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

(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.