Group revenue at Belvoir increased by 11% during the six months to 30 June 2022 – despite the ‘exceptionally strong year’ before.

Dorian Gonsalves, chief executive of the property franchise and financial services group, says: “Given the stamp duty holiday and the post-lockdown pent-up demand last year, 2021 was always going to be a hard act to follow for the property sector.”

DIVERSITY

“However, the diversity of the Group’s income streams and the resilience of its franchise business model have enabled Belvoir to achieve underlying growth with increased revenue from lettings and financial services mitigating the shortfall from property sales.

“Meanwhile, the Board’s ongoing acquisition growth strategy has resulted in further expansion being achieved in both its property and financial services divisions.”

In a pre-close trading update Belvoir said revenue from the property division was up 3%.

Management Service Fees (MSF) was up 1% on 2021, with growth from lettings MSF mitigating the reduction in sales MSF as the residential property sales market returns to normal.

Revenue from the financial services division was up 19% of which 12% resulted from the July 2021 acquisition of Nottingham Mortgage Services and the May 2022 acquisition of Time Mortgages Experts. The Group’s financial services network now comprises 301 mortgage advisers, up from 243 last year.

The Group continues to achieve a high rate of cash conversion and maintains a strong balance sheet with cash balances of £5.2m and bank loans of £8.3m at the end of June 2022. Net debt of £3.1m, up £1.8m since the end of 2021, is after having acquired Mr and Mrs Clarke Limited and The Time Group Limited for initial cash consideration of £3.9m.

Belvoir will announce its half year results for the six months to 30 June 2022 on Monday, 5 September 2022.