Belvoir Lettings reports strong first half results

Belvoir Lettings, the Grantham headquartered property lettings franchise company, has seen revenues and profits rise for the six months to 30 June.

Sales were up 19% to £6.1m, while profits before tax soared by 66% to almost £2.9m.

The company says the good results are down to the acquisition of Brook Financial Services in July last year and the franchising out of two corporate offices last December.

Dorian Gonsalves, chief executive, said: “I am delighted to report another half year of further strategic progress for the Group, which continues to outperform both the sales and lettings markets which together, with the addition of financial services, has helped to deliver a strong set of first half results.

“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. 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.

“Franchising lies at the heart of our Group and the Board continues to look for opportunities to build on its franchising expertise.

“I am pleased to further report that, despite the tough market conditions, Belvoir has achieved a promising start to the second half, and as such the company is on track to meet management expectations for the year.”