Belvoir, the leading U.K. property-letting company, has announced that its pretax profit and revenue have both increased, demonstrating resilience in the face of challenging market conditions. The company is confident in meeting its full-year expectations and has even raised its dividend.
Strong Financial Performance
In the first half of the year, Belvoir saw its pretax profit rise to £4.4 million, up from £4.0 million in the previous year. This impressive growth can be attributed to the company’s robust franchise business model and exceptional performance in the lettings market. Additionally, a decrease in administrative expenses and finance costs further contributed to this positive outcome.
The company’s revenue also experienced growth, reaching £15.9 million compared to £15.4 million in the previous year. Although there was a slight decrease in revenue from the property franchise division, this was offset by increased management-service fees and financial-services revenue.
Confidence in Future Success
Belvoir remains confident in meeting its expectations for the full year. Several factors support this optimism, including their current pipeline of agreed sales, strong demand for rental properties, continued growth in written mortgage business, and incremental revenue from recent acquisitions. While no financial expectations were provided, this confidence bodes well for Belvoir’s future performance.
As a testament to Belvoir’s success, the board has declared an interim dividend of 5.0 pence per share, representing a 25% increase from the previous dividend of 4.0 pence.