Franchise giant Belvoir Lettings has told the City and the firm’s shareholders that revenues and profits have risen in the first half of this year. 

Sales for the six months to June 30 were up 19 per cent to £6.1m, while profits before tax soared by 66 per cent to almost £2.9m.

The group now has 61,000 properties under its management, making it the second in the lettings market behind the troubled Countrywide group.

Belvoir says part of its strong performance was down to the acquisition of Brook Financial Services and the franchising out of two corporate offices in 2017.

“The continued extraordinary success of our Assisted Acquisitions programme during the six months under review reflects our considerable investment in a highly skilled in-house acquisitions team focused on enabling our franchisees to take advantage of the growth opportunities that a consolidating market presents” explains Dorian Gonsalves, chief executive.

“In addition, through our investment in Brook, we are seeing the benefits of diversifying into financial services for both our franchisees and for the Group. …I am pleased to further report that, despite the tough market conditions, Belvoir has achieved a promising start to the second half” he adds.