Revenue has risen while pre-tax profits have slipped at Belvoir Group, the property franchise and financial services group with its central office in Grantham, in interim results for the six months ended 30 June 2022.
The firm reported a 12% increase in revenue to £15.4m, up from £13.8m in the year prior, of which 1% relates to the growth in the underlying business and 11% to corporate acquisitions in 2021 and 2022.
Meanwhile profit before tax dipped slightly to £4m from £4.8m.
Belvoir acquired The TIME Group, a network of 63 financial services advisers, in May 2022 and Mr and Mrs Clarke, a concierge-style personal estate agency business operating through 10 partners, in March 2022.
Dorian Gonsalves, Chief Executive Officer of Belvoir Group, said: “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 successfulfinancial 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.”
