30 January 2020 – trading update

The UK’s largest property franchise has provided an update on the outcome of the year ended 31 December 2019.  This was another year of growth for Belvoir Group with revenue up 43% to £19.5m (2018: £13.7m) and performance for the year, including profit before tax, will be comfortably ahead of management’s expectations.  Net debt as at 31 December 2019 had reduced to £6.9m (2018: 9.6m).  Although the shares have had a strong run they continue to look good value and we resist the temptation to change our BUY rating.