Revenue and profits rise at property franchise group

Revenue and profits have risen at Grantham-based Belvoir Group, the property franchise and financial services firm.

For the six months to the end of June revenue was up by 3% to £15.9m, while profit before tax rose 10% to £4.4m.

The firm says the first half results are “comfortably” in line with expectations.

Dorian Gonsalves, chief executive officer of Belvoir Group, said: “The outperformance of our business model continues to reflect the entrepreneurial nature of our franchisees and self-employed financial services advisers, who remain entirely focused on maximising the opportunities presented in all market conditions. With 58% of their revenue derived from a strong recurring lettings market, our property franchisees have been able to offset the impact of the reduction in UK housing transactions. Meanwhile our financial advisers are mitigating the lower level of new purchase mortgages by servicing demand for remortgages and other related products from their substantial client banks.

“Our resilient business model and our proven growth strategy underpin the ongoing success of the Group’s performance and consequently, the Board confirms that the Group is trading comfortably in line with management’s expectations for the year ending 31 December 2023.”

Last week Belvoir Group bought MAB (South West), a financial services business of 20 self-employed advisers in a £1m deal.