Belvoir Lettings has continued its solid growth with a trading statement revealing a 40 per cent rise in pre-tax profit and 21 per cent growth in revenue in 2018.

Management service fees also grew seven per cent to £8.5m last year.

The company is heavily skewed towards Lettings: its gross profit ratio is 71 per cent lettings:18 per cent sales:11 per cent financial services.

The results also show a record 26 franchisee assisted acquisitions last year with an average fee paid by franchisees to head office going up from £26,333 in 2017 to £28,333. The network of offices was also up from 300 to 365.

Belvoir also acquired mortgage business MAB Glos involving 87 financial services advisers operating through 64 offices.

Dorian Gonsalves, the firm’s chief executive, says: “Belvoir is uniquely positioned within the property sector, benefiting from the agility of a franchise business model compared with the larger corporate players, whilst providing our networks with the Central Office systems and support, not available to the smaller independent agents. 

“Our value creating strategy has enabled us to consistently deliver profit growth for over two decades and achieve a threefold increase in profit before tax since 2014.  

“Belvoir is a strongly cash generative business with revenues underpinned by the recurring ‘annuity-style’ lettings income stream coupled with the diversification into complementary property-related services, which will enable the Group to overcome changes and outperform in the sector over the coming year.”