Belvoir set for 22nd year of unbroken profit growth

Belvoir Lettings has announced a strong profit growth for the first half of 2018 as its franchise network continues to expand.

The group now has 61,000 properties under its management, the second highest in the lettings market. Revenues in the six months to June rose 19 per cent to £6.1million, with underlying profits rising by a similar percentage to £2.43million.

Lettings still make up the majority of the business, at 81 per cent. The number of managed properties stood at 61,100, up from 57,637.

Chief executive Dorian Gonsalves comments: "I am delighted to report another half year of further strategic progress for the group, which continues to outperform both the sales and lettings markets. Together with the addition of financial services, this helped to deliver a strong set of first-half results.

"The continued extraordinary success of our assisted acquisitions programme during the six months under review reflects our considerable investment in a highly skilled in-house acquisitions team. This is focused on enabling our franchisees to take advantage of the growth opportunities that a consolidating market presents.

"In addition, through our investment in Brook, we are seeing the benefits of diversifying into financial services for both our franchisees and for the group.

“Franchising lies at the heart of our group and the board continues to look for opportunities to build on its franchising expertise."