Massive growth in lettings income for rentals giant

Celebrating 25 years of unbroken profits growth, Belvoir has revealed a massive annual hike in revenue for 2021.

Group revenue increased by 37 per cent to £29.6m and while 12 per per was attributable to acquired businesses, no less than 25 was like-for-like growth.

Management service fees - the key underlying return from franchisees - grew 18 per cent to £10.7m while there was a 39 per cent increase in profit before tax to £9.3m.

Some 56 per cent of Belvoir revenue comes from lettings - the rest is mostly sales and financial services.

Chief executive Dorian Gonsalves says: “2021 was the busiest year for our sector in recent times with residential property sales transactions at their highest level since 2007, which boosted both our growing estate agency and financial serv

“We worked closely with our property franchisees and financial services advisers to ensure that they were best placed to respond to the strong market conditions, which drove significant organic growth of 25 per cent.”

“In addition to benefitting from the strong market conditions, we took the opportunity to make two strategic acquisitions. Adding the national Nicholas Humphreys franchise network to the Group has enabled us to extend our professional lettings service to encompass the specialist student lettings market. 

“We also further strengthened our strategic alliance with the Nottingham Building Society, through the acquisition of its mortgage advisory arm, giving us access to its online savers who we hope will be our future mortgage clients.

“Since the year end, the Group has added a home-based agency network to its stable of property franchise brands, demonstrating the Board’s ongoing commitment to identifying suitable acquisition targets to support Belvoir’s continued growth.

“Given our significant recurring and reliable lettings revenue stream and our substantial financial services client base to draw upon during what is currently a strong market for remortgages, we remain confident that we will continue to perform well relative to the market as a whole, and that our business model and growth strategy will continue to deliver enhanced value for all our stakeholders.”