Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property franchise Belvoir reinstated its dividend and said it expected annual results in line with management's pre Covid-19 expectations following improved first-half performance
The company reinstated its dividend policy and pledged to pay an interim dividend of 3.4p per share, unchanged on-year, and also announced an additional 2.0p per share payable as partial compensation for the suspension of the final 2019 dividend.
There could also be a further catch-up payment at the time of the final 2020 dividend, dependent on prevailing circumstances at that time, the company said.
For the six months ended 30 June 2020, pre-tax profit increased 17% to £3.2m as revenue rose 8% to £6.7m on-year and revenue climbed 8% to £9.8m.
'Since our sector was 'unlocked' in May, both property sales and financial services activities have been at record-breaking levels for the group in terms of instructions, sales agreed and written mortgages. These are expected to convert to sales fees and banked mortgage income during the remainder of the year,' the company isad.
'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,' it added.
At 9:49am: (LON:BLV) Belvoir Lettings PLC share price was +1.5p at 159p