Source - SMW
Property franchise The Property Franchise Group booked a fall in annual profit and suspended its final dividend as the Covid-19 crisis intensifies.

Pre-tax profit for the year through December fell to £4.0m, down from £4.3m, even as revenue edged up to £11.4m from £11.2m.

All franchisees' high street premises had recently closed, with property management and client accounting activities being carried out by home-based staff using cloud-based software.

The company said it would keep its dividend decision under review.

'Whilst the board is committed to the payment of dividends, it recognises that at this time maintaining a strong balance sheet is critical, and there may be acquisition opportunities ahead,' it added.

'The board is confident that the company is well positioned to weather the wider economic damage caused by Covid-19 because of our nil debt, strong balance sheet, and sufficient cash headroom, as well as the fact we are a business heavily weighted towards lettings, with its recurring income streams.'

At 9:53am: (LON:TPFG) Property Franchise Group Plc The share price was -7.5p at 140p

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