Shares in top lettings agency plummet 50% in one month

Although the worst of the stock market bloodletting triggered by Coronavirus now appears to have gone, franchise agency group Belvoir has suffered further losses.

The group - which is primarily a lettings service - had a share price of around 177p a month ago, but yesterday dropped at one point to just 93p, nearing the recent low of  89p recorded at the end of trading last Wednesday.

Belvoir recently laid off 15 staff at its Grantham headquarters with a warning that more may follow.

The company is scheduled to release it preliminary figures for 2019 to investors and the City next Tuesday, although it is thought the company may retain them following guidance issued to all quoted companies by the Financial Conduct Authority.

The FCA has issued a statement saying that investors obviously rely on trustworthy information on companies they trade in. 

“The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly. It is important that due consideration is given by companies to these events in preparing their disclosures. Observing timetables set before this crisis arose may not give companies the necessary time to do this” it says, urging a delay in the release of figures.

It adds: “The FCA confirms it in talks with the Financial Reporting Council and the Prudential Regulation Authority about a package of measures aimed at ensuring companies take the necessary time in these uncertain times to prepare appropriate disclosures and address current practical challenges and the three bodies intend to announce details shortly.”