We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Belvoir Group Plc | LSE:BLV | London | Ordinary Share | GB00B4QY1P51 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 279.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBLV
RNS Number : 8434M
Belvoir Group PLC
26 May 2022
26 May 2022
BELVOIR GROUP PLC
(the "Group", or "Belvoir")
AGM Trading Update
Trading In Line
Belvoir Group PLC (AIM: BLV), a leading UK property franchise and financial services Group , provides the following update on current trading ahead of the Group's Annual General Meeting to be held at 10:00 a.m. today.
The Board is pleased to report that trading during the four months to 30 April 2022 is in line with management's expectations. Group revenue is up 14% on the same period in 2021, with the property division up 8% and the financial services division up 20%.
Management Service Fees ("MSF"), Belvoir's key underlying income stream from its property franchise division, is up 1% on 2021. As the sales market normalised after exceptionally buoyant trading in 2021, the number of UK residential property transactions fell by 24%. Meanwhile, the UK rental index rose to 2.7%, the largest annual growth since January 2016. Against this backdrop of changing dynamics in the housing market, MSF from lettings increased by 4% mitigating the 11% lower level of MSF from sales, and Belvoir's lettings to sales ratio in the first four months of the year was 78:22 (FY21: 74:26).
Income from the financial services division was up 20% with Belvoir's adviser network at 243 as at the end of April 2022 (April 2021: 214). As the market for new house mortgages has tailed off in line with residential property transactions, our mortgage advisers have been able to service the Groups extensive client base during what has been a busy period for remortgages, exacerbated by increasing interest rates.
Belvoir has continued to pursue its growth strategy within both divisions through two acquisitions funded from existing cash reserves. In March 2022, the Group acquired Mr and Mrs Clarke Limited which offers a specialist concierge-style personal estate agency model through a national network of 10 licensed partners, predominantly in Warwickshire, South Wales, the Midlands and North London.
The acquisition of the TIME Group Limited on 23 May 2022 added a further 64 advisers to the Belvoir Group, resulting in a total network of 307 advisers and strengthening the footprint of mortgage advisers in the Midlands and the North.
Dorian Gonsalves, CEO of Belvoir Group, commented:
"Since early 2020, the UK property sector has experienced a number of different market drivers, but for Belvoir it has been 'business as usual'. We have continued to focus on the Group's growth by supporting our franchisees and advisers to ensure that they are best placed to respond to the market conditions, and furthering the Group's ambitious growth plans through two strategic acquisitions.
"With the brokerage model growing within the estate agency sector, the key strategic driver for the acquisition of Mr and Mrs Clarke was to introduce a high-quality personal agency model to the Belvoir Group to complement its existing high street brands.
"The recent acquisition of TIME Group will enable us to further strengthen our offering of mortgage advice through our property franchise network in the Midlands and the North, where the Belvoir Group property brands are well represented.
"Belvoir has a proven track record in delivering growth built around a resilient business model underpinned by a significant recurring and reliable lettings revenue stream, and a successful acquisition strategy that has facilitated its diversification into estate agency and financial services. A long-serving and experienced management team has ensured that all acquisitions, 10 since 2015, have been successfully assimilated into the Group.
"The Board remains confident that its business model and growth strategy present a strong investment case for shareholders and deliver enhanced value for all our stakeholders."
For further details:
Belvoir Group PLC 01476 584900 Dorian Gonsalves, Chief Executive Officer investorrelations@belvoirgroup.com Louise George, Chief Financial Officer www.belvoirgroup.com finnCap Julian Blunt, Teddy Whiley (Corporate Finance) Tim Redfern (ECM) www.finncap.com +44 (0) 20 7220 0500 Buchanan +44 (0) 20 7466 5000 Charles Ryland & Kim van Beeck
Notes:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise Group with 463 offices across seven brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 72,900 properties and reported record revenues of GBP29.6m in 2021 marking Belvoir's 25th year of unbroken profit growth.
For further information, please visit: www.belvoirgroup.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCKELFLLELFBBK
(END) Dow Jones Newswires
May 26, 2022 02:00 ET (06:00 GMT)
1 Year Belvoir Chart |
1 Month Belvoir Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions