10 September 2024

 

THE PROPERTY FRANCHISE GROUP PLC

 

("TPFG", the "Company" or the "Group")

 

Interim Results for the six months ended 30 June 2024

 

Transformational period for the Company, doubling the size of the business and increasing interim dividend by 30%

 

The Property Franchise Group PLC, the UK's largest multi-brand property franchisor, is pleased to announce its interim results for the period ended 30 June 2024.

 

The last six months has seen the commencement of another transformational period for the Group following the merger with the Belvoir Group PLC ("Belvoir") and the acquisition of GPEA Limited ("GPEA"), owner of The Guild of Property Professionals and Fine & Country. Group revenue more than doubled compared to the prior period with significant increases in franchising and financial services, along with the addition of a new licensing revenue stream.

 

Financial Highlights:

 

·	Group revenue increased 104% to £26.9m (H1 2023: £13.2m)
	o	3% like for like increase to £13.6m1
·	Management Service Fees ("MSF") increased 60% to £12.3m (H1 2023: £7.7m)
	o	8% like for like increase to £8.3m1
·	Adjusted EDITDA2 increased 65% to £9.6m (H1 2023: £5.8m)
·	Adjusted Profit before tax2 increased by 71% to £9.1m (H1 2023: £5.3m) Profit before tax increased by 15% to £4.8m (H1 2023: £4.2m)
·	Adjusted basic earnings per share2 increased 12% to 15.5p (H1 2023: 13.9p)
·	Net debt of £14.3m after borrowing £20m to fund the acquisition of GPEA (H1 2023: net cash of £0.7m)
·	Cash generated from operations increased to £3.7m (H1 2023: £3.6m) after the payment of the majority of the acquisition costs in H1 2024
·	Increased interim dividend by 30% to 6.0p (H1 2023: 4.6p)

¹Like for like comparison excluding the impact of the acquisition of Belvoir Group on 7 March 2024, and GPEA on 31 May 2024

²Before share-based payments charge, exceptional items and amortisation arising on consolidation.

 

Operational Highlights:

 

·	Merger with Belvoir in March 2024 and acquisition of GPEA in May 2024
·	Sales agreed pipeline increased 67% to £47.5m (H1 2023: £28.4m)
	o	16% like for like increase to £32.8m1
·	Managing 152,500 rental properties (H1 2023: 77,000)
	o	2% like for like increase to 78,0001
·	EweMove sold 22 new territories (H1 2023: 17)
·	Financial services commissions increased 756% to £7.7m (H1 2023: £0.9m), with all of the increase being driven by contribution from Belvoir
·	Senior leadership team restructured and objectives agreed as part of the integration process

 

Chief Executive Officer, Gareth Samples, commented: "I am delighted to be reporting record results following an exciting and transformational period where revenue doubled through the merger with Belvoir. We have continued to benefit from the strong demand in the lettings market and to achieve growth in sales and financial services despite sales completions being slower than anticipated at a national level which is testament to the excellence across the Group. Furthermore, the acquisition of GPEA at the period end adds significant further scale and opportunities to grow shareholder value.

 

With activity levels increasing and revenue generation typically higher in the second half of the financial year, combined with our confidence in delivering further profitability in 2024, I am pleased to announce a 30% increase in the interim dividend to 6p (H1 2023: 4.6p).

 

With our highest ever sales agreed pipeline of £47.5m and at least one interest rate reduction behind us, the Board is confident that trading remains at least in line with market expectations for the full year."

 

 

For further information, please contact:

 

The Property Franchise Group PLC   Gareth Samples, Chief Executive Officer David Raggett, Chief Financial Officer	01202 405 549
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Max Hartley Harry Rees	020 7523 8000
Singer Capital Markets (Joint Broker) Rick Thompson James Fischer	020 7496 3000
Alma Strategic Communications  Justine James Joe Pederzolli Kinvara Verdon	020 3405 0209 propertyfranchise@almastrategic.com

 

About The Property Franchise Group PLC:

 

The Property Franchise Group PLC (AIM: TPFG) is the UK's largest multi-brand property franchisor, with a network of over 1,946 outlets delivering high quality services to residential clients, combined with an established Financial Services business.

 

The Company was founded in 1986 and has since strategically grown to a diverse portfolio of 18 brands operating throughout the UK, comprising longstanding high-street focused brands and two hybrid brands. The Property Franchise Group is also a member of two leading mortgage networks through its mortgage brokers, Brook Financial (MAB) and The Mortgage Genie (Primis).

