Interim results for Belvoir Lettings

September 9, 2015

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/

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Zoopla reveals the top ten most common street names in the UK

Zoopla, one of the UK’s leading property websites, reveals the top ten most common street names across the UK. Zoopla’s analysis of ordnance survey data finds that High Street is the most common name for a street(2086), followed by  Station Road (1939) and Church Street (1408). High Street (2086 in the UK) is the most…
Read More →
Estate Agent Talk

Top Benefits of Hiring a Property Marketing Company for Your Real Estate Agency

In the modern competitive real estate market, effective marketing is everything to differentiate and attract qualified leads for any agency. By hiring a property marketing company, a real estate agency gains strategic superiority due to specialised expertise, targeted campaigns, and a professional online presence. A property marketing firm helps real estate businesses make more money…
Read More →
US Flag
Overseas Property

5 Best Cities for House Flipping in 2024

House flipping remains one of the most profitable real estate investment strategies, and choosing the right city is crucial for maximizing returns. In 2024, several cities stand out as hotspots for house flipping due to their high number of distressed properties, strong financing options, and high demand for renovated homes. Here are the five best…
Read More →
Breaking News

Landlords Have “Critical” Role to Play In Housing Market Says New Report

Landlords are today welcoming a new report calling for action to tackle the rental housing supply crisis. The report by the Radix Big Tent Housing Commission concludes that it is “crucial that not only those who are renters of necessity but also those that are renters of choice have the opportunity to live in sustainable,…
Read More →
Estate Agent Talk

4 Common Reasons Why Slip and Fall Accidents Happen

Slip and fall accidents are among the leading causes of personal injury claims today. These accidents can happen almost anywhere, from job sites to retail stores and even at home. Knowing the common causes can help individuals take steps to prevent these incidents and hold the responsible parties accountable. If you do find yourself in…
Read More →
Love or Hate Rightmove
Breaking News

Strong activity but muted Autumn price bounce as buyer choice builds

Average new seller asking prices rise by just 0.3% (+£1,199) this month to £371,958. This is much lower than the average seasonal 1.3% monthly increase at this time of year Market activity remains strong, but the muted Autumn price increase comes as buyer choice and seller competition rise: The number of sales being agreed is…
Read More →