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Belvoir Lettings interim profit slips as pre General Election slowdown hits revenue

Wed, 09th Sep 2015 10:18

(ShareCast News) - Letting franchise group Belvoir Lettings said its interim profit slid, as a market slowdown had a negative impact on revenue.In the six months to the end of June, the London-listed company posted pre-tax profit of £747,000, a 3.3% decline year-on-year, while revenue slid 18.1% compared to the corresponding period in 2014.However, the group's cost cutting strategies resulted in a 11% decline in administrative expenses, which offset the slump in revenue.In a statement released on Wednesday, the group added services fees rose 20% year-on-year to £1.8m, while the total number of outlet has increased to a total of 197, having been 166 at the end of June.Belvoir indicated that, following a slowdown in the run-up to May's General Election, its pipeline of future franchises was now stable and the group said its real estate agency roll-out plans are on track."We are encouraged that our support of franchisee growth through targeted acquisitions is bearing fruit with a 14% growth in our management service fees," said group chief executive Mike Goddard."The impact of this and our stronger recruitment pipeline will start to show in the second half and underpins our medium-term growth plans."Belvoir shares were flat at 128.50p at 1051 BST on Wednesday.

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29 Nov 2013 14:16

Belvoir Lettings announces UK portfolio acquisition

Shares in Belvoir Lettings climbed after the company announced the acquisition of a "significant" lettings portfolio in the Cheshire and Merseyside regions of the UK. The deal is a joint acquisition by the group's franchises Belvoir Warrington and St Helens and is expected to be earnings enhancing

29 Nov 2013 09:22

Belvoir Lettings Acquires Lettings Portfolio In Cheshire And Merseyside

22 Nov 2013 08:48

Belvoir Lettings Raises GBP5.35 Million In Placing For Expansion

6 Sep 2013 15:59

DIRECTORS DEALINGS - Belvoir Lettings Executives Sell Shares

5 Sep 2013 10:47

Belvoir launches new pilot scheme

Belvoir Letting has launched a new estate agency sales pilot trialling residential property sales for one year. The trial initially includes ten offices from a cross-section of Belvoir outlets across England, Scotland, Wales and Northern Ireland and will run an estate agency offering alongside the

5 Sep 2013 10:25

Belvoir Lettings Profits Up; Launches New Property Sales Pilot

20 May 2013 12:04

Belvoir Lettings acquires four lettings agencies

Belvoir Lettings has acquired four lettings agencies based in England's Basingstoke and Andover. The UK letting company purchased Claygold, which trades as Redwoods from one branch in Andover and three in Basingstoke. Redwoods letting business will be sold on to the two existing Belvoir franchise

19 Apr 2013 08:47

Friday broker round-up UPDATE

African Barrick Gold: JP Morgan cuts target price from 290p to 200p, while leaving its underweight rating rating unchanged. Fox Davies reduces target price from 353p to 315p and maintains a hold rating. Westhouse Securities lowers target price from 195p to 180p retaining a neutral rating. Belvoir L

5 Apr 2013 16:55

Belvoir Lettings Chairman sells shares to satisfy institutional demand

Belvoir Lettings, the UK lettings specialist which listed on the AIM market in February last year, announced on Friday that its Executive Chairman and founder had sold a quarter of a million shares in the group in order to help satisfy 'significant institutional demand'. The news comes just a week

6 Mar 2013 07:03

Wednesday broker round-up UPDATE

Advanced Medical Solutions: Investec takes target price from 68p to 74p and maintains a buy recommendation. Aggreko: Citigroup reduces target price from 2550p to 2100p, while keeping a buy rating. Ashtead Group: Citigroup raises target price from 590p to 660p leaving its buy recommendation unalter

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Belvoir Lettings interim profit slips as pre General Election slowdown hits revenue

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