 

TPFG's brands are: Belvoir, CJ Hole, Country Properties, Ellis & Co, EweMove, Fine & Country, Hunters, Lovelle, Martin & Co, Mr and Mrs Clarke, Mullucks, Newton Fallowell, Nicholas Humphreys, Northwood, Parkers, The Guild of Property Professionals and Whitegates.

 

Headquartered in Bournemouth, the Company was listed on AIM on the London Stock Exchange in 2013 and entered the AIM 100 in July 2024.

 

More information is available at www.propertyfranchise.co.uk

 

 

Chief Executive Officer's Statement

 

Introduction

 

We have doubled our revenue in the period through the merger with Belvoir in March 2024 and we will grow revenue further through the additional contribution of GPEA in the second half of the year. I am more enthused than ever about the significant opportunities that our Group has ahead of it.

 

This is the second transformational period I have overseen since joining the Group in 2020. What differentiates this period from the last, is the significantly increased scale we now have, with 1,900 franchisees/licensees in the UK together with 300 mortgage advisors.

 

Scale affords us the opportunity to develop a fuller service offering to our franchisees/licensees and their customers. We are investing in technology that we believe will enhance the customer experience, deliver more leads and enhance our UK footprint.

 

As part of the integration process, we have recently restructured our senior leadership team into a single team, leveraging our expanded internal talent. This is a key step in our journey and will support our primary focus of supporting our network to achieve further growth.

 

I am incredibly excited and energised by the potential we have created. Working alongside our talented franchisees/licensees, driven by the commitment of our newly appointed senior leadership team, supported by our key supply partners, my aim is for the Group to become the UK market leader in our core services.

 

Results

 

I am delighted to be reporting record results following an exciting and transformational period where revenue doubled through the merger with Belvoir. We have continued to benefit from the strong demand in the lettings market and to achieve growth in sales and financial services despite sales completions being slower than anticipated at a national level which is testament to the excellence across the Group. Furthermore, the acquisition of GPEA at the period end adds significant further scale and opportunities to grow shareholder value.

 

The ability with which we are able to take advantage of the market conditions whether favourable or less so is testament to our strategy, the strength of our network, our business owners' determination, the models they operate within and the investment we have committed to our management team. Our mission remains the same, to support our network business owners in building bigger and more profitable businesses. It's the combination of these factors which has meant we have been able to report ever increasing organic revenues and profitability.

 

We delivered Group revenue of £26.9m in the period, representing a 104% increase on the same period last year. Furthermore, we increased profit before tax by 15% in the period to £4.8m and the underlying profits, as represented by adjusted profit before tax, by 71% to £9.1m.

 

I am pleased to confirm that the Group has never been in a stronger position having completed two earnings accretive acquisitions in the period. Whilst some uncertainty still surrounds the broader market, there are clear indications that demand is set to increase for two of our main revenue streams and remain at current levels for lettings. Moreover, we remain as ambitious as ever to execute on our strategic growth plans.

 

Operational review

 

We have split the Group into three distinct business segments, Property Franchising, Financial Services and Licensing to ensure clarity and focus. The first two existed before the merger with Belvoir although the scale of our financial services division has increased very significantly since the merger. Licensing is new following the acquisition of GPEA. All segments have increased significantly due to the merger with Belvoir and acquisition of GPEA. Our growth rates will become more meaningful as we settle into this structure and realise the synergies.

Out of total revenues of £26.9m in the period, Property Franchising accounted for 67%, Financial Services for 29% and Licensing for 4%, reflecting the relative contributions in the period.

Management Service Fees ("MSF"), the royalties earned from our brands and the activities of our franchisees, were the major source of revenue during the first half in Property Franchising.  Lettings activities generated 68% of MSF and sales activities generated 32% of MSF. MSF from the franchised network increased by 60% to £12.3m.   

Removing the impact of the merger with Belvoir, Lettings MSF grew by 8%, in line with the ONS Private Sector Index which showed a similar annual rental inflation to June 2024. With continued strong demand, Lettings continues to be an important driver of the Group's revenue growth.

 

Similarly, Sales MSF increased by 7%, against a market where adjusted UK property transactions for January to June were flat on the same period in the prior year. The Group's sales agreed pipeline at 30 June 2024 was 16% higher on a like for like basis than 30 June 2023 which bodes well for H2 trading despite completion times remaining high.

 

Revenues from financial services are now dominated by the contribution from Belvoir and its network of 300 advisors. Total financial services revenues increased by 18%, with the acquisitions made by Belvoir in 2023 contributing approximately half of this increase.

