Belvoir Group Reports Revenue Growth for H1 2023

Belvoir Group, a leading U.K. property-letting company, has announced a rise in revenue for the first half of the year. The growth is attributed to the success of its property franchise and financial services adviser networks. The company stated that it is comfortably on track to meet its full-year expectations.

Although Belvoir Group did not provide an exact figure, it revealed that revenue for the six months ending June 30 is expected to be approximately GBP15.9 million, a 3% increase compared to last year's GBP15.4 million.

While revenue from the property division experienced a decline of 4% compared to the previous year, the core revenue from franchisees, in the form of management service fees, saw a notable increase of 4%.

On the other hand, the financial services division performed exceptionally well, with an impressive 11% increase in revenue. The division surpassed initial forecasts and benefited from acquisitions made in 2022 and 2023, contributing to 18% of the overall revenue growth.

Despite a reduction in U.K. housing transactions during the first half of the year, Belvoir Group managed to mitigate the impact through recurring letting fees and the benefits derived from rising rents.

Belvoir Group attributes its success to a combination of factors, including its proven franchise business model, diversified income streams, reliable lettings revenue, and its effective acquisition strategy at both franchisee and corporate levels. These factors have allowed the company to overcome the challenges currently faced by the property sector.

At 0708 GMT, shares of Belvoir Group were up by 2.1%, or 4.0 pence, reaching 196.5 pence.