Belvoir has survived Covid largely unscathed after slashing costs, £250,000 in government support and increased revenues from its acquisition of the 17-branch Lovelle estate agency network in December, its interim six-month results to 30th June reveal.
The company, which controls a franchise network of over 170 offices which are largely lettings focused, saw its overall revenue increase by 8% to £9.8 million, of which 6% came from Lovelle.
But its management fees from franchisees dipped by 1% and revenue from financial services dropped by 7%.
The HQ operation saw an 8% increase in profits to £6.7 million and, on the back of this, increased its earnings per share by 16% to 7.3p.
Belvoir has also been busy building its in-branch mortgage advisor network which now standards at 174, up from 136 a year ago.
The company has also been more protected from the March to June Covid lockdown because 62% of its profits come from lettings, only 15% from sales while the rest come from financial services and other activities.
CEO Dorian Gonsalves says franchisees focused in looking after their sales pipelines during the lockdown and its financial advisers switched to selling remortgage and income and life protection products.
“Since our sector was ‘unlocked’ in May, both property sales and financial services activities have been at record-breaking levels for the Group in terms of instructions, sales agreed and written mortgages,” he says.
“H2 started with further strategic progress through our alliance with The Nottingham Building Society.
“In addition to taking on their estate and lettings agency business, a number of our franchisees will also have the opportunity to offer The Nottingham members high quality estate agency services from co-branded building society.”