Belvoir Group PLC ‘comfortably’ ahead of forecasts after house sales
Financial services was also buoyant and helped by the acquisition of Nottingham Mortgage Services
Belvoir Group PLC (AIM:BLV) said revenues hit a new record in 2021 as house sales surged and the lettings market recovered.
The franchise estate agency network saw total revenue rise by 36% to £29.6mln, a new high, with the result that profits for the year will also be well ahead of management’s expectations.
Residential property sales transactions were up 41% on 2020 and 22% ahead of the six-year average to 2019, said Belvoir.
Financial services was also buoyant and helped by the acquisition of Nottingham Mortgage Services with revenue 49% ahead at £14.4mln.
Revenue from the property division was up 27% to £15.2mln, which franchised income up 18% at £10.7mln. (2020: £12.0m).
Residential sales were exceptional until September, said Belvoir, with more normal levels of transactions thereafter.
Lettings income rose by 10% with demand for more space and a return of young people to UK cities driving demand.
Dorian Gonsalves, chief executive, added: “All of the group’s business units performed exceptionally well in 2021,
“With our significant recurring lettings revenue stream and our substantial financial services client base to draw upon during what is currently a strong market for remortgages, we believe the group is well insulated from what could be a more challenging market in 2022 “
Read More: Belvoir Group PLC ‘comfortably’ ahead of forecasts after house sales