Half year revenue growth for Belvoir

The group has offices in Dudley, Shrewsbury, Stafford, Telford, Walsall, Wednesbury and Wednesfield.

There was growth in both its property franchise and financial services adviser networks, despite challenging market conditions .

The group say it is outperforming the market across all three of its revenue streams: lettings, sales and financial services.

Trading is said to be comfortably in line with management's expectations for 2023.

Management service fees were up four per cent on 2022 with a strong lettings performance – up eight per cent.

Total revenue from the property division was four per cent lower, having successfully franchised out two corporate-owned Nicholas Humphreys offices.

Financial services revenue was up 11 per cent with the performance stronger than forecast at the start of 2023.

Belvoir has continued to pursue its acquisition growth strategy having completed the acquisition of a financial services business comprising 21 advisers for a consideration of £1.1 million in June. The group's financial services network now totals 301 mortgage advisers.

Dorian Gonsalves, chief executive of Belvoir Group, said: "Our tried-and-tested franchise business model, the diversity of our income streams, the recurring nature of our lettings revenue and our successful acquisition strategy, both at franchisee and corporate level, have enabled the group to meet and overcome the challenges currently facing the property sector."

Belvoir will announce its full half year results on September 4.