Belvoir announces solid performance in the final months of the financial year just ended.
Belvoir Lettings PLC the UK’s largest property franchise, today released their trading update to the close of the financial year ended 31 December 2016, recent developments in the business, and the outlook for 2017.
They stated: The Group achieved a solid performance in the final months of the financial year just ended, reflecting the continued underlying organic growth in franchise management service fee income, with further growth arising from the acquired franchised networks at a corporate level and from portfolio acquisitions at a franchisee level. Consequently, the Board expects that the results for the year will be broadly in line with market expectations.
Mike Goddard, Chairman and CEO of Belvoir commented: “2016 has been another significant year for the Belvoir Group. Our acquisition of Northwood in June has enabled us to grow our lettings portfolio substantially to some 54,000 managed properties and thus become the largest property franchising group in the UK. This, combined with a full year of trading for our other two recently acquired brands, Newton Fallowell and Goodchilds, and continuing organic and local acquisition growth, has resulted in us growing our underlying Management Service Fee by more than 100% in two years.
“We see many more opportunities for consolidation and the Belvoir Group is in prime position at both local and national level to take advantage, despite the challenging times for the industry. In addition, we believe that our clear focus on outstanding customer experiences combined with our exemplary professional service will enable us to adapt to, and succeed in, the changing face of the industry. We look forward to 2017 with confidence and excitement.”
Read the Belvoir Lettings PLC pre-close trading update in full click here