08
    one which reads as follows. What is the
  • 00:40:10
    difference between franchising and
  • 00:40:12
    licensing?
  • 00:40:15
    I'll tell um so uh franchise it's very
  • 00:40:18
    similar um franchising um percentage of
  • 00:40:22
    turnover and a five-year contract um
  • 00:40:27
    licensing a fixed monthly payment for a
  • 00:40:31
    range of products and services on a
  • 00:40:34
    12-month contract.
  • 00:40:36
    So, both recurring income streams. One's
  • 00:40:39
    on a one-year contract, albeit with a
  • 00:40:41
    94% retention rate, uh, and one's on a
  • 00:40:44
    five-year renewable
  • 00:40:47
    contract. Perfect. That's great. Thank
  • 00:40:49
    you, Gareth. The next question here, I
  • 00:40:50
    know you touched on AI in the
  • 00:40:52
    presentation, but the question reads as
  • 00:40:54
    follows. Can you give a little color on
  • 00:40:57
    the opportunities you're excited about
  • 00:40:58
    through data analysis and AI?
  • 00:41:03
    Yes.
  • 00:41:05
    Um, so go back 9 10 months when it saw
  • 00:41:08
    quite embriionic and looking at voice.
  • 00:41:12
    Um, so we heard a pretty awful American
  • 00:41:16
    accent doing uh digital fulfillment and
  • 00:41:21
    um it wasn't very good. The latency was
  • 00:41:25
    poor.
  • 00:41:27
    Um, but for what it told you is the art
  • 00:41:29
    of the possible I suppose. So we stuck
  • 00:41:32
    with it and 3 weeks later we had another
  • 00:41:34
    demo and it was a slightly better accent
  • 00:41:37
    and slightly less latency. Uh and then
  • 00:41:40
    we we we 3 weeks later we had a
  • 00:41:43
    restaurant uh call where someone was
  • 00:41:45
    trying to book a table with a robot and
  • 00:41:48
    it was again all right bit awkward. Um
  • 00:41:51
    but in the last three months it's
  • 00:41:53
    accelerated at pace. So you know the
  • 00:41:56
    technology nine months ago was
  • 00:41:58
    interesting but we wouldn't have used
  • 00:41:59
    it. the technology today on voice. Um
  • 00:42:03
    we're starting a trial. We started a
  • 00:42:05
    trial last Monday. Um so um that that's
  • 00:42:09
    how much it's developed and it'll get
  • 00:42:11
    better and better and better. I think
  • 00:42:13
    what I've noticed through that period so
  • 00:42:15
    initially I was really excited about
  • 00:42:17
    voice being the answer to everything and
  • 00:42:19
    me having a digital twin and being able
  • 00:42:21
    to spend time in Spain and nobody
  • 00:42:23
    noticed sort of thing but um but that
  • 00:42:25
    that that that didn't happen. So, so, so
  • 00:42:28
    you then looked at automation on
  • 00:42:29
    WhatsApp. So, what's really interesting
  • 00:42:33
    is customers potentially will complain
  • 00:42:37
    about a robot talking to them, whereas
  • 00:42:40
    if you're communicating via WhatsApp,
  • 00:42:42
    even though it's a robot, they probably
  • 00:42:44
    won't. So, it's understanding what can
  • 00:42:47
    be fulfilled via text and WhatsApp. And,
  • 00:42:50
    you know, there's a lot of studies being
  • 00:42:51
    done about how people like to be
  • 00:42:55
    communicated with. And I I'm still quite
  • 00:42:57
    an old sort of I like the phone. Uh but
  • 00:43:00
    but everybody who's sort of younger than
  • 00:43:02
    me doesn't like the phone. They like you
  • 00:43:03
    know texts and um and WhatsApp. So
  • 00:43:06
    fulfilling it in the right way I think
  • 00:43:08
    is really important. So
  • 00:43:11
    WhatsApp take uh property management. So
  • 00:43:15
    I am a Russian or a Ukrainian or a China
  • 00:43:18
    Chinese person in one of the properties.
