By Jack Mendel
Property franchise the Belvoir group’s revenue was up 12 per cent in the first half of the year driven by the continued high demand for lettings.
The firm, which also runs financial services, made £15.4m up until June, up from £13.8m in the same period last year.
Its gross profits was dominated by 60 per cent through lettings, 17 per cent through sales and 19 per cent of finical services.
Despite its higher revenue, its porgy before tax was slightly down to just £4m, from £4.8m in the first half of last year, while administrative costs were up nearly 30 per cent to £5.4m, up from £4.2m.
It also acquired The TIME Group of financial service advisers for £4.8m, Mr and Mrs Clarke, a concierge-style estate agency firm, and nine franchises, for £2.2,
“Our strong lettings base, investment in further franchise networks and diversification into financial services have all helped to mitigate the correction in the level of property sales transactions”, said Dorian Gonsalves, CEO of Belvoir Group.
“The Group’s investment in businesses to expand both the property and the financial services divisions, and the strong pipelines of house sales and related mortgages at the start of H2, underpin the Board’s confidence of achieving managements’ expectations for the full financial year.”
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