Belvoir says that during the six months to the end of June income increased 11 per cent on the year before, despite 2021 being an exceptionally strong period.
It appears that it’s lettings income, and revenue from financial services, that have led to much of the growth.
Revenue from the property division was up three per cent and Management Service Fees - the core underlying revenue from franchisees - was up one per cent on 2021, with growth from lettings MSF mitigating the reduction in sales MSF as the residential property sales market returns, as expected, to more normal transaction levels.
Revenue from the financial service division was up 19 per cent of which 12 per cent resulted from the acquisition of Nottingham Mortgage Services and of Time Mortgages Experts. The Belvoir group’s financial services network now comprises 301 mortgage advisers.
“Given the stamp duty holiday and the post-lockdown pent-up demand last year, 2021 was always going to be a hard act to follow for the property sector. However, the diversity of the group’s income streams and the resilience of its franchise business model have enabled Belvoir to achieve underlying growth with increased revenue from lettings and financial services mitigating the shortfall from property sales” explains chief executive Dorian Gonsalves.
“Meanwhile, the Board’s ongoing acquisition growth strategy has resulted in further expansion being achieved in both its property and financial services divisions.”
Net debt of £3.1m is up £1.8m since the end of 2021 after having acquired agencies Mr and Mrs Clarke and The Time Group for £3.9m.
Full half year figures for Belvoir will be released on September 5.