Track record
Consistent delivery over more than a decade.
The Group has delivered consistent growth in Adjusted PBT, EPS and dividends over the last 10+ years - supported by high recurring revenues and strong free cash flow.
Financial review
A decade of compounding growth
Dividend CAGR
2014–2025
Adj. EPS CAGR
2014–2025
Adj. PBT CAGR
2014–2025
3-yr cash generation
116% cash conversion
*£22m of net cash from operations assumed over a 3 year period
Adjusted PBT, Adjusted EPS & Dividend per share
Adjusted PBT in £m · Adjusted EPS & Dividend per share in pence
Source: TPFG Annual Reports. Figures reflect Adjusted PBT and Adjusted EPS.
How our business model delivers this
Our track record is a function of how the Group generates income and how it is set up, not of the housing market.
Our business model is capital-light. Our franchisees, licensees and members own and run their local businesses, carrying the costs of premises and people, while the Group earns fees from their activity.
The Group's income comes from three divisions earning in three different ways: a percentage of franchisee revenue, commission per mortgage and protection case, and fixed membership and licence fees. The platform extends this: every service we add and every customer we connect between our businesses adds income to a cost base that already exists.
More than half of Group revenue is recurring, led by lettings management service fees and licensing income. The remainder is spread across sales management service fees, mortgage and protection advice and value-add products and services. Sales management service fees, the most cyclical income in property, are a relatively small part of our total income.
That combination of a capital-light model, diversified income and high recurring revenue reduces our sensitivity to the property transaction cycle, and it is why profit, earnings and dividends have compounded through strong markets and weak ones.
Most businesses that investors compare us with are built differently
Corporate estate agencies own their branches and directly employ their agents, so a large fixed cost base sits against income that rises and falls with the sales cycle. Others earn much of their revenue from transaction-linked services such as surveying, which carries the same exposure to the sales market.
We are structurally less exposed, which lets us benefit from the UK property sector while staying resilient through its cycles.