Property firm scraps dividend after flat year for profits

Belvoir, the Lincolnshire headquartered property firm, has posted flat profits for the year ending 31 December 2019.

While revenue rose by 43% to £19.3m last year, profits remained stable – up £100,000 to £5.6m.

The franchise-led business now has 396 offices across the UK.

Dorian Gonsalves, chief executive of Belvoir Group, said: “Whilst 2020 will be adversely affected during the period of economic inactivity due to Covid-19, the Group has achieved a very good set of results for 2019, with outstanding revenue performance, having overcome the twin challenges of the tenant fee ban and the economic and political uncertainty surrounding Brexit.

“Looking at the year ahead, trading was strong and in line with management expectation in the first two months of the year, and the recurring nature of our lettings revenue gives the Group a high degree of resilience.

“The Board has acted swiftly in response to Covid-19 to put in place measures for the Group and for our franchisees, to enable us collectively to mitigate some of the short-term downturn in revenue. Notwithstanding these measures, Covid-19 is expected to have a significant impact on trading in 2020 and therefore the Board has prudently decided against proposing a final dividend for 2019.”