Sunday, September 19, 2021

Trading “exceptionally strong” at property franchise group

Trading has “continued to be exceptionally strong” at Belvoir, the Lincolnshire-headquartered property franchise and financial services group, according to a trading update ahead of half year results.

Group revenue during the six months to 30 June 2021 is up 41% on 2020, which was impacted by the Covid-19 pandemic, and up 53% on 2019 (42% on a like-for-like basis).

In comparison to H1 2019, the property division achieved revenue growth of 45%, of which 25% represented growth in the underlying business and 20% from the group’s investment in two additional franchise networks, Lovelle in January 2020 and Nicholas Humphreys on 31 March 2021.

Meanwhile, the financial services division reported revenue up 62% on H1 2019 through organic growth of the adviser network.

Dorian Gonsalves, CEO of Belvoir Group, said: “We continue to see exceptionally strong trading across the group, well ahead of our expectations as at the start of the year. Our residential property sales hit a peak in June and pipelines remain strong. Lettings has achieved growth from increased rental activity and tenant demand creating an upward pressure on rents.

“Our financial services division continues to go from strength to strength, benefitting from the strong sales market and our enlarged network of advisers.

“The Board has continued to pursue its growth strategy in H1 through the acquisition of Nicholas Humphreys, increasing the footprint of our property franchise division, along with the strengthening of our long-term strategic partnership with The Nottingham Building Society through the acquisition of its mortgage business, Nottingham Mortgage Services Limited. Both acquisitions will be highly accretive in 2021 and demonstrate the Board’s commitment to enhancing shareholder value further.”

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