Belvoir has reported a strong H1 with adj. EPS up +23% driven by managed service fees up +5%, Financial Services net commission up +160% (+21% organic) and tight cost control. Cash generation remained strong with 96% of adj. operating profit converting into cash, and the interim dividend was maintained at 3.4p (providing a 3% yield on its own). Management has highlighted a promising start to H2 and we consequently make no changes to our forecasts. As we stated in our recent initiation note, B
03 Sep 2019
Belvoir Group - H1 EPS up +23% emphasises the opportunity
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Belvoir Group - H1 EPS up +23% emphasises the opportunity
- Published:
03 Sep 2019 -
Author:
Guy Hewett -
Pages:
7
Belvoir has reported a strong H1 with adj. EPS up +23% driven by managed service fees up +5%, Financial Services net commission up +160% (+21% organic) and tight cost control. Cash generation remained strong with 96% of adj. operating profit converting into cash, and the interim dividend was maintained at 3.4p (providing a 3% yield on its own). Management has highlighted a promising start to H2 and we consequently make no changes to our forecasts. As we stated in our recent initiation note, B