Lettings is big revenue-earner for growing franchise empire

New trading figures from the Belvoir Group show that lettings income accounts for 60 per cent of the total revenue in he six months to the end of June this year. 

The group overall enjoyed a 12 per cent increase in revenue to £15.4m in the half year, although of this some 11 per cent was down to acquisitions and only one per cent to growth in the underlying business.

A major growth area was Belvoir’s financial services division - its revenue was up to £7.7m in the half year, compared with £6.4m a year earlier.

The gross profit split was 60 per cent lettings: 17 per cent sales: 19 per cent financial services: and four per cent other.

Dorian Gonsalves, chief executive officer, tells shareholders:  “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 [a hybrid agency] provided the Group with a platform from which to develop its personal agency model, and the acquisition of The TIME Group [in financial services] added a further 63 advisers to our already established and successful financial services network.”