 

Board Changes

Further to the separate announcement released today, the Board is pleased to confirm that following a thorough process, it is delighted to announce the appointment of Ben Dodds to succeed David Raggett as Chief Financial Officer on 1 January 2025. Ben will join the Company in October 2024 as CFO designate which will allow time for an orderly handover process.

 

Current Trading and Outlook

We expect the strong demand in the lettings market to continue at similar levels to the first half for the remainder of this year and probably into 2025 with the rate of rental inflation then beginning to trend towards wage inflation.

 

Our growth in sales revenues is anticipated to improve further in H2 given the increasing level of activity with Zoopla reporting growth in listings of 15% over the prior year and Rightmove reporting growth in sales agreed of 16% over the prior year, as the period ended. Both measures encouraging us to believe that 2025 could see an increase on the 1.1m sales completions we forecast for the market this year. Our network also has its highest ever sales-agreed pipeline going into H2 of £47.5m, the vast majority of which should be realised as fees by our network in H2.

 

Similarly, our financial services revenues are growing as the sales market improves and, with the Bank of England reporting the highest number of mortgage applications in July 2024 since September 2022 together with the first interest rate cut, we expect more growth in H2 and this to continue into 2025 as remortgage activity improves. 

 

Our focus for the remainder of the year will be pushing ahead with the integration of our new businesses, continuing to move ahead with realising the synergies and progressing our strategic priorities.

 

With a record pipeline and at least one interest rate reduction behind us, the Board is confident that trading remains at least in line with market expectations for the full year.

 

 

Financial Review for FY24 Interim Results

 

Revenue

 

Revenue for the six months ended 30 June 2024 increased 104% to £26.9m (H1 2023: £13.2m). The revenue contribution from Belvoir was £12.3 million and GPEA £1.0m with the remaining £13.6m derived from underlying TPFG. Like for like growth of the underlying TPFG business over the period was 3%.

 

In the CEO's report, Gareth has highlighted that we have split the Group into three distinct business segments, Property Franchising, Financial Services and Licensing. Out of total revenues of £26.9m in the period, Property Franchising accounted for £18.2m (67%), Financial Services for £7.7m (29%) and Licensing for £1.0m (4%). In June 2024, the first full month of trading in every business segment, the mix of revenue was: Property Franchising 53%, Financial Service 29% and Licensing 18%.

	Unaudited			Unaudited		Audited
		6 Months Ended		6 Months Ended		12 Months Ended
		30.06.24		30.06.23		31.12.23
		£		£		£
Property Franchising
Management Service Fees		12,276		7,696		16,099
Owned offices' revenue		3,172		2,239		4,902
Franchise sales		352		232		458
Franchisee support and similar services		2,352		2,119		4,317
		18,152		12,286		25,776
Financial Services Financial services commissions		7,672		896		1,502
Licensing
Income from licensees		1,029		-		-
		26,853		13,182		27,278

 

The recurring revenue as a percentage of total revenue in June 2024 was 55%. In H1 FY23, our recurring revenue as a percentage of total revenue was 65%. The expected reduction in the percentage of recurring revenue arises from the merger with Belvoir and its significant financial services division.  However, this will be countered by the acquisition of GPEA with its licensing revenues.

Property Franchising Segment

Management Service Fees ("MSF")

MSF from our franchised network increased by 60% to £12.3m (H1 2023: £7.7m). The increase of £4.6m resulted from a like for like increase of £0.6m (8%) over H1 FY23 and a contribution from Belvoir of £4.0m.

H1 FY24	Total Growth	Like for Like Growth	Total Result	Like for Like Result	Total Mix	Like for like Mix
Lettings MSF	78%	8%	£8.4m	£5.2m	68%	63%
Sales MSF	31%	7%	£3.9m	£3.1m	32%	37%

 

Lettings MSF continued to perform strongly with overall growth in H1 of 78% and like for like growth of 8%, in line with reported annual rental inflation. The mix of lettings in like for like MSF was 63% (H1 2023: 61%).

Sales MSF increased overall by 31%. Like for like sales MSF increased by 7%, slightly lower than our own expectations for H1 but much higher than seasonally adjusted UK property transactions for January 24 to June 24 which were flat on the same period in the prior year. The mix of sales in like for like MSF was 37% (H1 2023: 38%).

