Belvoir chain on track for 150 offices this year

Lettings chain Belvoir has smashed all its targets in the first six months of this year, with revenue up and profit margins of nearly 50%.

Announcing its interim results for the first half of this year, the franchise operation, which now has 144 outlets, said that its float on AIM in February raised £6.2m.


Belvoir said that all of its 2012 performance targets to date have been either met or exceeded, and that revenue in the year to the end of June was £1.83m – up 16.7% on the same period last year.

Excluding an exceptional charge relating to the costs of floating on AIM, operating profit as a percentage of turnover was 48%.

Belvoir also told its shareholders that the rental market is continuing to grow, with an estimated 3m private rented properties in England, representing 14% of all English households.

Belvoir said it believed that 60% of private rental properties are owned by landlords who use letting agents. The management expects this percentage to grow further 


Dorian Gonsalves, chief executive officer of Belvoir Lettings, said he expects the number of Belvoir offices to reach 150 by the end of this year.

He added: “Belvoir’s debut on the AIM market of the London Stock Exchange in February will enable us to continue to expand the brand’s national reach and strong market presence in the UK residential lettings market, which is continuing to grow and remains strong.

“We remain committed to providing a professional and personal service designed to exceed the expectations of landlords and tenants.


“Looking ahead, we have a strong pipeline for the remainder of 2012. The business continues to grow and increase its market share in a growth market and we are specifically looking to target the South-East and London markets, which hold huge potential for Belvoir.”