TPFG says it is targeting the next phase of growth after posting strong financial results for 2025, with profitability expected to come in slightly ahead of market expectations.
The FY25 trading update revealed that group revenue for the year ended 31 December rose 25% to £84.3m, compared with £67.3m a year earlier, representing 9% growth on a pro-forma basis.
Recurring revenue sources accounted for 51% of total income, while net debt dropped to £2.3m from £9.1m in 2024, reflecting improved cash generation following the integration of Belvoir Group and GPEA, which were acquired in 2024.
Franchising revenue increased 16% to £47.5m, or 9% on a pro-forma basis, supported by growth in both lettings and sales management services fees.
The Franchising division operates across 15 brands, managing a combined 149,000 rental properties and achieving over 35,000 sales during FY25, making it the largest property franchise business in the UK.
Lettings MSF grew 14% to £21.6m (2024: £19.0m), 5% on a pro-forma basis. This underlying growth was achieved despite a challenging lettings market where the Renters Rights Act (“RRA”) led to a small change in the number of managed properties coupled with a lower level of rental inflation of 4%1 (2024: 9%). This was countered with the launch of the Group’s Privilege programme, which includes a Rent Guarantee product that provides a new revenue stream within a franchisee’s lettings income.
Sales MSF grew 13% to £10.5m (2024: £9.3m), 9% on a pro-forma basis, performing well over the full year supported by lower costs of borrowing, buyers who looked to avoid the change in stamp duty in March 2025, and a focus on driving sales penetration through the franchisee network.
Revenue attributed to the Group’s 11 owned offices increased by 11% to £7.8m (2024: £7.0m), of which 5% represents growth on a pro-forma basis.
Total revenue from the Privilege programme amounted to £1.5m, a new income stream for the Group in FY25.
Financial Services revenue in 2025 grew by 26% to £24.2m (2024: £19.2m), with pro-forma growth of 10%, as a result of improved volume from a lower cost of borrowing as well as improved adviser productivity.
Since the year end, the Group has acquired an 85% stake in Smart Advice Financial Solutions Ltd (“SAFS”), a leading financial services business with 35 advisors for a total consideration of £1.5m, of which 20% has been deferred to July 2027. The acquisition is expected to be immediately earnings enhancing.
Licensing
The Licensing division includes Fine and Country, an upper quartile estate agency brand operating in the UK and internationally, and the Guild of Property Professionals, a membership organisation that provides services to independent agents.
Licensing revenue grew by 75% to £12.6m (2024: £7.2m), with pro-forma growth of 3%.
The Fine and Country business has continued to expand, with the addition of 13 new licensees in the year, including eight new international offices across Uruguay, South Africa, Italy, Spain and the Isle of Man.
Current trading and outlook
Looking ahead to 2026, the Group is focusing on continuing to capitalise and expand on the additional income opportunities presented by its large scale, driving further rollout of the Privilege programme, advancing the Group’s AI initiatives, and progressing acquisition opportunities that develop the Group’s platform and support the Financial Services division’s buy and build strategy.
Despite rental inflation forecast to remain at c.2%, lettings MSF within franchising is anticipated to continue to grow in 2026, driven by Privilege, a renewed franchisee acquisition program and the opportunity to use the increased compliance requirements of the RRA to convert more self-managed landlords to the managed property model.
TPFG has started 2026 with a strong sales pipeline within the franchising business of £33.0m (2024: £33.4m), significant given the 2024 comparative included the impending stamp duty change effect. This strong pipeline, combined with the expectation of additional Bank of England base rate cuts during 2026 reducing the cost of lending further, gives us confidence in a stable market from which to continue to grow this income stream, and the Financial Services division.
The strength of the group’s franchise model and diversified revenue streams puts TPFG in a strong position and continues to moderate any impact from market cyclicality. As such, the Group expects further growth across all divisions in 2026 and looks to the future with confidence.
Chief executive officer, Gareth Samples, commented: “FY25 was a strong year of execution, with successful business integration and solid growth in revenue, profitability and cash. Our significantly increased scale is enabling us to deliver greater value to our network and enables us to capitalise on additional revenue opportunities, as demonstrated by the launch of our Privilege programme.
“I’m excited about what lies ahead for the Group, as we build on our consolidated platform to unlock additional growth opportunities which are underpinned by a resilient business model and a high proportion of recurring revenues.”
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