Profits at estate agency giant Belvoir jumped during the first half of the year, its latest trading update reveals.
The results, which are for the group company that operates its network of 439 estate agency businesses and six brands, reveal revenue increasing by 41% to £13.8 million and profits by 51% to £4.8 million.
The figures have been boosted not only by the booming housing market this year, but also by its most recent acquisition, 24-branch Midlands and South of England agency Nicholas Humphreys.
The company was bought for £4.4 million in March this year.
Britain’s super-hot sales market this year also altered the mix of its results, with sales generating 6% more of its profits than a year ago.
But Belvoir Group remains a largely lettings organisation, with 56% of its profits coming from the private rental market.
“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,” says CEO Dorian Gonsalves (pictured).
“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.”
The group’s brands include Belvoir, Northwood, Lovelle and Newton Fallowell along with a presence within the building society branches of The Nottingham.