George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBLV.L Regulatory News (BLV)

  • There is currently no data for BLV

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

AGM Trading Update

21 May 2020 07:00

RNS Number : 5384N
Belvoir Group PLC
21 May 2020
 

Final

21 May 2020

 

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

BELVOIR! BELVOIR GROUP PLC

(the "Group", or "Belvoir")

 

AGM Trading Update

 

 

Belvoir Group PLC (AIM:BLV), the UK's largest property franchise, provides the following update on current trading ahead of the Group's Annual General Meeting to be held at 10:00 a.m. today.

 

The Board is pleased to report that trading during the first quarter to the end of March 2020 which incorporated just one week of the Covid-19 lock-down, was strong and in line with management expectations.

 

Early indications for April trading, during which all of the Group's offices were operating entirely under 'lock-down', have demonstrated the considerable resilience of our franchise networks.

 

At the end of April, the Group carried out a rent arrears survey of all franchisees which has shown that less than 5% of tenants are in arrears on their rent compared with the usual 2% experienced by our networks, only a small increase and which is considerably less than the Board had expected. In April, estate agency completed on around a third of usual transaction levels, drawing from the pipeline of house sales agreed prior to the lock-down. The financial services division has demonstrated similar resilience amongst our financial advisers, who have drawn on their extensive client base for remortgages and income and life protection sales to deliver income levels in April on par with 2019. As a result, the overall April performance for the Group was significantly stronger than had been anticipated.

 

Encouragingly, as of 13 May, restrictions on the housing sector have been lifted earlier than the Group had anticipated and Group franchisees have been able to resume operating from their offices and to carry out physical appraisals and viewings, enabling both home-owners and tenants to move home - albeit with the necessary adjustments to observe safe working practices. Feedback to date suggests that the pipeline of agreed house sales has held up well and that there is a pent-up demand from tenants looking to move.

 

As reported at the time of our last final results at the end of March, we remain confident that the Group's balance sheet provides us with adequate liquidity to trade through this crisis and to continue to operate within our banking covenants for the foreseeable future. The Group has been able to continue to generate cash from operations with net debt at 20 May 2020 standing at £6.9m (31 December 2019: £6.9m) having deployed £2.0m of cash in January to acquire the Lovelle network and deferred payment of £0.5m VAT until Q1 2021.

 

Whilst it is still too early to predict how the housing market will be affected during the remainder of the year, the Board is confident of achieving its revised forecasts for 2020.

 

Dorian Gonsalves, CEO of Belvoir Group, commented:

 

"Having reported significant growth in 2019 and got off to a good start in Q1 2020, it has been hugely frustrating for the Group not to have been able to build further on this momentum due to Covid-19. However, the current climate has proved once again just how robust and resilient our franchise business model is.

 

"The Board is encouraged that the restrictions on the housing sector were among the first to be lifted. Clearly time will tell as to the lasting impact of the current environment on the wider economy and on the UK housing sector more specifically. However, as a Group, Belvoir benefits from a high degree of recurring revenue with 61% of gross profit derived from lettings and just 16% dependent on estate agency. Meanwhile, our financial services division has a substantial client base to which we sell a wide variety of financial products, with no excessive dependency on new mortgage sales alone.

 

 

"Unlike a corporate model, Belvoir draws on the resolve and entrepreneurial spirit of 308 franchisees and 175 financial advisers, all of whom are motivated to sustain their business throughout this period, and to return to growth and succeed long term. Whilst 2020 will undoubtedly be a difficult year for the property market, our franchisees and advisers have the knowledge and resilience to overcome and indeed benefit from such challenges in the sector."

 

 

The person responsible for arranging the release of this information is Louise George, Chief Financial Officer of the Company.

 

 

For further details:

Belvoir Group PLC

Dorian Gonsalves, Chief Executive Officer

Louise George, Chief Financial Officer

www.belvoirgroup.com

 

 01476 584900

investorrelations@belvoirgroup.com

finnCap

Julian Blunt, Teddy Whiley (Corporate Finance)

Tim Redfern (ECM)

www.finncap.com

 

+44 (0) 20 7220 0500 

Buchanan

Charles Ryland, Victoria Hayns & Tilly Abraham

 

+44 (0) 20 7466 5000

   

Notes:

About Belvoir Group PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 396 offices across five brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 68,550 properties and reported record revenues of £19.3m in 2019 making Belvoir the largest property franchise group in the UK.

