Belvoir, the property franchise and financial services group, has reported a 12% increase in revenue to £15.4 million for the first six months of the year, driven by growth in the financial services sector and boosted by the lettings market.

That represents a profit before tax of £4 million, slightly down from £4.8 million the year before but reflected in the group’s activity over the last 12 months.

Earlier this year Belvoir bought The Time Group, a network of 63 financial services advisers, for £3.8 million.

That boosted the firm’s financial services revenue by 20% to £7.7 million compared to £6.4 million last year.

Hybrid dividend

Its acquisition of Mr and Mrs Clarke for £500,000 also appears to have reaped dividends.

Mr and Mrs Clarke is a specialist concierge-style personal estate agency business operating through 10 partners and has added to Belvoir’s growth.

Nine franchisee assisted acquisitions have also contributed £2.2 million to the Group’s turnover – compared to £1.3 million during the same period last year.

Meanwhile a strong lettings portfolio has also boosted profits, taking the lions’ share of 60% compared to 19% from financial services and 17% sales.

And in a sure sign the pandemic is a thing of the past administrative costs at the group were up by nearly a third (29%) to £5.4 million reflecting a ‘more normal’ cost base post-covid.

The half year results see basic earnings per share of 8.7p (2021: 9.9p) and an unchanged interim dividend of 4.0p per share (H1 2021: 4.0p) payable on 28 October 2022 – in line with management expectations.

Dorian Gonsalves, chief executive of Belvoir Group, says: “I am delighted to report that our strong lettings base, investment in further franchise networks and diversification into financial services have all helped to mitigate the correction in the level of property sales transactions after the exceptional year for the housing market in 2021.

“During the first half of 2022 the Board continued to pursue its growth strategy to strengthen the Group’s service offering. The acquisition of Mr and Mrs Clarke provided the Group with a platform from which to develop its personal agency model, and the acquisition of The TIME Group added a further 63 advisers to our already established and successful financial services network.

“The Group’s investment in businesses to expand both the property and the financial services divisions, and the strong pipelines of house sales and related mortgages at the start of H2, underpin the Board’s confidence of achieving managements’ expectations for the full financial year.”