The chief executive of Grantham-based listed property franchise Belvoir Group has said that he is “confident” the business can achieve further growth after a strong start to 2021, according to Insider Media.
Belvoir Group said that trading during the four months to 30 April 2021 was materially ahead of management’s expectations, with revenue growth across all of its three markets.
Management service fees (MSF), the group’s key underlying income stream from its property franchise division, is up 22 per cent on 2020, with MSF from lettings up 12 per cent and MSF from sales up 81 per cent.
Additionally, the financial services division continues to achieve growth with net income up 24 per cent, in part arising from an increase in Belvoir’s adviser network, up 12 since the year end to 214.
Chief executive Dorian Gonsalves said: “We have not seen activity in the residential property market at this level since early 2007. Even after a busy start to the year for completions, pipelines of agreed house sales are still almost double those of this time last year.
“Our investment in financial services has achieved more than we had hoped, with this division now becoming an important additional strand in our growth strategy.
“With much of our financial services business drawn from outside of our property franchise network, which currently only accounts for around seven per cent of our mortgage business, there is scope for much further growth both from within our franchise networks and from developing third party lead sources.
“The group continues to identify earnings accretive acquisition opportunities as evidenced by our recent acquisition of the Nicholas Humphreys franchise network which added a further 21 offices to our property division. Meanwhile, our financial adviser network now stands at 214 and we are confident of achieving our target of 250 by the end of 2021.”
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