Owned Offices

We operated nine branches under our Hunters brand prior to the merger with Belvoir. The merger has resulted in three further branches being operated in the Group as at 30 June 2024, one for each of the following brands; Belvoir, Newton Fallowell and Nicholas Humphries. A fourth branch, Belvoir Grantham, was franchised out shortly after the merger.

The revenue from owned offices increased by 42% to £3.2m (H1 2023: £2.2m) with the mix being; Lettings 67%, Sales 32%, Other 1%. Like for like revenue increased by 6% to £2.3m (H1 FY23 £2.2m) with the mix being; Lettings 65%, Sales 34%, Other 1%.

Franchise Sales

Franchise sales revenue increased by 52% to £0.4m (H1 2023: £0.2m) and like for like revenue increased by 26% to £0.3m (H1 2023: £0.2m). The latter was generated almost equally from resales of high-street led franchises and new territory sales by EweMove. There has been an increase in applicants in EweMove and this was reflected in an increase of 29% in H1 sales to 22 (H1 2023: 17).

Franchisee Support and Similar Services

The revenue from franchisee support and similar services consists of two main elements; support with the management of landlord's properties and the provision of operating software together with front line support to our franchisees.

Franchisee support and similar services revenue increased by 11% to £2.3m (H1 2023: £2.1m) and like for like revenue was £2.1m (H1 2023: £2.1m).

Financial Services Segment

This segment generates its revenue from the broking of mortgages and the sale of life assurance policies to retail customers through its network of advisors which totalled 300 at the end of the period.

The revenue from the financial services segment increased by 756% to £7.7m (H1 2023: £0.9m) with a like for like reduction of £0.4m and a contribution from Belvoir of £7.2m.

Belvoir's financial services for the first 6 months of FY24 generated revenue of £9.9m, an increase of 18% over the prior period with approximately half of that increase being generated by the business acquired in FY23.

Licensing Segment

This segment generates its income from the licence fees and subscriptions paid by its members together with property related services that it sells to its members such as marketing in both print and digital format.

The revenue generated in its first month of trading was £1.0m of which licence fees contributed £0.8m. GPEAs revenue for the first 6 months of FY24 was 2% lower than the prior period at £6.6m.

Cost of Sales

Cost of sales increased by 226% to £8.9m (H1 2023: £2.7m). The increase of £6.2m resulted from a contribution from Belvoir of £5.9m and a contribution from GPEA of £0.4m. Like for like cost of sales decreased slightly by £0.1m.

Administrative expenses

Administrative expenses before exceptional items increased by 87% to £10.5m (H1 2023: £5.6m). The increase of £4.9m resulted from an increase in amortisation arising on consolidation of £1.1m, a contribution from Belvoir of £2.8m (owned offices costs being moved to cost of sales) and a contribution from GPEA of £0.5m. Like for like administrative expenses increased by 9% to £6.1m with the additional Board member costs of £0.2m and an increase in the bad debt provision of £0.2m being the main reasons.

EBITDA

The Group's EBITDA increased 34% to £7.1m (H1 2023: £5.3m). The increase resulted from a contribution from Belvoir of £3.7m, a contribution from GPEA of £0.2m, exceptional costs of £2.2m and a reduction in the share-based payment charge of £0.1m.

There were exceptional costs of £2.2m in the period relating to the acquisition of Belvoir and GPEA. Adding back these exceptional costs to EBITDA along with the share-based payments charge of £0.3m results in an adjusted EBITDA which increased 65% to £9.6m (H1 2023: £5.8m).

Operating profit

Operating profit increased by 12% to £4.9m (H1 2023: £4.4m) and operating margin was 18% (H1 2023: 33%). The reduction in operating margin was caused by additional amortisation arising on consolidation of £1.1m, and the exceptional costs of £2.2mand a like for like reduction in the underlying TPFG of £0.1m. Offsetting this reduction was a fall in the share-based payment charge of £0.1m, a contribution from Belvoir of £3.6m, a contribution from GPEA of £0.2m

Adding back the share-based payment charge, exceptional costs and the amortisation arising on consolidation, the adjusted operating margin was 34% (H1 2023: 42%).

Profit before tax

Profit before tax increased 15% to £4.8m (H1 2023: £4.2m). The increase of £0.6m resulted from exceptional costs of £2.2m, additional amortisation on consolidation of £1.1m, a contribution by Belvoir of £3.7m and a contribution by GPEA of £0.2m.

Adding back amortisation arising on consolidation of £1.8m, exceptional costs of £2.2m, and a share-based payment charge of £0.3m derives adjusted profit before tax which increased 71% to £9.1m (H1 2023: £5.3m).

