Celebrating 25 years of uninterrupted profit growth, Belvoir has revealed a massive annual increase in revenue for 2021.
Group turnover rose 37 per cent to £29.6 million and while 12 per cent was attributable to acquired businesses, no less than 25 per cent was like-for-like growth.
Management fees – the main underlying franchisee return – rose 18% to £10.7m, while pre-tax profit rose 39% to £9.3m.
About 56% of Belvoir’s revenue comes from rentals, with the remainder primarily from sales and financial services.
Managing Director Dorian Gonsalves said: “2021 has been the busiest year for our industry in recent times, with residential property sales transactions at their highest level since 2007, which has boosted both our agency real estate and our growing financial services.
“We worked closely with our real estate franchisees and financial services advisors to ensure they were best positioned to respond to the strong market conditions, resulting in significant organic growth of 25%.”
“In addition to taking advantage of good market conditions, we took advantage of the opportunity to make two strategic acquisitions. The addition of the national Nicholas Humphreys franchise network to the Group has enabled us to extend our professional rental service to encompass the specialist student rental market.
“We have also strengthened our strategic alliance with the Nottingham Building Society, through the acquisition of its mortgage advice arm, giving us access to its online savers who we hope will be our future mortgage customers.
“Since the end of the year, the Group has added a network of home agencies to its stable of real estate franchise brands, demonstrating the Board’s continued commitment to identifying suitable acquisition targets to support the continued growth of Belvoir.
“Given our strong recurring and reliable rental income stream and our large financial services customer base to draw on during what is currently a strong market for mortgages, we remain confident that we will continue to do well. perform against the market as a whole, and that our business model and growth strategy will continue to add value to all of our stakeholders.”