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Belvoir franchise model proves resilience as property profits 'comfortably ahead'

“We have seen positive results both from our property franchise and our financial services networks, and are confident that the group is well positioned to take advantage of the opportunities arising from a more challenging market”

Belvoir Group PLC
Belvoir’s high street lettings and estate agency offices arm enjoyed a 5% improvement in fees

Property franchiser Belvoir Group PLC (AIM:BLV) said sales and profits in the first half were both “comfortably ahead” of the same period last year.

Sales and profits were improved both on an underlying basis and including the benefits of November’s £3.6mln addition of mortgage advice network MAB Gloucester, leaving the board confident of meeting market expectations for the calendar year.

Belvoir’s high street lettings and estate agency offices arm drove management service fees 5% higher in the first six months of 2019, with growth reported for both sales and lettings.

The Brook Financial Services arm enjoyed a 23% improvement in net banked commission on a like-for-like basis.

The franchise model was proving to be resilient to changes in the sector, said chief executive Dorian Gonsalves, while the diversification into financial services was providing an additional revenue stream for franchisees and the group.

“We have seen positive results both from our property franchise and our financial services networks, and are confident that the group is well positioned to take advantage of the opportunities arising from a more challenging market.”

Quick facts: Belvoir Group PLC

Price: 116.5 GBX

AIM:BLV
Market: AIM
Market Cap: £40.7 m
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Full interview: Belvoir 'continuing to outperform both UK lettings and sales...

CEO of Belvoir Group  (LON:BLV), Dorian Gonsalves tells Proactive London the company's latest numbers are impressive for a reason. Not only did Belvoir enjoy a strong start to the year with first half profits up 19% but they actually benefitted from new government regulations involving...

on 3/9/19

2 min read