Sunday, September 19, 2021

First half results ahead of expectations at Belvoir following “substantial revenue growth”

Belvoir Group, the UK property franchise and financial services group, has reported H1 results significantly ahead of management’s expectations from the start of the year.

In Interim Results for the six months ended 30 June 2021, the Lincolnshire-headquartered firm posted a 41% increase in revenue to £13.8m, up from £9.8m in the same period of 2020.

Profit before tax, meanwhile, increased 51% to £4.8m, up from £3.2m.

During the period, Belvoir acquired the 20-office Nicholas Humphreys lettings and estate agency network for £4.4m.

Dorian Gonsalves, Chief Executive Officer of Belvoir Group, said: “I am delighted to report another half year of both strategic and trading growth, having bought and integrated the Nicholas Humphreys network and increased revenue and profitability from the underlying business.

“The Group achieved substantial revenue growth across the three markets in which it operates with lettings up 21%, property sales up 78% and financial services up 51%.

“Having demonstrated the resilience of the Group’s business model throughout 2020, in H1 2021 the Group capitalised on the opportunities arising from the buoyant housing market, and demonstrated that the success of Belvoir’s growth strategy has been unaffected by the pandemic.

“Further strategic progress has been achieved early in H2 as our alliance with The Nottingham Building Society was strengthened further through the acquisition of The Nottingham’s mortgage arm, Nottingham Mortgage Services Limited. Adding 21 advisers to our network to give a total of 242, we will be servicing The Nottingham’s existing members and customers from within The Nottingham’s branches.

“Additionally, our central adviser team will be helping many first-time buyers (currently saving through The Nottingham’s Lifetime ISA online account) to access the right mortgage to meet their home-ownership aspirations. We believe that our relationship with The Nottingham has the prospect of generating significant opportunities in the coming years.

“Having reported H1 profitability considerably ahead of our start of year expectations, and given the Group’s further investment in earnings enhancing businesses to expand both the property and the financial services divisions, and high activity levels within all areas of our business at the start of H2, the Board is confident of achieving a strong trading performance for the full year.”

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