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Revenue rise for Belvoir Lettings Magazine

Belvoir Lettings, the Grantham-headquartered property franchise, has reported a rise in revenues in addition to a positive first half.

For the 6 months ended 30 June 2017, the gang reported revenue of 4,921,000 C representing a 15% rise on the very same period during the past year.

Moreover, there seemed to be a 61% hike in profit before tax C rising from 1,071,000 in H1 2016 to 1,731,000.

The Group said this half reflects the beneficial impact from the Northwood acquisition back in June 2016 along with the franchising due to six corporate offices.

During this half, the team also took on seven new franchise owners into two new territories and five existing.

There would be a total of twelve franchisee-led acquisitions which added uniformly 1,732,000 of network revenue.

This half also saw the purchasing of Brook Financial Services which provided mortgage, insurance along with other financial services into the group.

Dorian Gonsalves, Belvoir CEO, said: “Our franchisees have embraced the opportunity to develop their business under our Assisted Acquisitions programme, the majority of them doubling the dimensions of their business overnight, and from offering additional services for example property sales and financial services.

“The buying of Brook in July will offer further chance of growth at each franchisee and franchisor level.”

He added: “In H1 the viewers achieved organic growth from MSF, our key revenue stream, of 4% which can be over the reported rental index throughout the sector, and continued growth from property sales, in a market which includes seen some mixed is caused by other manufacturers inside the sector.

“Our capacity to outperform this marketplace assists to generate a deep range of first half results, together with an alternative learn to the 2nd half, Belvoir is on target to meet management expectations for your year.”

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