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Belvoir Lettings shrugs off property market wobbles

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

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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: 118.5 GBX

AIM:BLV
Market: AIM
Market Cap: £41.6 m
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Belvoir Group PLC - Proactive One2One Virtual Event

Belvoir Group PLC's (LON:BLV) CEO Dorian Gonsalves and CFO Louise George pitch the company to investors at the Proactive One2One Virtual Event. Belvoir is the UK’s largest property lettings franchise. Founded in 1995, the firm currently has over 300 offices managing around 67,000 properties.

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