Belvoir interim profits surge amid strong property market
By Iain Gilbert
Date: Monday 06 Sep 2021
(Sharecast News) - Property franchise Belvoir Group said on Monday that interim profits had surged as an exceptionally strong property market brought about growth in all of its units.
Belvoir said lettings income were up 21%, while property sales commissions rose 78% and financial services fees grew 51% in the six months ended 30 June.
Interim revenues were up 41% at £13.8m, with franchise fees 26% higher at £5.2m and interim profits were 51% at £4.8m.
The AIM-listed firm, which hiked its interim dividend from 3.4% to 4.0p per share, also highlighted that cash generation was strong, with net debt just under £4.0m, down from £5.7m at the midway point of 2020.
Chief executive Dorian Gonsalves said: "Having reported H1 profitability considerably ahead of our start of year expectations, and given the group's further investment in earnings enhancing businesses to expand both the property and the financial services divisions, and high activity levels within all areas of our business at the start of H2, the board is confident of achieving a strong trading performance for the full year."
As of 1320 BST, Belvoir shares were down 3.93% at 269.0p.
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