A City analyst has downgraded Belvoir Lettings, saying that it had “disappointing” full year results.
Sue Munden, of Cantor, downgraded the company from buy to hold, and dropped the target price from 200p to 127p, as she scaled down forecasts for the company.
Shares fell on the downgrade by 1.5% to 125p, compared with a 52-week high of 195p. The share price has been falling since February.
Munden said: “The full-year 2013 results disappointment and the significant downward revisions we are making to expected profits as a consequence should be considered in light of the still robust prospects for growth.
“The group is operating in a fundamentally sound macro environment in which Belvoir, with its strong franchise network, reputable brand and healthy financial resources should be able to flourish.
“The ability of the new management to execute with acquisitions and signing up new franchisees adds a degree of risk although we believe our forecasts reflect these.”
Belvoir announced its 2013 results at the end of March.
While profits were up by 16% on the year before, this was lower than forecasts. The firm said this was partly due to the investment in its acquisitions strategy plus the purchase of its network of corporate offices.
Revenues of £5.8m were also up, by 44%, with pre-tax profits of £1.6m.
The firm has a new chief executive in Carl Chadwick, who took over from Dorian Gonsalves. He stepped aside to become director of franchising.
Belvoir has 151 franchisees and a total of 160 outlets, with six corporately owned offices.
Belvoir has a market capitalisation of £30m and is listed on AIM.
Comments (5)
not just provide a break in terms
of coursework. these courses allow students to relax and have fun, but they also provide mental stimulation and cross-curricular studies. a good writing class pulls elements from the study of literature, requiring students to read and analyze the creat…
first question is whether you like spending
time on surfing the internet or not. just by adding posts to your blog is not enough, you will need to promote the blog by going onto different blogs, websites and forums and interacting with other bloggers in order to attract
<strong>themselves. in fact, writing is only 20-30%</strong>
of the work, the rest is all marketing!do you have a favorite quotation?i don't have the exact quote, but in one of his old books stephen king said that he writes like some people overeat – that is compulsively.but more recently,
<strong>will start to disappear. what can we</strong>
do to overcome banner blindness?the golden rule for overcoming banner blindnessthe trick to overcoming banner blindness is to do the opposite of what you might expect, make the advertisements less visible and look less like advertisements. the reason p…
<strong>the ratings online on various sites where</strong>
actual customers share their experiences with the various companies. if you're just starting out blogging, it's absolutely essential that you can rely on the customer service provided by your hosting company because should encounter any problems onli…