Revenue and profit are on the rise at Belvoir Group, the property franchise and financial services group with its Central Office in Grantham.
According to interim results for the six months ended 30 June 2023, revenue at the business increased by 3% to £15.9m. Meanwhile Belvoir posted a 10% increase in profit before tax to £4.4m.
The period also saw the acquisition of BMA Bristol Ltd, a financial services business comprising 21 self-employed advisers and a lead-generating website.
Dorian Gonsalves, Chief Executive Officer of Belvoir Group, said: “The outperformance of our business model continues to reflect the entrepreneurial nature of our franchisees and self-employed financial services advisers, who remain entirely focused on maximising the opportunities presented in all market conditions.
“With 58% of their revenue derived from a strong recurring lettings market, our property franchisees have been able to offset the impact of the reduction in UK housing transactions. Meanwhile our financial advisers are mitigating the lower level of new purchase mortgages by servicing demand for remortgages and other related products from their substantial client banks.
“Our resilient business model and our proven growth strategy underpin the ongoing success of the group’s performance and consequently, the Board confirms that the group is trading comfortably in line with management’s expectations for the year ending 31 December 2023.”
Belvoir Group acquired MAB (South West) Ltd, a financial services business, last week.
