30th Mar 2020 12:52
(Alliance News) - Belvoir Group PLC on Monday said it will not be paying a final dividend for 2019 despite profit growth, as Covid-19 is expected to hurt its 2020 performance.
The property franchise said pretax profit in 2019 increased to GBP5.6 million from GBP5.5 million a year ago, as revenue grew by 43% to GBP19.3 million from GBP13.4 million.
However, Belvoir noted its administrative expenses jumped to GBP7.6 million from GBP6.6 million year-on-year.
The company said Covid-19 is expected to have a "significant" impact on trading in 2020 and therefore it has decided against proposing a final dividend for 2019.
For 2018, the company paid a total dividend of 7.3 pence, while interim dividend for 2019 totalled 3.4p.
"Whilst 2020 will be adversely affected during the period of economic inactivity due to Covid-19, the group has achieved a very good set of results for 2019, with outstanding revenue performance, having overcome the twin challenges of the tenant fee ban and the economic and political uncertainty surrounding Brexit," said Chief Executive Dorian Gonsalves.
AIM-listed Belvoir shares were trading 6.4% lower in London on Monday at 94.98p each.
By Evelina Grecenko; [email protected]
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