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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property franchise and finance firm Belvoir (BLV:AIM) delivered forecast-busting results for the six months to the end of June thanks to a recovery in rental income and a sharp increase in property sales across its network.
Revenues for the first half rose 41% to £13.8 million, with income from lettings up 21% while income from property sales jumped by 78% thanks to a more favourable housing market than last year.
The group’s recent expansion also played a part, with the underlying business contributing 33% growth and 8% coming from the acquisition of the Nicholas Humphreys network in March.
Nicholas Humphreys operates a national network of 20 franchised estate and lettings agents which manage a portfolio of more than 6,500 student lets, providing a strong source of recurrent income.
Pre-tax profits climbed by 51% to £4.8 million, of which 42% came from the underlying business and 9% came from Nicholas Humphreys, delivering on Belvoir’s promise that the acquisition would be earnings-enhancing.
For the full year, the firm is confident of delivering a ‘strong’ trading performance, with high levels of activity across its businesses supplemented by growth from the recent acquisition of Nottingham Mortgage Services, which ‘has the prospect of generating significant opportunities in the coming years’, according to Belvoir’s chief executive.
SHARES SAYS: With lettings and now sales recovering, the future looks bright. Keep buying the shares.
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Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.
The value of your investments can go down as well as up and you may get back less than you originally invested. We don't offer advice, so it's important you understand the risks, if you're unsure please consult a suitably qualified financial adviser. Tax treatment depends on your individual circumstances and rules may change. Past performance is not a guide to future performance and some investments need to be held for the long term.