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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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Belvoir Lettings beats forecasts as new franchise strategy begins

(ShareCast News) - Full year results from Belvoir Lettings beat expectations after a "pivotal" and transformational year in which it moved to a new multi-brand franchising strategy. During the year the company completed acquisition of the Newton Fallowell and Goodchilds franchised networks to add th

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10 Mar 2016 10:11

Belvoir Lettings appoints Mark Newton as director

(ShareCast News) - Belvoir Lettings has appointed Mark Newton as a director. Confirming the move in a statement on Thursday, the AIM-listed lettings firm said Newton's appointment takes immediate effect. He was formerly group chief executive of Newton Fallowell, a franchised lettings network across

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Belvoir Lettings Makes Progress On New Franchisee Recruitment

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DIRECTOR DEALINGS: Belvoir Lettings Chairman Buys 40,000 Shares

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5 Oct 2015 09:53

Belvoir Lettings to acquire Goodchilds

(ShareCast News) - Belvoir Lettings will acquire West Midlands-based sales and letting business Goodchilds Estate Agents for £3.26m. The UK-based lettings franchise announced the deal on Monday, which is being partly funded by a conditional placing. The company plans to raise a total of £3.6m for t

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