BLV.L Regulatory News (BLV)

BELVOIR GROUP PLC

(the "Group", or "Belvoir")

Pre-Close Trading Update

Growth Continues in line with Strategy

Belvoir Group PLC (AIM:BLV), a leading UK property franchise and financial services Group, provides the following update ahead of publishing its Half Year results on 5 September 2022.

The Board is pleased to report that Group revenue during the six months to 30 June 2022 increased by 11% on 2021, despite 2021 being an exceptionally strong year for the property sector. 

Revenue from the property division was up 3% and Management Service Fees ("MSF"), the core underlying revenue from franchisees, was up 1% on 2021, with growth from lettings MSF mitigating the reduction in sales MSF as the residential property sales market returns, as expected, to more normal transaction levels. 

Revenue from the financial service division was up 19% of which 12% resulted from the July 2021 acquisition of Nottingham Mortgage Services and the May 2022 acquisition of Time Mortgages Experts. The Group's financial services network now comprises 301 (FY2021: 243) mortgage advisers.

The Group continues to achieve a high rate of cash conversion and maintains a strong balance sheet with cash balances of £5.2m (H1 2021: £5.1m) and bank loans of £8.3m (H1 2021: 9.1m) at the end of June 2022. Net debt of £3.1m (H1 2021: £4.0m), up £1.8m since the end of 2021, is after having acquired Mr and Mrs Clarke Limited and The Time Group Limited for initial cash consideration of £3.9m.

Consequently, the Board confirms that the Group is performing well and is trading in line with management's expectations for the year ending December 2022.

Dorian Gonsalves, CEO of Belvoir Group, commented:

"Given the stamp duty holiday and the post-lockdown pent-up demand last year, 2021 was always going to be a hard act to follow for the property sector. However, the diversity of the Group's income streams and the resilience of its franchise business model have enabled Belvoir to achieve underlying growth with increased revenue from lettings and financial services mitigating the shortfall from property sales.

"Meanwhile, the Board's ongoing acquisition growth strategy has resulted in further expansion being achieved in both its property and financial services divisions."

Notice of Half Year Results

Belvoir will announce its Half Year results for the six months to 30 June 2022 on Monday, 5 September 2022.

An analyst briefing will be held via zoom at 9.00am on the morning of results, hosted by Dorian Gonsalves, Chief Executive Officer, and Louise George, Chief Financial Officer. To register your attendance please contact Buchanan on 0207 466 5000 or via belvoir@buchanan.uk.com.

Dorian and Louise will also be hosting a separate meeting for retail investors via the Investor Meet Company platform in the afternoon of results at 4:30pm. The presentation is open to all existing and potential shareholders. Investors can register via the following link: https://www.investormeetcompany.com/belvoir-group-plc/register-investor

Investors who already follow BELVOIR GROUP PLC on the Investor Meet Company platform will automatically be invited.

For further details:

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About Belvoir Group PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise Group with 463 offices across seven brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 72,900 properties and reported record revenues of £29.6m in 2021 marking Belvoir's 25th year of unbroken profit growth.

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