17:00 Tue 29 May 2018
Belvoir Lettings PLC - AGM Trading Update
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(the "Group" or "Belvoir")
AGM Trading Update
Trading during the first four months of the current financial year has continued well and is in line with the Board's expectations with increased revenue from the three key income streams of residential lettings, property sales and financial services. The Group continues to follow its successful growth strategy of acquisition and diversification at both the corporate and the franchisee level.
Our franchisees, across all three brands, have completed on ten portfolio transactions under our Assisted Acquisitions programme adding
Our 2017 corporate acquisition of
We continue to bring fresh impetus to the Group with four new franchise owners having been recruited in the year to date; one has taken on the previously corporate-owned Belvoir Spalding, another is acquiring an existing Belvoir office and two (one Belvoir and one Newton Fallowell) are opening in a new territory. The three new Belvoir franchise owners are each in the process of acquiring a local lettings portfolio to give them an enhanced start.
Dorian Gonsalves, CEO, commented:
"The Group has seen a healthy start to 2018 including increased MSF from property sales despite a widely reported background of softening house transactions. A further ten of our franchise owners have substantially grown their businesses by acquiring a local competitor and we are seeing our lettings-biased Belvoir and Northwood franchisees extending their services to encompass property sales and related financial services. We continue to work closely with our franchisees, providing the support they need to strengthen their businesses, ensuring they are in the best position to take advantage of the opportunities arising from changes in the sector."
For further details:
Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer |
01476 584900 |
Cantor Fitzgerald Europe Rick Thompson, Philip Davies, Will Goode Corporate Finance |
0207 894 7000 |
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Buchanan Charles Ryland, Madeleine Seacombe, Tilly Abraham
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0207 466 5000 |
Note to Editors:
About
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 300 offices across three brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages over 58,000 properties and reported revenue of
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