Belvoir Group PLC AGM Trading Update (8434M)
May 26 2022 - 1:00AM
UK Regulatory
TIDMBLV
RNS Number : 8434M
Belvoir Group PLC
26 May 2022
26 May 2022
BELVOIR GROUP PLC
(the "Group", or "Belvoir")
AGM Trading Update
Trading In Line
Belvoir Group PLC (AIM: BLV), a leading UK property franchise
and financial services Group , 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 four
months to 30 April 2022 is in line with management's expectations.
Group revenue is up 14% on the same period in 2021, with the
property division up 8% and the financial services division up
20%.
Management Service Fees ("MSF"), Belvoir's key underlying income
stream from its property franchise division, is up 1% on 2021. As
the sales market normalised after exceptionally buoyant trading in
2021, the number of UK residential property transactions fell by
24%. Meanwhile, the UK rental index rose to 2.7%, the largest
annual growth since January 2016. Against this backdrop of changing
dynamics in the housing market, MSF from lettings increased by 4%
mitigating the 11% lower level of MSF from sales, and Belvoir's
lettings to sales ratio in the first four months of the year was
78:22 (FY21: 74:26).
Income from the financial services division was up 20% with
Belvoir's adviser network at 243 as at the end of April 2022 (April
2021: 214). As the market for new house mortgages has tailed off in
line with residential property transactions, our mortgage advisers
have been able to service the Groups extensive client base during
what has been a busy period for remortgages, exacerbated by
increasing interest rates.
Belvoir has continued to pursue its growth strategy within both
divisions through two acquisitions funded from existing cash
reserves. In March 2022, the Group acquired Mr and Mrs Clarke
Limited which offers a specialist concierge-style personal estate
agency model through a national network of 10 licensed partners,
predominantly in Warwickshire, South Wales, the Midlands and North
London.
The acquisition of the TIME Group Limited on 23 May 2022 added a
further 64 advisers to the Belvoir Group, resulting in a total
network of 307 advisers and strengthening the footprint of mortgage
advisers in the Midlands and the North.
Dorian Gonsalves, CEO of Belvoir Group, commented:
"Since early 2020, the UK property sector has experienced a
number of different market drivers, but for Belvoir it has been
'business as usual'. We have continued to focus on the Group's
growth by supporting our franchisees and advisers to ensure that
they are best placed to respond to the market conditions, and
furthering the Group's ambitious growth plans through two strategic
acquisitions.
"With the brokerage model growing within the estate agency
sector, the key strategic driver for the acquisition of Mr and Mrs
Clarke was to introduce a high-quality personal agency model to the
Belvoir Group to complement its existing high street brands.
"The recent acquisition of TIME Group will enable us to further
strengthen our offering of mortgage advice through our property
franchise network in the Midlands and the North, where the Belvoir
Group property brands are well represented.
"Belvoir has a proven track record in delivering growth built
around a resilient business model underpinned by a significant
recurring and reliable lettings revenue stream, and a successful
acquisition strategy that has facilitated its diversification into
estate agency and financial services. A long-serving and
experienced management team has ensured that all acquisitions, 10
since 2015, have been successfully assimilated into the Group.
"The Board remains confident that its business model and growth
strategy present a strong investment case for shareholders and
deliver enhanced value for all our stakeholders."
For further details:
Belvoir Group PLC 01476 584900
Dorian Gonsalves, Chief Executive Officer investorrelations@belvoirgroup.com
Louise George, Chief Financial Officer
www.belvoirgroup.com
finnCap
Julian Blunt, Teddy Whiley (Corporate Finance)
Tim Redfern (ECM)
www.finncap.com +44 (0) 20 7220 0500
Buchanan +44 (0) 20 7466 5000
Charles Ryland & Kim van Beeck
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
GBP29.6m in 2021 marking Belvoir's 25th year of unbroken profit
growth.
For further information, please visit: www.belvoirgroup.com
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