Belvoir Lettings shares up as profit up by two thirds
Never miss an issue of Master Investor Magazine – sign-up now for free! |
AIM-listed Belvoir Lettings (LON:BLV) reported a 19% increase in group revenues for the half year ended 30th June to 6.12 million. This in turn led to a 66% rise in pre-tax profits to £2.869 million as the company benefited from the acquisition of Brook Financial Services in the summer of 2017.
Management said that the start to the second half had been strong and the business was making good progress towards meeting full year expectations.
Chief executive Dorian Gonsalves said: “I am delighted to report another half year of further strategic progress for the Group, which continues to outperform both the sales and lettings markets which together, with the addition of financial services, has helped to deliver a strong set of first half results.
“The continued extraordinary success of our Assisted Acquisitions programme during the six months under review reflects our considerable investment in a highly skilled in-house acquisitions team focused on enabling our franchisees to take advantage of the growth opportunities that a consolidating market presents. In addition, through our investment in Brook, we are seeing the benefits of diversifying into financial services for both our franchisees and for the Group.”
Shares in Belvoir Lettings rose 4.31% to 109p (as of 14:30 BST).
Comments (0)