At a segmental level, total profit before tax increased by 52% to £8.7m. Property Franchising increased its profit before tax by 38% to £7.4m (H1 2023 £5.3m) and Financial Services increased its profit before tax by 184% to £1.1m (H1 2023: £0.4m). In its first month of trading, Licensing generated a profit before tax of £0.2m.

Taxation

The income tax expense increased by 32% to £1.2m (H1 2023: £0.9m) with £0.1m arising from the increase in the corporation tax rate in April 23 to 25%. The remainder arises from the increase in taxable profits and the release from deferred tax.

Profit and Total Comprehensive Income

Statutory profit after income tax expenses attributable to the owners of the parent increased by 11% to £3.7m (H1 2023: £3.3m).

Earnings per share

Basic earnings per share decreased by 30% to 7.2p (H1 2023: 10.3p) based on a weighted average number of shares in issue in the period of 51,422,733 (H1 2023: 32,041,966). Similarly, diluted earnings per share decreased by 32% to 7.0p (H1 2023: 10.3p) based on an estimate of diluted shares in issue of 52,842,604 (H1 2023: 32,141,574). Both measures are impacted by the shares issued in March 2024 in connection with the merger with Belvoir, the costs of the acquisitions of Belvoir and GPEA of £2.2m (shown as exceptional administrative expenses on the face of the consolidated statement of comprehensive income) and the increase in the amortisation arising on consolidation in the period following these transactions of £1.1m (costs which are included within administrative expenses before exceptional items).

Adjusted basic earnings per share, the result of dividing adjusted earnings by the weighted average number of shares in issue in the period of 51,422,733 (H1 2023: 32,041,966), increased by 12% to 15.5p (H1 2023: 13.9p). Similarly, adjusted diluted earnings per share, the result of dividing adjusted earnings by the weighted average number of shares in issue in the period of 52,842,604 (H1 2023: 32,141,574), increased by 9% to 15.1p (H1 2023: 13.9p).

Dividends

The Board has pursued a progressive dividend policy to generate an attractive return for shareholders and, given the Group's strong financial standing, it will continue to do so. At the same time, the Board will continue to pursue corporate acquisitions as and when they arise and to fulfil the other elements of its strategic plan.

The Group has made significant progress with its strategic objectives and continues to deliver strong cash generation from its significantly enlarged operations. As a result, the Board is pleased to announce an increased interim dividend of 6.0p (H1 2023: 4.6p). It will be paid on 4 October 2024 to all shareholders on the register on 20 September 2024. Our shares will be marked ex-dividend on 19 September 2024.

Balance Sheet

Due to the acquisitions this year, there have been significant changes to three lines in the balance sheet over year-end and H1 FY23. The process of determining the final acquisition values is ongoing and so what follows is based on the Board's best estimates available at this time.

Intangible assets increased by £138.9m to £183.4m (H1 2023: £44.5m) with the acquisitions contributing £141m: Belvoir £117.0m and GPEA £24.0m. The difference being the amortisation charged in the consolidated statement of comprehensive income since 30 June 2023.

The consideration for Belvoir involved a share for share exchange of £103.5m which increased the merger reserve to £117m.

Deferred tax increased by £18.0m to £22.7m (H1 2023: £4.7m) due to the intangible assets acquired with Belvoir contributing £15.0m and GPEA contributing £4.0m. The difference being the release to the consolidated statement of comprehensive income since 30 June 2023. 

The Group has improved its balance sheet strength since 30 June 2023 with equity attributable to the owners increasing 276% to £144.0m (H1 2023: £38.2m).

Cashflow

At an operational level, the Group remains highly cash generative. Cash generated from operations increased to £3.7m (H1 2023: £3.6m). That represented a 52% (H1 2023: 68%) conversion of EBITDA into cash generated from operations. We expect the full year conversion rate to improve as the sums due from partners are paid and working capital normalises. The Group generated £11.3m of cash from operations in FY23, 100% conversion of EBITDA, of which £3.6m was generated in H1 2023.

After the payment of bank interest and corporation tax, net cash generated from operations reduced by £0.5m to £1.9m (H1 2023: £2.4m).

On 7 March 2024 the Group acquired the entire issued and to be issued share capital of Belvoir for a net cash consideration of £1.7m. The outflow being the net of the cash held by Belvoir on completion less the settlement of Belvoir's outstanding options.

On 31 May 2024 the Group acquired GPEA Limited for £20.0m subject to any revisions resulting from the completion accounts process. Cash of £15.0m was paid on completion which after cash acquired netted to £14.3m, as shown in the consolidated statement of cash flows.

