The following is a round-up of trading statement by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Belvoir Group PLC - Lincolnshire, England-based property franchise and financial services - Expects to report 2022 pretax profit ‘slightly ahead’ of management expectations. Pretax profit was £9.3 million in 2021. Revenue hits record high of £33.5 million in 2022, up 13% from £29.6 million in 2021, as UK property market outperforms expectations. Notes UK residential sales transactions are down by 15% on year before but about 6% above pre-pandemic. Revenue in Belvoir’s financial services rises by 24% to £17.9 million in 2022 from £14.4 million in 2021, in line with a 21% increase in financial advisers. In the property division, revenue edges up by 1.3% to £15.5 million from £15.3 million. ‘Whilst we anticipate continuing challenging market conditions in 2023, we remain confident that the resilience and diversity of our business model will enable the group to perform well against the market as a whole,’ says Chief Executive Officer Dorian Gonsalves. Will announce full 2022 results on March 27.
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Property Franchise Group PLC - Bournemouth, Dorset-based lettings and estate agency franchising - Revenue rises by 13% in 2022 to £27.1 million from £24.1 million in 2021. Sales agreed pipeline stands at £22.2 million on December 31, down from £26.5 million a year before, but the number of managed rental properties is up to 76,000 from 74,000. Swings to net cash of £1.7 million at the end of 2022 from net debt of £2.7 million at the end of 2021. Will issue full annual results on April 18. ‘The strong operating performance underpins the expected [annual] dividend to be declared alongside the preliminary results in April,’ company says.
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Mortgage Advice Bureau Holdings PLC - Derby, England-based mortgage adviser - Says 2022 adjusted pretax profit will be in line with expectations, after revenue grew by 22% to about £230 million. Adjusted pretax profit was £24.2 million in 2021 on £188.7 million in revenue. Mortgage Advice Bureau says its good 2022 result is despite the market turmoil that followed the UK government’s disastrous mini-budget in September. ‘Following a leap in mortgage interest rates, the withdrawal of many mortgage products and a rapid tightening in lenders’ underwriting criteria, Q4 saw significantly reduced house purchase and re-financing activity,’ the company says. After Chancellor Jeremy Hunt’s autumn statement, rates stabilised and the number of mortgages available increased, it said. ‘This trend has strengthened into 2023, Mortgage Advice Bureau says. ’Although markets expect further rises in the Bank of England base rate, we expect lending conditions will continue to improve throughout 2023.‘ Current trading is in line with expectations.
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Harworth Group PLC - Rotherham, South Yorkshire-based land regenerator - Expects to report European Real Estate Association net disposal value as of December 31 towards the bottom of the range of market forecasts of 190 pence per share to 205p. This will be down from ERPA NDV of 224.7p on June 30 last year. At the end of 2021, ERPA NDV was 197.6p. ’EPRA NDV has been impacted by market-driven outward yield movements in the valuation of the investment portfolio and more mature industrial and logistics major development sites, amid rising interest rates and a softening of macroeconomic conditions,‘ Harworth explains, though it says demand remained resilient in 2022. Adds CEO Lynda Shillaw: ’Continued economic volatility means that the market backdrop for the year ahead is challenging. Uncertainty is likely to remain in our markets until interest rates reach their peak, and inflation falls back to manageable levels, creating the conditions for growth and improved investor confidence.‘
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