Belvoir performance better than expected
By Rob Freeman | 28th January 2021
Property franchise company Belvoir said a year of growth will see it outstrip expectations.
In a trading update ahead of full end-of-year results in March the Belvoir Group, which has outlets in Cheltenham and Gloucester, reported a growth in revenue of 12 per cent to £21.6million.
Management service fees survived the coronavirus pandemic largely unscathed to rise three per cent to £9million, while revenue from the financial services grew by 13 per cent to £9.6million.
The performance meant the company reimbursed staff for salary sacrifices during the first lockdown and repaid £260,000 in furlough payments and Small Business Grants.
Chief executive Dorian Gonsalves said: "All parts of the business have performed exceptionally well despite the backdrop of the pandemic.
"This has been largely thanks to our employees, who have worked tirelessly to support our networks, and to our property franchisees and financial services advisers, who in turn have continued to deliver the best possible service to their clients.
He continued: "The board is mindful that we are not yet through the pandemic and it is too early in 2021 to gauge the medium-term impact of Covid-19.
"We are conscious that the Stamp Duty holiday is due to end on March 31, however we are confident that having traded successfully through 2020, we are well positioned to deal with any further challenges in 2021."
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