Half year profits rise for estate agents group
Estate agents group Belvoir saw revenue rise three per cent in the first six months of 2023 and pre-tax profit increase 10 per cent to £4.4 million.
Revenue was up from £15.4 million for the first half of 2022 to £15.9m.
There was a four per cent increase in management service fees, the main revenue stream from franchisees, to £5.5m with lettings up eight per cent and sales down nine per cent.
Financial services revenue rose 11 per cent to £8.6m.
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 per cent 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."
There arte Belvoir branches in Cannock, Stafford, Telford, Walsall, Wednesbury and Walsall.
