Given the strong financial performance of the Group in H1, the Belvoir Board is to announce an increased interim dividend of 4.0p (H1 2020: 3.4p) payable to shareholders on 29 October 2021 based upon the register on 17 September 2021. The ex-dividend date will be 16 September 2021.
Other financial highlights include:
H1 results are significantly ahead of management's expectations as at the start of the year
41% increase in revenue to £13.8m (H1 2020: £9.8m), of which 33% related to the underlying business and 8% to the acquired Nicholas Humphreys network
26% increase in Management Service Fees (MSF) to £5.2m (H1 2020: £4.2m)
51% increase in Financial Services revenue to £6.4m (H1 2020: £4.3m)
Gross profit split of 56% lettings: 21% sales: 18% financial services: 5% other (H1 2020: 62%, 15%, 18%, 5%) reflects the stronger sales market in H1 2021 compared to H1 2020
51% increase in profit before tax to £4.8m (H1 2020: £3.2m) of which 42% arose from the underlying business and 9% from the acquired Nicholas Humphreys network
36% increase in basic earnings per share to 9.9p (2020: 7.3p), having reflected the impact of the 2023 corporation tax increase on deferred tax
Highly cash generative with 119% (H1 2020: 113%) of operating profit converting into operating cash flow enabling strategic acquisitions to be funded from cash reserves
