Property Franchise Group PLC on Tuesday posted a slightly higher annual profit as costs fell.

The Grantham, England-based property franchise and financial services company said pretax profit was £9.0 million in 2023, up 2.3% from £8.8 million the year before.

This was because administrative expenses fell slightly to £11.8 million from £11.9 million a year ago.

Revenue was £27.3 million, slightly up by 0.4% from £27.2 million a year ago.

Property Franchise declared a total dividend of 14.0 pence per share, up 7.7% from 13.0p in 2022.

Looking ahead, the company said it remains focused on delivering further value to shareholders and driving profitable growth.

Property Franchise added that trading in first three months of 2024 has been ahead of expectations in terms of both revenue and profitability.

Chief Executive Officer Gareth Samples said: ‘[2023] represents yet another year of record performance in which we have improved the quality of our revenue and adeptly executed our strategic roadmap, whilst continuing to navigate a challenging macroeconomic backdrop. This is testament to the quality and hard work of our team, with the progress made in the year leaving us with a solid foundation on which to grow further, bolstered by increasing revenue visibility for 2024 across a broader base.’

Shares in Property Franchise were up 4.1% at 359.01 pence each in London on Tuesday afternoon.

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