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Belvoir to pay further 'catch-up' dividend after lifting guidance on profit
StockMarketWire.com
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Property franchise group Belvoir said it would pay a further catch-up dividend as profit was expected to be 'comfortably ahead' of management's guidance as performance in the ten months through October topped its pre-Covid expectations.
Both its property and the financial services divisions had achieved year on year growth in gross profit of 10% and 11% respectively, the company said.
Management services fee income from lettings was up on 2019 and services fee from sales was level, as the impact of the Covid lockdown in Q2 offset by the acquisition of the Lovelle estate agency franchise network and the strong recovery in the sales market in H2, the company said.
'The group has continued to benefit from the prompt action taken to reduce its cost base at the start of the pandemic, such that overheads are now significantly below the original budget,' the company said.
The company proposed a further catch-up dividend of 1.3p per share to coincide with the final 2020 dividend. 'This additional dividend represents the last payment in respect of the final dividend for 2019 which was suspended in March 2020 and brings the total reinstated 2019 dividend to 3.3p per share,' it added.
At 8:04am: (LON:BLV) Belvoir Lettings PLC share price was 0p at 135.5p
Story provided by StockMarketWire.com
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