Acquisitions and diversification strengthen property group’s foundations
Acquisitions and diversification has helped property group Belvoir "mitigate the correction" in property sales over recent months.
The Lincolnshire-based group increased revenues by 12% to £15.4m, boosted by a 20% increase in financial services revenue, which now accounts for half of the business.
Pre-tax profits fell by 16%, to £4.0m, in the six months to June. This was caused by a jump in administrative costs and a shift in the sales mix towards financial services, where commission payments affect the margin achieved.
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