Belvoir posts impressive results, despite 'challenging' market

Belvoir, the UK's largest property franchise group, has reported an increase in profit and revenue in the first six months of the year.

In the six months to June 30, the group recorded a 62% in pre-tax profits and a 71% rise in post-tax profits.

Group revenue was up by 15% to £4,921,000 when compared to the same period last year. 

During this period, Belvoir has welcomed seven new franchise owners into two new and five existing territories.

The number of nationwide offices across four networks is now 300, falling from 306 in H1 2016.

Belvoir says its franchisees have looked to strengthen their businesses in response to market changes, including the government's proposed ban on letting agent fees. 

In response to the prospect of the fee ban, a further 17 Belvoir franchisees have taken up property sales as part of their offering. 

Moreover, three Newton Fallowell sales-only franchisees have embarked on a lettings service and twelve franchisees across the group have completed local portfolio acquisitions under Belvoir's Assisted Acquisitions programme. 

"The Group has been focused on meeting our franchisees entrepreneurial growth ambitions and putting them in the very best possible position to maximise their market share within their territory," said Dorian Gonsalves, chief executive of Belvoir Lettings.

"Our franchisees have embraced the opportunity to develop their business under our Assisted Acquisitions programme, many of them doubling the size of their business overnight, and from offering additional services such as property sales and financial services."  

"The acquisition of Brook in July will provide further opportunity for growth at both the franchisee and franchisor level."

"Our ability to outperform the market has helped to deliver a strong set of first half results, and with a promising start to the second half, Belvoir is on track to meet management expectations for the year."