  • 00:43:20
    I want to communicate in my own
  • 00:43:22
    language. I can do that. It's translated
  • 00:43:24
    in the middle. goes to the property
  • 00:43:26
    manager in English, they answer in
  • 00:43:28
    English, goes back gets translated in
  • 00:43:30
    Chinese. So the the you know the the um
  • 00:43:33
    customer satisfaction piece goes up
  • 00:43:35
    exponentially. So um so I think you know
  • 00:43:38
    utilizing the tools some of which are
  • 00:43:40
    already there in the way we currently do
  • 00:43:44
    the job will actually enhance the way we
  • 00:43:46
    do the job but
  • 00:43:49
    also increase the number of people we
  • 00:43:51
    can deal with and therefore increase the
  • 00:43:54
    number of leads we can generate and pass
  • 00:43:56
    back to our franchises who can have more
  • 00:43:59
    quality meaningful conversations that
  • 00:44:02
    will drive income as opposed to trying
  • 00:44:04
    to sift through a sort of needling in a
  • 00:44:07
    haststack piece. So to get the
  • 00:44:09
    technology to do the sifting, present
  • 00:44:12
    really good quality conversations to the
  • 00:44:15
    people we pay a lot of money to who then
  • 00:44:17
    convert that into commission from
  • 00:44:20
    letting sales, financial services,
  • 00:44:23
    insurance sales. Um that that that's the
  • 00:44:25
    vision. So you know we will be spending
  • 00:44:27
    an awful lot of time on this um over the
  • 00:44:29
    next six to nine months and believe it
  • 00:44:32
    can it can absolutely transform our
  • 00:44:34
    business because we've got 14 million
  • 00:44:36
    data records. So scale has provided that
  • 00:44:39
    opportunity. So you know if I'm a single
  • 00:44:42
    business I'm not sure I'm going to get
  • 00:44:44
    as excited as I get about AI because
  • 00:44:47
    I've only got one office and it's but as
  • 00:44:49
    a franchise group with 14 million data
  • 00:44:52
    records it's hugely exciting.
  • 00:44:56
    That's great. Thank you, Gareth. Really
  • 00:44:58
    interesting. Another question here. Is
  • 00:45:00
    the withdrawal of stamp duty relief and
  • 00:45:02
    the present market turbulence likely to
  • 00:45:04
    create a downturn in the property
  • 00:45:07
    market? Uh so normally after a stamp
  • 00:45:10
    duty holiday, there'd be a little bit of
  • 00:45:12
    a a lapse. We we what was really
  • 00:45:14
    interesting January, February, March,
  • 00:45:16
    front-end business. So the number of
  • 00:45:18
    properties coming to market, the number
  • 00:45:20
    of sales being agreed um was was much
  • 00:45:23
    higher than we expect expected
  • 00:45:26
    because they were never going to meet
  • 00:45:28
    the stamp duty deadline. So the front
  • 00:45:31
    end activity is very very good. Um
  • 00:45:34
    clearly the stamp duty holiday built our
  • 00:45:38
    pipeline towards the back end of last
  • 00:45:39
    year and we've seen a big sort of you
  • 00:45:42
    know big number exchange out in quarter
  • 00:45:44
    one but but actually front end activity
  • 00:45:48
    in Q1 is really good. So that suggests
  • 00:45:50
    quarter two is going to be really good
  • 00:45:52
    as well.
  • 00:45:55
    That's great. And another question that
  • 00:45:57
    kind of follows on from that. Property
  • 00:45:59
    prices are allegedly far too high in
  • 00:46:01
    this country and the Labor government
  • 00:46:02
    allegedly wants to engineer house price
  • 00:46:04
    declines to encourage social and labor
  • 00:46:06
    mobility. If they succeed in building
  • 00:46:08
    300,000 homes, would that impact your
  • 00:46:11
    letings and sales business?
  • 00:46:16
    Uh, okay, good question. Um, so I don't
  • 00:46:20
    think they will be able to build 300,000
  • 00:46:23
    homes anytime soon. I don't think
  • 00:46:24
    there's the electricians, the
  • 00:46:26
    plasterers, the plumbers. uh which is
  • 00:46:29
    why they're going to go down an
  • 00:46:30
    apprentice route. So you get to 2029
  • 00:46:33
    um and you know you're still at 150,000
  • 00:46:35
    which has been the sort of norm over the
  • 00:46:37
    last 10 years. Last year was actually
  • 00:46:39
    the worst year I think for a long time.
