Revenue at Belvoir Group increased to a record £33.5 million from £29.6 million in 2021 buoyed by an increase on rents on new tenancies increasing by 10.8% during 2022.

The housing sector performed better in 2022 than many commentators had forecast at the start of the year, the Group said, with UK residential sales transactions down 15% on 2021, but around 6% ahead of pre-pandemic levels.

As a result Belvoir’s financial performance for the year, including profit before tax, is anticipated to be slightly ahead of managements’ expectations.

TIME

The Belvoir Group acquired TIME Mortgage Services last year, expanding the Group network of mostly self-employed financial services advisers as well as Mr and Mrs Clarke, which provided a platform from which to develop Belvoir’s personal estate agency franchise model.

Since being acquired in May and March 2022 respectively, TIME has already contributed revenue of £2.6m and Mr and Mrs Clarke has gained further traction in recruiting agents into six new territories.

Revenue from the financial services division increased by 24% to £17.9 million from £14.4 million in 2021 with the network of financial advisers increasing by 21% to 294.

Revenue from the Group’s property division was up 1% to £15.5m with the lettings to sales ratio at 77:23 compared to 74:26 in 2021.

Meanwhile management service fees continued to grow, up 2% for the year to £10.9m with the stronger lettings market more than mitigating lower sales activity.

ACQUISITIONS

The Group’s assisted acquisitions strategy regained momentum following two years of subdued activity due to Covid and enabled franchisees to double assisted acquisitions to 14, adding £3.9 million in franchisee revenue.

Dorian Gonsalves, Belvoir Group Chief Executive, says: “Our property franchisees and financial services advisers are highly motivated entrepreneurs who continue to demonstrate the ability to make the most of the opportunities presented in all market conditions.

“Our property franchisees benefit from significant recurring lettings revenue that contributes around 56% of Group gross profit and our financial services advisers have substantial client books from which to offer remortgages and other financial products, so are not entirely reliant on new mortgage business.

We remain confident that the resilience and diversity of our business model will enable the Group to perform well.”

“Whilst we anticipate continuing challenging market conditions in 2023, we remain confident that the resilience and diversity of our business model will enable the Group to perform well against the market as a whole.  As always, the Board will continue to identify suitable acquisition targets to support continued growth and enhance shareholder value still further.”

The audited results for the financial year ended 31 December 2022 will be announced on Monday, 27 March 2023.