Interim results for Belvoir Lettings
Belvoir Lettings PLC, one of the largest lettings franchises in the UK announce their interim results today for the six months ended 30 June 2015.
The Belvoir network currently stands at 166 outlets having introduced 5 new franchisees to the network in the last 6 months, they also say that there is a stronger pipeline of future franchisees within the market following the General Election
They mention that the roll out of estate agency services are on target to achieve 35% of the Belvoir outlets by the end of the year, there are further franchise-led acquisitions in the pipeline for the second half.
Financial Highlights in the interim : Strong growth in Management Service Fees of 14% to £1.76m (H1 2014: £1.54m) Focused control of costs led to reduced administrative expenses (excluding corporates) by 11% to £1.30m (H1 2014: £1.47m) reflecting less reliance on outsourced professional services and no bad debts in the period Profit after tax maintained at £0.60m (H1 2014: £0.61m) despite the effect of the Election
Mike Goddard, Chief Executive Officer of Belvoir Lettings, commenting on the results, said:
“We are encouraged that our support of franchisee growth through targeted acquisitions is bearing fruit with a 14% growth in our management service fees (MSF). Even more importantly is our move into a multi-brand strategy with the purchase of Newton Fallowell in July, a well-known East Midlands franchise network of 31 offices. The impact of this and our stronger recruitment pipeline will start to show in H2 2015 and underpins our medium-term growth plans.”
To see full details of the interim results out today go to the Belvoir Lettings website: http://www.belvoir.co.uk/