Belvoir Lettings targets further acquisitions after profits boost
Belvoir Lettings, the Grantham headquarted residential property firm has seen both its revenue and profits rise for the year ending 31st December 2015.
Group revenue rose by 19% to £6.9m, whilst operating profits rose from £1m in 2014 to £1.9m last year. The firm says it is also on the lookout for more acquisitions over the next 12 months.
Over the 12 months the firm said it increased its outlets by 50 to 212 after its acquisition of the Newton Fallowell and Goodchilds franchise networks.
Mike Goddard, CEO of Belvoir Lettings, said: “2015 was a pivotal year for Belvoir. The company commenced its strategic vision of a multi-brand operation with the acquisitions of Newton Fallowell and Goodchilds, substantially increasing our presence across the East and West Midlands respectively.
“As a result of these new networks and seven new Belvoir territories, our UK coverage has increased by 31% to 212 outlets, MSF is up 25% to £4.0m and adjusted profit before tax is up 36% to £2.4m. The Board appreciated the support of our shareholders in funding the mid-year acquisitions and I am confident that the coming year will see the full impact of our successful multi-brand strategy as the new brands become further incorporated into the Group.
“Looking to the future I expect Belvoir to be at the forefront of further consolidation within the property franchising industry as the benefits of centralised franchising expertise and economies of scale become more attractive.”