 

For further information, please visit: www.belvoirgroup.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCBLGDUIGDDGGG
Date   Source Headline
8th Mar 20247:00 amRNSCancellation - Belvoir Group PLC
7th Mar 20242:22 pmRNSSCHEME OF ARRANGEMENT EFFECTIVE
7th Mar 20241:09 pmEQSForm 8.3 - Apex Fundrock Limited : Re Belvoir Lettings Plc
7th Mar 202412:02 pmRNSForm 8.5 (EPT/RI)
7th Mar 202411:38 amRNSForm 8.5 (EPT/NON-RI)
7th Mar 202411:02 amPRNForm 8.3 - Property Franchise Group PLC
7th Mar 202410:57 amRNSForm 8.3 - Belvoir Group
7th Mar 20247:30 amRNSSuspension - Belvoir Group PLC
6th Mar 20245:14 pmRNSCOURT SANCTION OF THE SCHEME OF ARRANGEMENT
6th Mar 202412:38 pmRNSForm 8.5 (EPT/RI)
6th Mar 202410:03 amPRNForm 8.3 - Property Franchise Group (The) Plc
6th Mar 20249:45 amRNSForm 8.5 (EPT/NON-RI)
5th Mar 20242:04 pmRNSForm 8.3 - Property Franchise Group PLC (The)
5th Mar 20242:01 pmRNSForm 8.3 - Belvoir Group plc
5th Mar 202411:20 amRNSForm 8.5 (EPT/RI)
5th Mar 202410:34 amPRNForm 8.3 - Property Franchise Group PLC
5th Mar 20249:31 amRNSForm 8.5 (EPT/NON-RI)
4th Mar 20241:14 pmPRNForm 8.3 - Property Franchise Group (The) Plc
4th Mar 202410:03 amRNSForm 8.3 - Belvoir Group Plc
4th Mar 202410:01 amRNSForm 8.5 (EPT/NON-RI)
1st Mar 202411:44 amRNSForm 8.5 (EPT/RI)
1st Mar 202411:44 amPRNForm 8.3 - Property Franchise Group PLC
1st Mar 20248:00 amRNSForm 8.5 (EPT/NON-RI)
29th Feb 20245:30 pmRNSProperty Franchise Group
29th Feb 202412:29 pmPRNForm 8.3 - Property Franchise Group (The) Plc
29th Feb 202411:16 amRNSForm 8.5 (EPT/RI)
29th Feb 20248:36 amRNSForm 8.5 (EPT/NON-RI)
28th Feb 20249:44 amPRNForm 8.3 - Property Franchise Group (The) Plc
28th Feb 20249:36 amRNSForm 8.5 (EPT/RI)
27th Feb 20242:45 pmRNSForm 8.3 - Property Franchise Group PLC (The)
27th Feb 20242:43 pmRNSForm 8.3 - Belvoir Group plc
27th Feb 20249:59 amRNSForm 8.5 (EPT/RI)
26th Feb 202410:43 amPRNForm 8.3 - Property Franchise Group (The) Plc
26th Feb 202410:34 amRNSForm 8.5 (EPT/RI)
23rd Feb 202411:30 amRNSForm 8.3 - [Belvoir Group plc]
23rd Feb 202411:06 amPRNForm 8.3 - Property Franchise Group (The) Plc
22nd Feb 202410:36 amRNSForm 8.5 (EPT/RI)
21st Feb 202412:35 pmGNWForm 8.3 - [BELVOIR GROUP PLC - 20 02 2024] - (CGWL)
21st Feb 202411:47 amRNSForm 8.5 (EPT/RI) - Belvoir Group PLC
21st Feb 202411:03 amPRNForm 8.3 - Property Frnachise Group (The) Plc
20th Feb 202412:52 pmPRNForm 8.3 - Property Franchise Group (The) Plc
20th Feb 202412:49 pmPRNForm 8.3 - Property Franchise Group (The) Plc - Amendment
20th Feb 202411:20 amRNSForm 8.3 - Property Franchise Group plc, The
20th Feb 202411:18 amRNSForm 8.3 - Belvoir Group PLC
20th Feb 20249:21 amRNSForm 8.5 (EPT/RI)
19th Feb 20241:05 pmPRNForm 8.3 - Property Franchise Group (The) Plc
19th Feb 202411:16 amRNSForm 8.3 - [Belvoir Group plc]
19th Feb 202410:30 amRNSForm 8.5 (EPT/NON-RI)
19th Feb 20249:22 amRNSForm 8.5 (EPT/RI)
16th Feb 202411:38 amPRNForm 8.3 - Property Franchise Group PLC

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.