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AIM-listed property franchise group Belvoir Lettings (LON:BLV) has increased its revenues by 21% during the year ended 31st December. Profits before tax for the period climbed by 40%.
CEO Dorian Gonsalves said: “The Group achieved another year of significant growth with revenue up 21% to £13.7m (2017: £11.3m), outperforming both the sales and lettings elements of the housing market and the financial services market. The increase in our like-for-like lettings MSF of 2.6% outstripped the 1% rental index, and lettings were boosted further by a 4.5% uplift from our assisted acquisitions programme which performed ahead of our expectations. Meanwhile, our sales MSF increased by 8.4% against the backdrop of a flat sales market in which a 2% fall in the number of UK property transactions was compensated by a modest increase of 2.5% in house prices. Revenue from Brook, our 2017 financial services acquisition, increased by 20%, on a full year basis, compared with a 3.7% increase in the value of gross mortgage advances”.
Belvoir Lettings’ share price rose by 2.97% to 103.20p (as of 12:15 GMT).