Annual revenue grows for Belvoir

Trading was up on managements' expectations for the group which includes offices in Cannock, Dudley, Shrewsbury, Telford, Walsall, Wednesbury and Wednesfield.

The property franchise and financial services group said the housing sector performed better in 2022 than many commentators had forecast at the start of the year.

UK residential sales transactions were down 15 per cent on 2021, but around six per cent ahead of pre-pandemic levels, and rents on new tenancies increased by 10.8 per cent during the year.

Pre-tax profit is anticipated to be slightly ahead of managements' expectations.

During the year the Belvoir Group extended its reach through the acquisitions of TIME Mortgage Services, which expanded the Group network of mostly self-employed financial services advisers, and Mr and Mrs Clarke, which provided a platform from which to develop Belvoir's personal estate agency franchise model.

Revenue from the financial services division increased by 24 per cent to £17.9m.

The property division was up one per cent to £15.5m

Chief executive Dorian Gonsalves said: "I am delighted to report that during 2022 our acquisition strategy both at group and at franchisee level enabled Belvoir to both extend its service offering and mitigate the lower level of activity in the housing market following the exceptionally strong conditions in 2021.

"Our property franchisees and financial services advisers are highly motivated entrepreneurs who continue to demonstrate the ability to make the most of the opportunities presented in all market conditions. Our property franchisees benefit from significant recurring lettings revenue that contributes around 56 per cent of group gross profit and our financial services advisers have substantial client books from which to offer remortgages and other financial products, so are not entirely reliant on new mortgage business.

"Whilst we anticipate continuing challenging market conditions in 2023, we remain confident that the resilience and diversity of our business model will enable the Group to perform well against the market as a whole. As always, the Board will continue to identify suitable acquisition targets to support continued growth and enhance shareholder value still further."