5th Aug 2019 12:22
(Alliance News) - Property franchise company Belvoir Group PLC said on Monday that its trading in the first half of the year was positive with revenue and operating profit anticipated to be ahead of the prior year's levels.
The company, which will release its interim results for the six months to June on September 3, posted a revenue of GBP6.1 million for the first half of 2018.
From its 300 high street lettings and estate agency offices, management service fees, the company's core revenue stream, is expected to increase by 5% to GBP3.6 million from GBP3.4 million. This was despite falling sales activity in the sector and the statutory ban on tenant fees in June.
The company said operating profit, which stood at GBP2.0 million in the first half of 2018, will rise year-on-year both on an underlying basis and including the acquisition of Mortgage Advice Bureau (Holdings) PLC. Belvoir acquired MAB in November for GBP3.6 million.
Belvoir said it is confident of meeting expectations for the full year.
Chief Executive Dorian Gonsalves said: "The board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our 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."
Shares in Belvoir were down 4% at 109.00 pence each in London on Monday afternoon.
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