07:00 Wed 07 Feb 2018
Belvoir Lettings PLC - Pre-Close Trading Update & Notice of Results
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
(the "Group" or "Belvoir")
Pre-Close Trading Update
Notice of Full Year Results
The Group has performed well throughout the year reflecting the continued underlying organic growth in franchise management service fee income, a record number of portfolio acquisitions at a franchisee level and the integration of recent acquisitions. Consequently, the Board expects that the performance for the year, including underlying profit before tax, will be in line with market expectations.
"In 2017 Belvoir successfully supported franchise growth across all our brands through our Assisted Acquisitions programme and by promoting additional revenue streams such as property sales and property related financial services.
The Board is excited by the continued opportunities for consolidation within the sector with the
2017 Highlights and Developments
· Management Service Fees ('MSF') increased by 22%
· Group revenue up 13% to
o full year contribution from Northwood
o mid-year acquisition of Brook
o revenue reduction from franchising out six corporate-owned offices
· The Group now represents over 58,000 managed properties (2016: 55,756)
· Northwood integration providing reduction in cost base of approximately
· Strong letting bias with lettings to sales ratio of 80%:20% (2016: 75%:25%)
· Belvoir awarded Franchise/Network of the Year at the Negotiator Awards 2017
· Recruitment of six (2016: seven) new franchise owners into one new and five existing territories
· Strong year-end bank balance of
· Franchisee portfolio acquisitions doubled with 23 completed adding
· There is a strong pipeline of portfolio acquisition opportunities, many of which are expected to complete in the first quarter.
The audited results for the financial year ended
For further details:
|
01476 584900 |
Corporate Finance |
0207 894 7000 |
Sales |
|
Buchanan |
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 four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham,
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