“Robust” trading for property experts with £2m of deals in pipeline
By Andrew Merrell | 16th May 2019
Growth in sales and management fees is up for a well-known and respected property agent - which has also revealed significant deals still in the pipeline.
Back in February Belvoir announced a 21 per cent rise in full-year revenue with both lettings and sales income up by double figures.
And now, in its first quarter statement for 2019, the firm is back with what is describes as a "robust" set of figures and an upbeat outlook.
"The board is delighted to report that trading during the first quarter of the current financial year has been robust. Belvoir is outperforming the three key markets in which it operates, namely residential lettings, property sales and financial services," said the statement
"Growth in management service fees (MSF) from lettings of 6.3 per cent was noticeably ahead of the reported year-on-year rental index of 1.2 per cent, growth of 10.3 per cent from sales MSF compared with a drop of 1.5 per cent in property transactions, and net banking from financial services (on a like-for-like basis) was up 20 per cent.
"Consequently, the board is confident of meeting market expectations for the year ending December 2019."
Anthony Stick, managing director of Belvoir Gloucester (picture above, second from right, with his staff team), in Worcester Street, said: "These results also mirror our local experience of the market. Having focussed specifically on Sales in the past six months, our package of professional marketing images, RICS standard floor plans and 3D virtual tour are making huge difference to the number of instructions we are winning.
"Having recently bolstered our lettings arm with qualifications and membership of ARLA we are trying very hard to up our value proposition for buyers, sellers, landlords and tenants alike."
According to the group, acquisition and diversification continue to be integral to its growth strategy.
In the year to date Belvoir's assisted acquisitions programme has supported six franchisees to acquire a local competitor adding £1.2m of network revenue, nearly 800 managed properties and over £0.1m per annum of recurring MSF.
There are still £2.0m of deals currently with lawyers and a strong pipeline of further opportunities to underpin the Group's growth target for 2019.
Our second financial services acquisition in November 2018 has provided diversification both for our franchisees and the group, with revenue from financial services increasing almost threefold in the first quarter.
Read more: Property business builds revenue of £13.7m
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