To fund the acquisition of GPEA Ltd and support future growth, the Group entered into a new debt facility with Barclays Bank Plc for up to £27.0m (term loan £14.0m; revolving credit facility £8.0m, accordion £5.0m) of which £15m (term loan of £14.0m repayable over 3 years with extension options to 5 years plus RCF of £1.0m) was drawn to fund the initial consideration and £5.0m as short-term support for the integration. At the period end £20.0m remained drawn.

As a result of agreeing new bank facilities, the remaining £2.5m (H1 2023: £2.5m) due under the expiring facility was repaid to Barclays.  

A special dividend of 2.0pfor FY23 and a final dividend for FY23 of 7.4p were paid in the period amounting to £5.3m (H1 2023: £4.3m).

Overall, the cash balances of the Group increased by £2.5m to £5.7m (H1 2022: £3.2m).

Liquidity

The Group had a net debt balance of £14.3m at the end of the period (H1 2023: net cash £0.7m) which would equate to a multiple of 1.0 times annualised H1 2024 adjusted EBITDA.

 

 

 

THE PROPERTY FRANCHISE GROUP PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2024

 

									Unaudited				Unaudited								Audited
									6 Months Ended				6 Months Ended								12 Months Ended
									30.06.24				30.06.23						31.12.23
									£'000				£'000						£'000
Revenue									26,853				13,182						27,278
Cost of sales									(8,880)				(2,726)						(5,400)
GROSS PROFIT									17,973				10,456						21,878
Administrative expenses before exceptional items									(10,540)				(5,646)						(11,831)
Exceptional administrative expenses		4							(2,245)				-						-
Share-based payments charge									(284)				(416)						(783)
OPERATING PROFIT									4,904				4,394						9,264
Finance income									126				3						20
Finance costs									(195)				(200)						(357)
Other gains and losses									-				-						87
PROFIT BEFORE INCOME TAX EXPENSE									4,835				4,197						9,014
Income tax expense		5							(1,167)				(886)						(1,644)
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD									3,668				3,311						7,370
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent									3,681				3,314							7,395
Non-controlling minority interest									(13)				(3)							(25)
									3,668				3,311							7,370
Earnings per share attributable to owners of the parent		6							7.2p				10.3p							23.0p
Diluted earnings per share attributable to owners of the parent		6							7.0p				10.3p								22.0p
Adjusted:
Earnings per share attributable to owners of the parent					6			15.5p					13.9p								29.7p
Diluted earnings per share attributable to owners of the parent					6			15.1p					13.9p								28.4p

 

THE PROPERTY FRANCHISE GROUP PLC

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 30 JUNE 2024

					Unaudited				Unaudited					Audited
					As at 30.06.24				As at 30.06.23					As at 31.12.23
					£'000				£'000					£'000
ASSETS
NON-CURRENT ASSETS
Intangible assets			10				183,407			44,462					43,757
Property, plant and equipment							802			229					181
Investments							-			137					-
Right of use assets							2,278			1,456					1,525
Prepaid assisted acquisitions support							238			266					230
Other Receivables			11				3,135			220					210
							189,860			46,770					45,903
CURRENT ASSETS
Trade and other receivables							12,682			4,521					4,134
Cash and cash equivalents							5,698			3,224					7,642
							18,380			7,745					11,776
TOTAL ASSETS							208,240			54,515					57,679
ISSUED CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF PARENT
Share capital							623			320					323
Share premium							4,129			4,129					4,129
Merger reserve							117,497			14,345					14,345
Own share reserve							(420)			(348)					(420)
Retained earnings							19,194			17,906					20,765
Other reserves							2,965			1,851					1,673
							143,988			38,203					40,815
NON-CONTROLLING INTEREST							(16)			19					(3)
TOTAL EQUITY							143,972			38,222					40,812
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings			8				17,667			-					-
Lease liabilities							2,167			1,626					1,647
Provisions							154			181					181
Deferred tax			9				22,689			4,744					4,394
							42,677			6,551					6,222
CURRENT LIABILITIES
Borrowings			8				2,333			2,500					2,500
Trade and other payables							16,878			5,432					6,319
Lease liabilities							639			495					395
Tax payable							1,741			1,315					1,431
							21,591			9,742					10,645
TOTAL LIABILITIES							64,268			16,293					16,867
TOTAL EQUITY AND LIABILITIES							208,240			54,515					57,679