Belvoir anticipates consolidation as firm reports pro...

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10 April 2018

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Belvoir anticipates consolidation as firm reports profits leap

Belvoir has reported a year of strong growth in 2017, with group revenue up 14 per cent and pre-tax profit soaring 62 per cent as a result of acquisitions and restructuring.

Management service fees rose 23 per cent to almost £8m, with much of the growth down to Belvoir’s acquisition of Northwood; during the year the firm also acquired Brook Financial Services.

Belvoir remains overwhelmingly a lettings business with 80 per cent of its revenue coming from the rental sector.

Nine additional franchisees joined during the year and the group now manages 58,020 properties - a year ago the figure was 55,756.

“Our franchisees, who are mostly owner-operators, have continued to grow organically, through diversification and by making local portfolio acquisitions, all of which have contributed to our adjusted profit in 2017 being up 39 per cent” explains Dorian Gonsalves, chief executive officer.

“Looking to 2018, the Board remains confident that the Belvoir Group will benefit from further consolidation within the sector, further integration of our recent acquisitions to deliver additional efficiencies and diversification of property-related services offered through our franchised networks, to ensure a continued increase in shareholder value" he adds.