A residential property and lettings firms has revealed a 40-plus percent increase in turnover - and predicted it will return to growth following the coronavirus crisis.

Belvoir Group, which has offices in Gloucester, has published its annual results - revealing a 43 per cent increase in revenue to £19.3 million.

Profit before tax for the period to the end of December 2019 was £5.6m (2018: £5.5m) and the firm said it had a "strong balance sheet with year-end cash of £3.6m (2018: £1.8m)".

The statement from its chief executive accompanying its figures was, however, all about that one subject dominating everyone's lives - Covid-19 - albeit a positive message.

Dorian Gonsalves, Chief Executive Officer of Belvoir Group, commented:

"Whilst 2020 will be adversely affected during the period of economic inactivity due to Covid-19, the group has achieved a very good set of results for 2019, with outstanding revenue performance, having overcome the twin challenges of the tenant fee ban and the economic and political uncertainty surrounding Brexit.

"Looking at the year ahead, trading was strong and in line with management expectation in the first two months of the year, and the recurring nature of our lettings revenue gives the Group a high degree of resilience.

"The board has acted swiftly in response to Covid-19 to put in place measures for the Group and for our franchisees, to enable us collectively to mitigate some of the short-term downturn in revenue.

"Notwithstanding these measures, Covid-19 is expected to have a significant impact on trading in 2020 and therefore the Board has prudently decided against proposing a final dividend for 2019.

"It is difficult to predict exactly how long this impact will continue, but the board is confident that the group has a strong balance sheet with adequate resources to weather the storm, and to operate within its bank covenants for the foreseeable future.

"We believe that in operating a franchise model, we have both the agility and capability to emerge from the crisis in a good position to capitalise on future opportunities within the sector, and return to growth and winning market share."

Anthony Stick, who manages the Gloucester office of Belvoir, which looks after more than 500 properties countywide, said the business remained open.

A team was operating to ensure both tenants, landlords, prospective buyers and sellers were all still being dealt with and their needs met and tours of some properties were still possible - albeit virtually.