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Belvoir Lettings shrugs off property market wobbles

Management services fees (MSF), the bulk of revenue, rose 47% to £3.8mln

picture of let boards
Buy-to-let has been under pressure but not at Belvoir

Belvoir Lettings PLC’s (LON:BLV) interim profits surged as it shrugged off the impact of changes to the buy-to-let tax regime and sticky housing market.

A restructuring, focus on franchising and full six months from Northwood (acquired just over a year ago) helped profits jump to £1.73mln (£1.07mln) on revenues of £4.92mln (£4.29mln) in the half year to June.

Management services fees (MSF), the bulk of revenue, rose 47% to £3.8mln, with 57,000 properties now on the books.

READ: Belvoir Lettings shares take a tumble as it warns on letting fees ban

Dorian Gonsalves, chief executive, said: “In H1 the group achieved organic growth from MSF, our key revenue stream, of 4% which is higher than the reported rental index within the sector, and continued growth from property sales, in a market that has seen some mixed results from other companies in the sector. 

"Our ability to outperform the market has helped to deliver a strong set of first half results, and with a promising start to the second half, Belvoir is on track to meet management expectations for the year."

The interim dividend is maintained at 3.4p.

Shares rose 4% to 108.5p.

Quick facts: Belvoir Group PLC

Price: 115.5 GBX

AIM:BLV
Market: AIM
Market Cap: £40.35 m
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