Estate agency re-installs dividend payments after impressive first half results
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Grantham-headquartered estate agency Belvoir has recovered ground lost during the Covid-19 lockdown.
For the six months to June 30, revenues increased by 8% to almost £9.8m after the acquisition of the Lovelle network, while profit before tax rose to £3.2m.
After a “rollercoaster” year, Belvoir now says that its first-half results are in line with its pre-Covid-19 expectations and it will reinstate its dividend payments for the period.
Dorian Gonsalves, chief executive of Belvoir Group, said: “I am delighted to report another half year of strategic and trading growth, having bought and integrated the Lovelle network and increased revenue and profitability from the underlying business. This is testament to the resilience of our franchise model during what has been a challenging time for our sector and the wider economy and a busy time for Belvoir.
“Given results are on track in H1, a promising start to H2, and a strong pipeline of agreed property sales and written mortgage business, the Board is confident of meeting management’s pre-Covid expectations for the full year. As a reflection of the Board’s confidence in the improving outlook, it was decided to reinstate our progressive dividend policy including a partial catch-up of the previously suspended final 2019 dividend.”