Belvoir Group PLC reports 26% rise in financial services profits as

() said profits from its financial division rose by 26% in 2020 while it also hit its target of 200 advisers in the division.

The lettings specialist established its financial arm in 2017 with the acquisition of Brook Financial, which had 32 advisers at the time.

In 2018, it acquired MAB (Glos) with 88 advisers but since then the division has grown organically to reach 202 advisers at the year-end, Belvoir said.

In 2020, the division’s revenue rose by 13% on 2019 to £9.6mln (2019: £8.5mln), while profit before tax, provisionally reported at £1.8mln (2019: £1.3mln), was 26% up on the prior year.

Belvoir noted that this represents an uplift of 100% from the two acquired businesses and around 45% of the group’s lettings and estate agencies are now offering financial services through a Brook financial adviser. 

In a statement, Dorian Gonsalves, Belvoir’s chief executive, said: “Reaching 200 financial advisers was an ambitious goal for any normal year, but the challenges of 2020 made the achievement all the more remarkable. 

“Furthermore, a 26% increase in profit on 2019, and indeed a doubling of profitability since the businesses were acquired, is an outstanding performance.

“The board will continue to identify suitable targets that meet its acquisition criteria and deliver healthy returns on investment.”