Belvoir Lettings falls on future worries

The price of shares in AIM-listed property franchise Belvoir Lettings (LON:BLV) has fallen by 3.96% to 109p (as of 12:05 BST) despite the company reporting that trading during the first half of 2019 was materially ahead of the same period of 2018. Management said that management service fees for the six months to 30th June were up by 5% despite falling sales activity and tenant fees being banned from June.

CEO Dorian Gonsalves commented: “The Board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our franchisees and the Group. We have seen positive results both from our property franchise and our financial services networks, and are confident that the Group is well positioned to take advantage of the opportunities arising from a more challenging market“.