Belvoir Group PLC (AIM:BLV), the UK's largest property franchise, is pleased to provide the following update ahead of publishing its interim results on 3 September 2019.
The Board is delighted to report that trading during the first half of 2019 was strong with revenue and operating profit both comfortably ahead of the same period last year, both on an underlying basis and including the beneficial impact of the November 2018 acquisition of financial services network, MAB (Gloucester).
Our 300 (2018: 300) high street lettings and estate agency offices achieved a 5% increase in Management Service Fees, our key recurring revenue stream, with growth across both sales and lettings against a sector backdrop of falling sales activity and the introduction of a ban on tenant fees in June 2019.
Net banked commission in H1 by Brook Financial Services Limited was up strongly by 23%; this being a like-for-like comparison with 2018.
Consequently, the Board is confident of meeting market expectations for the year ending December 2019.
Dorian Gonsalves, CEO, commented:
"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."
Charles Ryland, Victoria Hayns, Maddie Seacombe & Tilly Abraham
+44 (0) 20 7466 5000
Notes for editors:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 372 offices across four 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 64,000 properties and reported record revenues of £13.7m in 2018 making Belvoir the largest property franchise group in the UK.
For further information, please visit: www.belvoirgroup.com
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