Lettings franchise group Belvoir Lettings has suffered a setback in its profits.
In the six months to the end of June, the London-listed company posted pre-tax profit of £747,000, a 3.3 per cent decline year-on-year. Revenue dropped 18.1 per cent compared to the corresponding period in 2014.
Belvoir blamed the uncertainty leading up to the May election for unsettling both the market and its own growth plans, but says its pipeline of future franchises is now stable.
"We are encouraged that our support of franchisee growth through targeted acquisitions is bearing fruit with a 14 per cent growth in our management service fees," said group chief executive Mike Goddard.
"The impact of this and our stronger recruitment pipeline will start to show in the second half and underpins our medium-term growth plans" he says.
The group’s added services fees rose 20 per cent year-on-year to £1.8m, while the total number of outlet has now increased to a total of 197 having been 166 at the end of June.
A series of cost-cutting measures has resulted in an 11 per cent reduction in administrative expenses, which has partly offset the slump in revenue.
The apparent rise and rise of Belvoir Group is down to...
Belvoir remains unrepentant after criticism from some quarters over an email...
The new Conservative government must focus on raising standards across the...
The government appears to be trying to push its controversial idea...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment