Belvoir Lettings flags uncertainty in property sector as its FY profit rises

Belvoir Lettings' shares fell about 2.5% as it flagged uncertainty in the property sector alongside a rise in full-year pre-tax profit and a steady total dividend.

Chief executive Mike Goddard noted a background of uncertainty within the sector due to Brexit and regulatory changes in the buy-to-let market.

He said against this backdrop Belvoir had seen further growth in its networks from organic growth, local franchisee-led portfolio acquisitions and new franchise owners.

"These have all contributed to broadening the base from which the Group can continue to develop and grow underpinned by highly professional franchisees and sound business ethics," said Goddard.

In 2017, the board would be looking to take advantage of opportunities anticipated from uncertainty caused by the proposed changes to tenant fees.

It would further move to consolidate Belvoir's recent acquisitions to extract additional efficiencies, and leverage its large managed property portfolio to further increase shareholder value.

The company's pre-tax profit for the full-year was £2.4m, from £2.2m a year earlier. Revenue grew to £9.9m, from £6.9m.

It would pay an unchanged final dividend of 3.4p, leaving the total payment steady at 6.8p a share.

At 11:02 GMT, shares in AIM-quoted Belvoir Lettings were down 2.49% to 98p each.