Belvoir Lettings PLC (AIM: BLV), the UK's largest property franchise, is pleased to announce interim results for the six months ended 30 June 2018.
- 19% increase in Group revenue to £6,123,000 (H1 2017: £5,155,000)
- 6% increase in Management Service Fees (MSF) to £4,015,000 (H1 2017: £3,796,000)
- 66% increase in profit before tax to £2,869,000 (H1 2017: £1,731,000)
- 19% increase in adjusted profit before tax to £2,429,000 (H1 2017: £2,045,000)
- H1 performance benefits from impact of Brook Financial Services (Brook), acquired on 13 July 2017 and the franchising out of two corporate offices since December 2017
- Basic earnings per share increased by 68% to 6.9p (2017: 4.1p) and adjusted diluted earnings per share by 10% to 5.3p (H1 2017: 4.8p)
- Interim dividend is maintained at 3.4p; adjusted dividend cover now increased to 1.6x (H1 2017: 1.4x)
- 9 new franchise owners joined the Group year to date
- 20 Assisted Acquisitions comprising £5,113,000 (H1 2017: £1,732,000) of acquired historic turnover
- Lettings to sales ratio unchanged at 81:19 (H1 2017: 81:19)
- Number of managed properties at 61,100 (H1 2017: 57,637), a 6% increase
Dorian Gonsalves, Chief Executive Officer of Belvoir Lettings, commenting on the results, 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.
"Franchising lies at the heart of our Group and the Board continues to look for opportunities to build on its franchising expertise.
"I am pleased to further report that, despite the tough market conditions, Belvoir has achieved a promising start to the second half, and as such the Company is on track to meet management expectations for the year."