Belvoir Lettings PLC have
grown both revenue and profits according to its preliminary results for the
year ended 31 December 2018.
The company reported a 21%
increase in group revenue to £13.7m compared to the previous year, and a 40%
increase in profit before tax to £5.5m. Gross profit ratio was 71% down to lettings,
18% down to sales and 11% down to financial services and the results represented
the 22nd uninterrupted year of profit growth, the company said.
Belvoir has also grown its
office network from 300 to 365 branches with its recent acquisitions and by
adding ten new franchise owners.
Chairman Mike Goddard said
the company was confident for the future: “The Board is confident that 2019
will see further opportunities for growth for the Belvoir Group as the sector
continues to consolidate. It has finally been announced that the tenant
fee ban will come into effect in June; however, due to the steps we have taken
to mitigate the effects of the ban, the impact on Belvoir’s continuing growth
will be significantly mitigated. Overall, I am confident that the Belvoir
Group will continue to grow in both size and reputation during this coming
exciting year, leading the way in both the property and franchising industries.
Belvoir is quite a modestly-sized operation compared to some of the estate agency giants, on and off line. It is also in many ways a unique operation utilising, as it does, the franchise model. The company will also have benefitted to some extent from being heavily lettings-focussed. However, in a challenging market, these results appear to be good news indeed making Belvoir perhaps one to watch for the future.
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