3rd Aug 2023 15:51
(Alliance News) - Belvoir Group PLC on Thursday said it expects positive first half results across the board.
In the six months that ended June 30, the Lincolnshire, England-based property franchise and financial services said revenue is expected to have increased by 3% from a year earlier.
It noted revenue growth in both its property franchise and financial services adviser networks, despite "more challenging market conditions" in the first half of 2023.
Belvoir also said the group is "outperforming the market" across all three of its revenue streams; lettings, sales and financial services.
As a result, it said it expects to trade "comfortably" in line with management's expectations for the financial year.
"Our tried-and-tested franchise business model, the diversity of our income streams, the recurring nature of our lettings revenue and our successful acquisition strategy, both at franchisee and corporate level, have enabled the group to meet and overcome the challenges currently facing the property sector," said Chief Executive Officer Dorian Goncalves.
"The high degree of uncertainty created in the property and mortgage markets following the mini budget in September 2022 and subsequent interest rate rises, resulted in a drop-off in mortgage applications and house sales instructions towards the end of 2022 and made it very difficult to forecast the impact of increasing bank base rates on these markets in 2023.
"However, the outperformance of our business model continues to reflect the entrepreneurial nature of our franchisees and self-employed financial services advisers, who remain entirely focused on maximising the opportunities presented in all market conditions."
Belvoir will publish its half-year results on September 4.
Shares in Belvoir were up 4.8% to 201.75 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News reporter
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