  • 00:46:41
    So um uh so if we built 300,000 houses
  • 00:46:47
    once we got past that excess demand
  • 00:46:49
    piece which might be another five years
  • 00:46:52
    if that was to happen would that have an
  • 00:46:54
    impact on prices? Probably. Um but but
  • 00:46:57
    one, I don't think we can get 300,000
  • 00:46:59
    house houses built. Uh two, there's
  • 00:47:01
    still far too much demand for the supply
  • 00:47:03
    that's there currently. Um so so you
  • 00:47:06
    know, I don't know how far you want to
  • 00:47:08
    look out, but you know, it's at least 10
  • 00:47:10
    years. I would have thought that would
  • 00:47:12
    you'd agree with that? Yeah. No, I
  • 00:47:13
    would. And I think the other point is
  • 00:47:15
    obviously if there are more houses being
  • 00:47:16
    built, there's more houses to be sold.
  • 00:47:18
    So you know there are also opportunities
  • 00:47:20
    that come about from that within our
  • 00:47:22
    businesses that we can that we can
  • 00:47:24
    capitalize on as well. So it may have a
  • 00:47:27
    bit of an impact in terms of inflation
  • 00:47:29
    in regards to house prices or even
  • 00:47:31
    rental prices but our history would tell
  • 00:47:34
    us it's very unlikely to go backwards
  • 00:47:36
    and actually if that creates more
  • 00:47:38
    transaction flow that should be
  • 00:47:39
    beneficial to us rather than uh rather
  • 00:47:41
    than negative. And you know, take away
  • 00:47:43
    the business as there's a moral piece of
  • 00:47:45
    this. You know, the number of
  • 00:47:46
    homelessness, it's it's awful. You know,
  • 00:47:48
    I've got kids, they've got kids. Um, you
  • 00:47:51
    know, I I I would love a solution to be
  • 00:47:53
    found that made the current situation
  • 00:47:56
    and the current lack of supply better
  • 00:47:57
    than it is. Um, but but it's going to
  • 00:48:00
    take a lot of hard work and and, you
  • 00:48:02
    know, a lot a lot of thought. Um and and
  • 00:48:05
    unfortunately, you know, politicians,
  • 00:48:07
    you know, they work in those five-year
  • 00:48:09
    terms and and and I think that's
  • 00:48:11
    restricted when you're trying to solve a
  • 00:48:13
    long-term problem that's been here
  • 00:48:15
    forever. It's similar to the NHS, isn't
  • 00:48:17
    it? But it it it undoubtedly is getting
  • 00:48:19
    worse. Uh so, so as a as a father and a
  • 00:48:23
    grandfather, I I want Yeah, I I want a
  • 00:48:26
    better uh world for them to grow up in.
  • 00:48:30
    Thank you very much. Another question
  • 00:48:32
    here. Has the FCA started their study of
  • 00:48:35
    the protection market and how could this
  • 00:48:36
    affect the mortgage advice Bury Primus
  • 00:48:39
    advisers?
  • 00:48:41
    So yes, they have started um obviously
  • 00:48:44
    with us being one of the largest
  • 00:48:46
    appointed representatives uh in the UK
  • 00:48:49
    in terms of this space. Um we also look
  • 00:48:52
    to engage with the FCA on it which we
  • 00:48:54
    have have done. We've already done some
  • 00:48:56
    kind of initial initial meetings and I
  • 00:48:58
    think really important for us to be able
  • 00:49:00
    to to demonstrate
  • 00:49:02
    um how our practices uh work, how they
  • 00:49:06
    inter I suppose interlink with mortgage
  • 00:49:09
    advice bureau in terms of what they're
  • 00:49:11
    setting down as the directly authorized
  • 00:49:14
    uh party um and being able to kind of
  • 00:49:16
    share that clarity with the FCA. They
  • 00:49:18
    went very well. Um and actually I think
  • 00:49:21
    just to provide you a bit of color in
  • 00:49:23
    terms of let's say the you know the the
  • 00:49:25
    exposure or the risk if you know the
  • 00:49:28
    absolute worst were to happen and the
  • 00:49:29
    FCA were to say no you absolutely can't
  • 00:49:32
    sell protection products in that
  • 00:49:34
    way selling protection uh amounts to
  • 00:49:38
    about a third of our total revenue and
  • 00:49:40
    about a third of our profitability. So
  • 00:49:42
    at an adjusted operating profit level,
  • 00:49:43
