Pre-Close Trading Update

Belvoir

01/08/2022 07:00

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RNS Number : 3006U  Belvoir Group PLC  01 August 2022

   1 August 2022

 

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 (mailto: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
(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:

 Belvoir Group PLC                                     01476 584900

 Dorian Gonsalves, Chief Executive Officer            investorrelations@belvoirgroup.com

 Louise George, Chief Financial Officer

 www.belvoirgroup.co (http://www.belvoirgroup.co) m

 finnCap                                                                        +44 (0) 20 7220 0500

 Julian Blunt, Teddy Whiley (Corporate Finance)

 Tim Redfern (ECM)

 www.finncap.com (http://www.finncap.com)

 Buchanan                                              +44 (0) 20 7466 5000

 Charles Ryland, Kim van Beeck &George Cleary

Notes:

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

 

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