The Belvoir Group, the property franchise and financial services group, saw an increase in revenues for the first half of the year.

The group, which has offices in Cheltenham and Gloucester, saw a 3% rise in revenue to £15.9m (compared to £15.4m in 2022) and a 10% increase in profit before tax to £4.4m in the six months to June 30.

Belvoir saw a 4% increase in management service fees, the main revenue stream from franchisees, to £5.5m, compared to £5.3m for the same period last year. Lettings were up 8%, while sales were down 9%.

Its portfolio of managed properties increased by 2% to 75,000, compared to 73,300 a year ago.

Dorian Gonsalves, chief executive officer of Belvoir Group, said: "The outperformance of our business model continues to reflect the entrepreneurial nature of our franchisees and self-employed financial services advisers, who remain entirely focused on maximising the opportunities presented in all market conditions.

"With 58% of their revenue derived from a strong recurring lettings market, our property franchisees have been able to offset the impact of the reduction in UK housing transactions.

"Our resilient business model and our proven growth strategy underpin the ongoing success of the group's performance and consequently, the board confirms that the group is trading comfortably in line with management's expectations for the year ending December 31 2023."

The firm acquired BMA Bristol Ltd in June 2023 for £1.1m in cash, extending its reach across the South West.