Belvoir Group grows on pre-close update

AIM-listed estate agency Belvoir Group (LON:BLV) saw its share price climb by 10.69% to 145p (as of 14:15 BST) after saying that it had continued to grow despite the UK lockdown. Revenues and operating profits for the first half of the year were both ahead of 2019 and net profits were on-track to meet management’s pre-COVID guidance from the start of the year.

CEO Dorian Gonsalves commented: “This strong Group performance once again demonstrates the incredible resilience of the franchise business model in the face of both changes within the sector and challenges affecting the wider economy. The Group has benefitted from the considerable momentum built up during 2019 and the start of 2020, during which time the property division had fully mitigated the impact of the June 2019 tenant fee ban through a combination of assisted acquisitions and income diversification, investing in the Lovelle network and growing our financial services division’s network of advisers by 35%.

“With a return to pre-Covid levels of activity or better since housing sector restrictions were lifted, and the positive impact of the stamp duty reductions still to take effect, we are confident that the Group is well positioned to capitalise on the current market upturn and to take advantage of the opportunities arising from more challenging economic conditions“.