Belvoir H1 sales and profit 'comfortably ahead' of last year
AIM-listed property franchise Belvoir said on Monday that operating profit and revenue in the first half of 2019 were "comfortably ahead" of this time last year.
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In an update ahead of its interim results in September, the company said first-half trading was "strong", with an improvement on both an underlying basis and including the benefit of its acquisition in November last year of financial services network MAB.
The group's 300 high street lettings and estate agency offices saw a 5% rise in management service fees - its key recurring revenue stream - with growth across sales and lettings against a broader backdrop of falling sales activity and the introduction of a ban on tenant fees in June.
Belvoir's Brook Financial Services business saw net banked commission grow 23% during the half on a like-for-like basis.
Chief executive Dorian Gonsalves said: "The board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our franchisees and the group.
"We have seen positive results both from our property franchise and our financial services networks, and are confident that the group is well positioned to take advantage of the opportunities arising from a more challenging market."
At 1515 BST, the shares were down 2.2% at 111p.