Property business announces 48 per cent increase in revenue
By Andrew Merrell | 3rd September 2019
A property business which champions its "entrepreneurial spirit" has revealed a near 50 per cent growth in revenues and an increase in profit to more than £6 million.
The firm, which has an office in Worcester Street, Gloucester, has revealed its figures for the six months to June 30 this year.
Group revenues for Belvoir has grown 48 per cent to £9,047,000 (compared to £6,123,000 for the same period in 2018) and gross profits have gone up 18 per cent to £6,198,000 (2018: £5,242,000).
Dorian Gonsalves, chief executive officer of Belvoir Group, said: "I am delighted to report another half year of further strategic and trading progress for the group, with our diversification into financial services building on the growth of the underlying business.
"Trading across lettings, sales and financial services continues to outperform their respective markets and deliver strong results for the group.
"The further take-up of property sales, financial services and franchisee-led acquisitions demonstrates the entrepreneurial spirit of our franchisees in the face of even more challenging market conditions.
"I am pleased to further report that Belvoir has achieved a promising start to the second half, and as such the company is on track to meet management expectations for the full year."
Financial services division revenue was "up significantly" to £3,969,000 (2018: £1,311,000), down in a large part to the November 2018 acquisition of Gloucestershire-based Mortgage Advice Bureau (MAB (Gloucester) Limited).
Income from management fees increased by five per cent, rising from £4,015,000 for the first six months of 2018 to £4,201,000 for the same period this year.
There was a 23 per cent increase in adjusted profit before tax to £2,999,000 (2018: £2,429,000).
MAB Glos and the underlying business each contributed around 50 per cent of the increased gross profit and adjusted profit before tax.
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