Belvoir CEO praises entrepreneurial spirit as half-year profits rise

Property franchise and financial services group, Belvoir plc, has reported increased half-year revenue and pre-tax profits.

Revenues grew 3% to £15.9m, management service fees were up 4% to £5.5m with lettings up 8% and sales down 9%. Financial services revenue grew 11% to £8.6m.

Pre-tax profits rose 10% to £4.4m.

Chief executive, Dorian Gonsalves, 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.”

Lettings made a strong contribution to gross profits with 58%, with sales at 15%, financial services, 21% and other 6%.

Gonsalves added: “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."