Profits rise 51pc for Belvoir
Estate agent group Belvoir, which has offices in Cannock, Dudley, Telford, Wednesbury and Wolverhampton, enjoyed a 51 per cent rise in pre-tax profits in the first six months of this year.
They were up from £3.2 million in the first half of 2020 to £4.8m
Results were significantly ahead of management's expectations as at the start of the year with a 41 per cent increase in revenue to £13.8m.
Belvoir acquired the 20-office Nicholas Humphreys lettings and estate agency network for £4.4m on March 31.
The business has also strengthened its strategic alliance with The Nottingham Building Society through the acquisition of its financial services arm, Nottingham Mortgage Services, which completed on July 30 and added a further 21 advisers.
Chief executive Dorian Gonsalves said: "I am delighted to report another half year of both strategic and trading growth, having bought and integrated the Nicholas Humphreys network and increased revenue and profitability from the underlying business. The group achieved substantial revenue growth across the three markets in which it operates with lettings up 21 per cent, property sales up 78 per cent and financial services up 51 per cent.
"Having demonstrated the resilience of the group's business model throughout 2020, in H1 2021 the group capitalised on the opportunities arising from the buoyant housing market, and demonstrated that the success of Belvoir's growth strategy has been unaffected by the pandemic."
Mr Gonsalves added; "Having reported H1 profitability considerably ahead of our start of year expectations, and given the group's further investment in earnings enhancing businesses to expand both the property and the financial services divisions, and high activity levels within all areas of our business at the start of H2, the board is confident of achieving a strong trading performance for the full year."