    that's about a million pounds out of the
  • 00:49:46
    22 23 million pounds of adjusted
  • 00:49:48
    operating profit that we talked about
  • 00:49:50
    earlier on. So as a proportion and I
  • 00:49:52
    suppose risk to us as TPFG, it's really
  • 00:49:56
    quite small and obviously that would be
  • 00:49:57
    on the basis that it um is removed
  • 00:50:00
    completely. the uh the view I think from
  • 00:50:03
    us internally based on the feedback
  • 00:50:05
    we've had from the FCA you know
  • 00:50:06
    informally and through conversations
  • 00:50:08
    that we've had with mortgage advice
  • 00:50:10
    bureau and mortgage advice bureau's own
  • 00:50:13
    kind of view on this is the practices
  • 00:50:16
    that we um that we follow are uh in line
  • 00:50:20
    are appropriate um we don't incentivize
  • 00:50:24
    our uh advisers in any way to um to go
  • 00:50:28
    to one product or the other um it's it's
  • 00:50:32
    very much consistent no matter what is
  • 00:50:34
    being sold. So I think all of these
  • 00:50:36
    things hold us in goodstead as part of
  • 00:50:38
    the uh review and we'll just have to see
  • 00:50:40
    what the FCA obviously comes out with as
  • 00:50:42
    we progress the engagement with them.
  • 00:50:46
    That's great. Thanks very much Ben. The
  • 00:50:48
    next question here, can you talk a
  • 00:50:49
    little bit about the competitive
  • 00:50:50
    landscape regarding letting book
  • 00:50:52
    acquisitions? Lond and LRG appear to be
  • 00:50:55
    very active. Is this impacting
  • 00:50:57
    multiples?
  • 00:51:00
    So, uh, uh, they've been about for the
  • 00:51:04
    last three years to be fair. So, does it
  • 00:51:05
    have they impacted multiples? Yeah. Um,
  • 00:51:08
    definitely. Um, do do they buy where we
  • 00:51:12
    buy and and they don't? You know, our
  • 00:51:14
    sweet spot is small letings books, local
  • 00:51:18
    letings operators with, you know, 50 to
  • 00:51:21
    200 properties to sell. Lemon are buying
  • 00:51:25
    and leaders to be fair. much bigger
  • 00:51:27
    businesses like KFH in in in town. Um
  • 00:51:31
    yeah, so much bigger businesses are
  • 00:51:33
    going to Leond and Leaders. Uh it's
  • 00:51:36
    affecting prices a little bit, but you
  • 00:51:39
    know, there's still more than enough
  • 00:51:41
    smaller opportunities for us to
  • 00:51:43
    consider. Uh I think we've done six or
  • 00:51:45
    seven acquisitions this year uh and and
  • 00:51:48
    ahead of last year. So um so yeah, it's
  • 00:51:52
    um yeah, it's it's not a space we play
  • 00:51:55
    in.
  • 00:51:57
    Thank you very much. Another question.
  • 00:51:59
    You mentioned the retention rate for the
  • 00:52:00
    one-year licensing deals. What's the
  • 00:52:03
    retention rate for the five-year
  • 00:52:04
    franchising
  • 00:52:06
    agreements? Uh like 100% because within
  • 00:52:10
    a franchise agreement, they they they
  • 00:52:12
    would give give their business back to
  • 00:52:14
    us. Um which no one's going to do. The
  • 00:52:17
    the the people leave by selling their
  • 00:52:20
    business, which is the resell part of
  • 00:52:22
    our business. Um, so they decide they
  • 00:52:24
    come, you know, they get they get to an
  • 00:52:26
    age where they don't want to do it
  • 00:52:27
    anymore. Um, and there's three scenarios
  • 00:52:30
    that happen. Um, they bring family into
  • 00:52:33
    the business, which we're not a big fan
  • 00:52:34
    of, doesn't normally work. Um, they
  • 00:52:37
    incentivize management, which works
  • 00:52:39
    quite well, um, through giving them some
  • 00:52:41
    equity. um or they look to sell their
  • 00:52:44
    business to a brand new franchisee,
  • 00:52:46
    which we prefer. Uh because studies show
  • 00:52:49
    us that a new franchisee grows that
  • 00:52:52
    business by about 30% in year one. Um
  • 00:52:56
    partly because they're motivated, partly
  • 00:52:58
    because they embrace all the new
  • 00:52:59
    initiatives and partly because they've
  • 00:53:01
    got debt to service because they've paid
  • 00:53:02
    money for the um assets.
