The profit increase came from revenue of £5.5 million ($6.8 million U.S.) and pre-tax profits increased to £2 million from £1.9 million.
EweMove has 115 franchises trading, a similar amount to one year ago. Property listings increased from 3,062 to 3,173. Franchisees pay a monthly licence fee and a completion fee per transaction.
EweMove’s sales revenue increased to £1.06 million, up from £0.92 million in the first six months of 2018 and house sale completions increased by 16% in the first six months of 2019. Lettings completions increased by 12% on the same period last year.
The Property Franchise Group said EweMove is “on track to materially improve” on last year’s results helped by existing franchisees achieving higher sales conversion rates and tight cost control.
It also confirmed that it will resume hiring franchisees with little or no experience of the property market. It found that “experienced estate agents initially outperform inexperienced franchise recruits from other sectors, but only in the first two years trading as a EweMove franchisee.”
“Thanks to our franchise business model, diverse brand offering, lettings weighting and high levels of cash generation, resulting in a strong balance sheet, we are well-positioned to outperform our competitors, increase market share and deliver value for all our stakeholders in the immediate and longer term,” said CEO Ian Wilson.