Investor Relations

The Group is the leading integrated, full service residential estate agency and property services provider in the UK measured by both revenue and transaction volumes in 2012. It offers estate agency and lettings services, together with a range of complementary services that position it to capture revenue streams across the various stages of a typical residential property sale or rental.

The Group’s Estate Agency Division is the largest residential estate agency in the UK, measured by both revenue and transaction volumes in 2012 and has a key position in the London market and the Prestige Markets. Based on transaction volume statistics published by the Land Registry for England and Wales and the Registers of Scotland, the Group sold approximately 1 in 11 of all homes sold in the UK during the period from 1 January 2009 to 30 September 2012. As at December 2012, the Group operated 931 estate agency branches, which is approximately 66% more than the number of its nearest competitor, through a variety of established brands, including Hamptons International, John D Wood & Co., Mann Countrywide, Gascoigne-Pees, Bairstow Eves, Dixons, Bridgfords, Taylors, and Slater Hogg & Howison. Following a sustained period of investment, the Directors believe (based on a review of the available public resources), that the Group’s Lettings Division is now the largest lettings agency in the UK by revenue and dedicated branches. Through its Propertywide website, the Group has online distribution capability for its estate agency and other property services.

The Group’s Estate Agency Division is also used as a distribution channel to introduce complementary services (provided by the Group’s other divisions) to buyers, sellers, landlords, mortgage lenders and other third parties. These services include arranging the sale of mortgages, insurance and other financial products; surveying; and conveyancing. In 2012, each £1 of income earned by the Estate Agency Division was matched by a further 50 pence of income earned by other divisions from the introductions generated from the Estate Agency Division. The Group is one of the UK’s leading suppliers of mortgage broking, surveying and conveyancing services.

Over the past five years, the Group has sought to make sustainable investment in future growth, focus on higher quality revenue streams and implement cost reductions across the Group’s platform. The Directors believe that these measures, which were implemented during a housing market downturn, will substantially enhance its ability to benefit from a market upturn. In addition, the Directors believe that its cost structure provides the financial flexibility that the cyclical housing market demands.

Prospectus 2013

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