Belvoir Group said the impact of former prime minister Liz Truss’s mini-Budget in September hit its latest annual numbers though overall 2022 was better for property than expected.
Revenues over the year at the estate agent rose by 14% to £33.7mln, helped by acquisitions and a good performance in its lettings arm.,
Franchise fees rose by 2% to £11mln but profits overall dipped slightly to £9.1mln (£9.3mln).
Dorian Gonsalves, chief executive, said there has been a 20% bounce-back in sales and mortgage activity from the final quarter of 2022.
House deals, however, are taking around five months to complete, he noted, so it will not be until the second half of 2023 that this shows through in the numbers.
Gonsalves added that even with the challenging conditions, he is confident Belvoir will perform well against the market as a whole during 2023 and beyond.
“With the group now debt-free and given the cash-generative nature of our operations, the board has increased the dividend by 6% to 9p and will look to identify suitable acquisition targets to support continued growth.''
Net cash at the year-end was £1.2mln (£1.3mln net debt).