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Belvoir Lettings says trading in first four months of current financial year has “continued well”

Belvoir pointed out that its franchisees completed on ten portfolio transactions in the period, adding £3.2mln network revenue, nearly 2,500 managed properties and £0.3mln per annum of recurring management service fees

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Belvoir said there remains a strong pipeline of further opportunities to underpin the group’s growth target for 2018

Belvoir Lettings PLC (LON:BLV) said that trading during the first four months of the current financial year has continued well and is in line with its expectations.

In a trading update ahead of its annual general meeting on Tuesday, the UK’s largest property franchise said revenue increased from its three key income streams of residential lettings, property sales and financial services.

WATCH: Belvoir Lettings says trading is going "pretty well"

Belvoir pointed out that its franchisees - across all three brands - completed on ten portfolio transactions in the period under its Assisted Acquisitions programme, adding £3.2mln network revenue, nearly 2,500 managed properties and £0.3mln per annum of recurring management service fees (MSF).

The firm said it is seeing an unprecedented number of smaller independent lettings agents choosing to withdraw from the sector in the face of increased legislation and the previously announced ban on tenant fees, now expected in the Spring of 2019. 

As a result, it added, there remains a strong pipeline of further opportunities to underpin the group’s growth target for 2018.

Belvoir also said that Brook Financial Services, which it acquired in 2017, outperformed by over 20% the same period last year - when not part of the group - as its offering of financial services was rolled out across its networks. 

Dorian Gonsalves, Belvoir Letting’s 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.” 

He added: “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.” 

Quick facts: Belvoir Group PLC

Price: 115.5 GBX

AIM:BLV
Market: AIM
Market Cap: £40.35 m
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Belvoir Lettings says trading is going "pretty well"

Dorian Gonsalves, CEO of Belvoir Lettings PLC (LON:BLV) tells Proactive that trading has been in line with expectations and the “the year has gone pretty well so far”. He said the company has been working hard with its franchisees to help them mitigate the impact of the loss of tenant...

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