Belvoir Lettings reports 66% increase in pre-tax profits

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Grantham headquartered firm Belvoir Lettings has announced its interim results for the six months, with a rise in both revenues and profits to June 30.

The company announced today that in its first six months of the year, sales were up to £6.1 million (19%), with profits before tax up to £2.9 million (66%).

According to CEO Dorian Gonsalves, the good results follow franchising out of two corporate offices last December and the acquisition of Brook Financial Services in July 2017.

Financial highlights for the firm include:

  • 19% increase in Group revenue to £6,123,000 (H1 2017: £5,155,000)
  • 6% increase in Management Service Fees (MSF) to £4,015,000 (H1 2017: £3,796,000)
  • 66% increase in profit before tax to £2,869,000 (H1 2017: £1,731,000)
  • 19% increase in adjusted profit before tax to £2,429,000 (H1 2017: £2,045,000)
  • Basic earnings per share increased by 68% to 6.9p (2017: 4.1p) and adjusted diluted earnings per share by 10% to 5.3p (H1 2017: 4.8p)

Dorian Gonsalves, Chief Executive Officer of Belvoir Lettings, commenting on the results, said: “I am delighted to report another half year of further strategic progress for the group, which continues to outperform both the sales and lettings markets which together, with the addition of financial services, has helped to deliver a strong set of first half results.

“The continued extraordinary success of our Assisted Acquisitions programme during the six months under review reflects our considerable investment in a highly skilled in-house acquisitions team focused on enabling our franchisees to take advantage of the growth opportunities that a consolidating market presents.

“Franchising lies at the heart of our group and the board continues to look for opportunities to build on its franchising expertise.

“I am pleased to further report that, despite the tough market conditions, Belvoir has achieved a promising start to the second half, and as such the company is on track to meet management expectations for the year.”