  • 00:53:05
    Um, so no, they they they don't give it
  • 00:53:07
    up. They sell it and they they they go
  • 00:53:09
    into their happy retirement and we bring
  • 00:53:11
    a new franchisee
  • 00:53:14
    in. Thank you. From a risk perspective,
  • 00:53:17
    do all franchises and licenses carry
  • 00:53:20
    professional indemnity insurance and if
  • 00:53:22
    so is it by choice or are they compelled
  • 00:53:24
    to do so under the terms of the
  • 00:53:26
    agreements?
  • 00:53:27
    So all of them do have to carry
  • 00:53:29
    professional indemnity insurance. uh and
  • 00:53:31
    it is uh compelled under uh our
  • 00:53:34
    agreements. We obviously as much as we
  • 00:53:37
    possibly can actually look to see if we
  • 00:53:38
    can create groupwide deals which uh
  • 00:53:42
    support the the cost of that and make
  • 00:53:44
    sure it's as low as possible which
  • 00:53:46
    actually we've just recently completed
  • 00:53:48
    an exercise on. But yes, they they all
  • 00:53:50
    have professional indemnity insurance.
  • 00:53:54
    That's great. And potentially time just
  • 00:53:56
    for one more question. As you're
  • 00:53:58
    probably aware, there are ongoing issues
  • 00:53:59
    in respect of commissions related to car
  • 00:54:01
    loans. Is there any risk of similar
  • 00:54:03
    issues in the mortgage finance
  • 00:54:05
    initiatives?
  • 00:54:08
    I think this ultimately is perhaps what
  • 00:54:10
    they are reviewing as part of the uh
  • 00:54:12
    protection study. Um I think it's quite
  • 00:54:16
    different though. the um the uh car
  • 00:54:21
    loans issue was as a result of
  • 00:54:23
    commissions not being very clear in
  • 00:54:25
    terms of what commissions were being
  • 00:54:27
    paid out on that loan. Now it's
  • 00:54:29
    different in the respect of the the way
  • 00:54:31
    that uh mortgages and protection has to
  • 00:54:33
    be sold. There is very clear kind of
  • 00:54:35
    statements set out in terms of the
  • 00:54:37
    commissions and who those commissions
  • 00:54:39
    are being payable to what's available.
  • 00:54:42
    Um and so it's quite different because
  • 00:54:44
    actually there is full transparency
  • 00:54:46
    which there was not in the car finance
  • 00:54:49
    um
  • 00:54:51
    issue. Gareth Ben thank you very much
  • 00:54:53
    for answering those questions from
  • 00:54:54
    investors. Of course the company can
  • 00:54:56
    review all the questions submitted today
  • 00:54:57
    and we will publish responses on the
  • 00:54:59
    investor meet company platform just
  • 00:55:01
    before redirecting investors Friday
  • 00:55:02
    their feedback. Gareth could I just ask
  • 00:55:04
    you for a few closing comments? AB:
  • 00:55:06
    Absolutely. So 2024 has been a you know
  • 00:55:09
    unbelievable year for the group. Um, as
  • 00:55:11
    always, I'm really thankful for
  • 00:55:13
    everybody that's joined today, taking an
  • 00:55:15
    interest in the group. We're really
  • 00:55:17
    excited about what the future offers,
  • 00:55:18
    and we look forward to updating you in
  • 00:55:21
    September about how 2025's
  • 00:55:24
    um, uh, panning out. So, thank you very
  • 00:55:26
    much for your interest in your time
  • 00:55:28
    today.
  • 00:55:29
    That's great, Gareth. And thank you once
  • 00:55:31
    again for updating investors today.
  • 00:55:32
    Could I please ask investors not to
  • 00:55:34
    close this session as you now be
  • 00:55:35
    automatically redirected to provide your
  • 00:55:37
    feedback in order the management team
  • 00:55:38
    can better understand your views and
  • 00:55:40
    expectations. On behalf of the
  • 00:55:42
    management team of the property
  • 00:55:43
    franchise group PLC, we'd like to thank
  • 00:55:45
    you for attending today's presentation
  • 00:55:47
    and good afternoon to you all.
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